reports
- ING Helpdesk
Benelux Morning Notes
Air France-KLM: Dramatic FY20, hope for recovery in FY21. Arcadis: Strong set of results, confident on its future. a.s.r: Strong finish to the year – diversification matters. BAM: 4Q performance weak, but more cash than ever. B&S Group: Preview - lockdown vs online perfume sales. Food Retail sector: Carrefour FY20 results – read-across. NN Group: Delivering on capital return promises (DPS +7.9% YoY). Ordina: FY20 results in line but positive surprise on dividend. Staffing sector:...
With a more favourable environment, NIBC HOLDING improves to Slightly ...
NIBC HOLDING (NL), a company active in the Investment Services industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date December 22, 2020, the closing price was EUR 7.47 and its poten...
- ING Helpdesk
- Alyssa Gammoudy
- Hendrik Wiersma
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Timothy Rahill
- ING Helpdesk
Benelux Morning Notes
BE Semiconductor Industries: Positive read-across from Dialog results. Bekaert: Issues €200m in retail bonds. Belgian telcos: New Orange Belgium CEO targets ambitious 25% market share in fixed. NIBC: Acceptance period for the offer extended to 21 December 2020. Randstad: Preview 3Q20 due 20 October; focus on September and consensus 4Q20. Sligro: New Wave. Xior Student Housing: acquisition of student housing in Brussels via contribution in kind
- Alyssa Gammoudy
- Hendrik Wiersma
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Timothy Rahill
Coffee, Croissants & Credit/Rabobank, NIBC and Carlsberg
Financials Rabobank earnings sink with higher impairments, CET1 ratio gets support from regulatory relief NIBC sees its loan quality weaken, strong capital metrics provide support Consumers Carlsberg publishes interim results and new FY outlook: CARLB2.5 5/24 preferred
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
AkzoNobel: 33% beat on 2Q20 REBIT to lead to 5-10% consensus upgrades. Benelux insurance: Adverse impact on Group SII ratio from inclusion of Bank activities. BE Semiconductor Industries: 2Q20 preview - momentum building. Econocom: More good news on 1H20. NIBC: Agreement on amended offer price
- Julie Cichon
- Marcel Klok
- Maureen Schuller
- Philippe Ledent
- Suvi Platerink Kosonen
BNLX+ Financials/Who is best positioned to weather the storm?
Strategy and Supply: • Benelux financials spreads have recovered quite well from the March widening. Even so, Belgian preferred and Dutch insurance senior have more catching up to do. • Benelux financials' YTD supply is running clearly behind last year, especially driven by the slow first quarter. The TLTRO continues to act as a limit in 2H20.
- ING Helpdesk
Benelux Morning Notes
Basic-Fit: very comforting French reopening stats. BE Semiconductor Industries: Feedback from Q&A, conference call with CEO. Euronext: Feedback from Q&A with CFO. Euronext: Healthy trading volumes in May. Just Eat Takeaway.com: Press reports of possible interest in GrubHub. NIBC: Offer price set to be reduced to €7.0 per share. Staffing: Positive surprise in US May Temp data and job report show signs of a recovery. Coverage changes
COV COVIVIO SA
GFC GECINA SA
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
SIP SIPEF GROUP
QFG QUEST FOR GROWTH
DWNI DEUTSCHE WOHNEN SE
LEG LEG IMMOBILIEN AG
ADJ ADLER GROUP SA
BBED BETER BED HOLDING N.V.
COL INMOBILIARIA COLONIAL SOCIMI SA
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CRES COIMA RES S.P.A.
NIBC NIBC HOLDING N.V.
VONOVIA SE
FNG FNG NV
ARM ARIMA REAL ESTATE SOCIMI SA
- ING Helpdesk
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
Flow Traders: Investor call with CEO. Fugro: 1Q20 should be satisfactory, outlook not positive. NIBC: Tensions with BlackStone rising. NIBC: A pandemic is not a ‘Material Adverse Change' Recticel: Resilient 1Q20, divestments confirmed for 2Q20 Sioen Industries: Selected as a supplier for DIY mouth masks in Belgium
- Alyssa Gammoudy
- Hendrik Wiersma
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Timothy Rahill
- ING Helpdesk
Benelux Morning Notes
ASM International: Preview 1Q20. Barco: Preview 1Q20 trading update. Beter Bed: Covid-19 started at the very end of 1Q20. Econocom: Cancels 2019 dividend Fugro: the tail-end of seismic can still hurt seriously KBC: Covid-19 impact update ahead of 1Q20 Marel: Preview: All eyes on Covid-19 impact NIBC: Covid-19 impact update at AGM Royal Philips: Preview 1Q20
- Albert Ploegh
- CEFA
- David Vagman
- CFA
- Hans D’Haese
- Marc Hesselink
- CFA
- Marc Zwartsenburg
- CEFA
- Maxime Stranart
- Quirijn Mulder
- Reginald Watson
- CFA
- Stijn Demeester
- Tijs Hollestelle
Benelux thematic equity research/Covid-19 scenario analysis
The ING Benelux equity research team has performed a Covid-19 scenario analysis in order to provide a reference point for investors and to test if stocks: (a) have been relatively oversold in comparison to their earnings risk; (b) still provide downside risk; and/or have balance issues in a Covid-19 scenario; and (c) could bounce sharply if a vaccine is found; or (d) benefit relatively from the crisis. Our analysis results in lists of stocks that we consider: (1) low earnings risk, with attracti...
DSM KONINKLIJKE DSM N.V.
HEIA HEINEKEN NV
ENX EURONEXT NV
NVJP UMICORE
PROX PROXIMUS SA DE DROIT PUBLIC
APAML APERAM SA
KPN ROYAL KPN NV
COV COVIVIO SA
GFC GECINA SA
600690 HAIER SMART HOME CO. LTD. CLASS A
TOM2 TOMTOM NV
AKU1 AKZO NOBEL N.V.
GBLB GROUPE BRUXELLES LAMBERT SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
BEFB BEFIMMO SA
AGN AEGON NV
KBC KBC GROUP N.V.
TNET TELENET GROUP HOLDING NV
FUR FUGRO NV CERT OF SHS
WHA WERELDHAVE N.V.
A14V70 FLOW TRADERS NV
PHIA KONINKLIJKE PHILIPS N.V.
FAGR FAGRON SA
WKL WOLTERS KLUWER NV
INTO INTERVEST OFFICES & WAREHOUSES SA
EVS EVS BROADCAST EQUIPMENT SA
BAR BARCO NV
LEAS LEASINVEST REAL ESTATE SCA
HOMI HOME INVEST BELGIUM SA
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
RAND RANDSTAD NV
A2JH5S UNIBAIL-RODAMCO SE
EXM EXMAR N.V.
TESB TESSENDERLO GROUP N.V.
XIOR XIOR STUDENT HOUSING N.V.
BAMNB KONINKLIJKE BAM GROEP NV
BOKA KONINKLIJKE BOSKALIS WESTMINSTER N.V.
SOLB SOLVAY SA
UCB UCB S.A.
AF AIR FRANCE-KLM SA
CLB CORE LABORATORIES NV
ACOMO AMSTERDAM COMMODITIES N.V.
REN RELX NV
COFB COFINIMMO SA
LOTB LOTUS BAKERIES NV
CFEB COMPAGNIE D'ENTREPRISES CFE SA
REC RECTICEL SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
DECB DECEUNINCK S.A.
ECMPA EUROCOMMERCIAL PROPERTIES NV
SIP SIPEF GROUP
VASTN VASTNED RETAIL NV
SIOE SIOEN INDUSTRIES N.V.
ASM ASM INTERNATIONAL N.V.
GIMB GIMV NV
ORDI ORDINA N.V.
NIUWF NSI NV
RET RETAIL ESTATES NV
QFG QUEST FOR GROWTH
AGFB AGFA-GEVAERT NV
IBAB ION BEAM APPLICATIONS SA
WDP WAREHOUSES DE PAUW SCA
ACKB ACKERMANS & VAN HAAREN NV
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
ACCEL ACCELL GROUP N.V.
ELI ELIA GROUP SA/NV
DWNI DEUTSCHE WOHNEN SE
MONT MONTEA SCA
AED AEDIFICA SA
SLIGR SLIGRO FOOD GROUP N.V.
KENDR KENDRION NV
AALB AALBERTS N.V.
KBCA KBC ANCORA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
LEG LEG IMMOBILIEN AG
BPOST BPOST SA
ONTEX ONTEX GROUP N.V.
ADJ ADLER GROUP SA
MITRA N.V. MITHRA PHARMACEUTICALS S.A.
LIGHT SIGNIFY NV
MELE MELEXIS NV
BBED BETER BED HOLDING N.V.
ASC ASCENCIO SCA
TWEKA TKH GROUP N.V. CERT
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
LRE LAR ESPANA REAL ESTATE SOCIMI SA
INX IMCD N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
GVNV GRANDVISION NV
CRES COIMA RES S.P.A.
RDSB ROYAL DUTCH SHELL PLC CLASS B
ABI ANHEUSER-BUSCH INBEV SA/NV
KVW KONINKLIJKE VOLKERWESSELS N.V.
AVTX AVANTIUM NV
OBEL ORANGE BELGIUM SA
BALTA BALTA GROUP
NIBC NIBC HOLDING N.V.
BSGR B&S GROUP S.A.
AC8 AUSCANN GROUP HOLDINGS
MTL ARCELORMITTAL
3NY1 NYRSTAR
VONOVIA SE
FNG FNG NV
53812 AGEAS N.V.
DWS0D2 DWS AKTIEN SCHWEIZ
ARM ARIMA REAL ESTATE SOCIMI SA
AL8 ALDERAN RESOURCES
MARELE INVERSIONES S.A.
- ING Helpdesk
Benelux Morning Notes
AkzoNobel: Suspends 2020 financial ambition on Covid-19. BAM: Update on Covid-19 situation. Euronext: No offer for BME. Kinepolis: No dividend, significant impact of Covid-19. NIBC: Postpones final 2019 dividend payment to 2H20 Proximus: CMD targets - div cut to €1.2, FCF at least 20% below cons, capex up to €1.3bn Royal Dutch Shell: First stones TomTom: Withdraws FY20 guidance
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: Update on coronavirus preparedness. Benelux telecoms: Highest Netherlands court annuls ACM wholesale fixed regulation. bpost: 2019 results review - in line but 2020 outlook disappoints; dividend at risk. Dutch banks: DNB lowers capital requirements in attempt to limit economic damage. NIBC: Update on offer preparations. Staffing sector: Dutch figs; period 2: vol -11%, rev -6% (was -15%, rev -12%)
- Alyssa Gammoudy
- Hendrik Wiersma
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Timothy Rahill
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