Benelux Morning Notes

Aedifica: Good results, positive message about tenants growth. AGEAS: BNP Paribas increase stake >15% ASR: 2H results and SBB in line, capital strength building up. Belgian Telecoms: Peer Telenet 4Q24 results, guiding for low to mid single digit EBITDAal decline EVS: Exceptional FCF, 2025 EBIT consensus to go up >7% on +10-15% like for like sales growth YoY Gimv: In close cooperation with WorxInvest KPN: VodafoneZiggo 4Q24 still weak, declining EBITDA guidance on “strategic customer initiatives”...

Morning Notes : ABN NA, AD NA, GIMB BB, HEIA NA, MONT BB, RAND NA, UCB...

: ABN NA, AD NA, GIMB BB, HEIA NA, MONT BB, RAND NA, UCB BB

UCB FIRST LOOK: Additional two-year Bimzelx data in HS

UCB announced additional two-year follow-up data for Bimzelx in hidradenitis suppurativa (HS), showing significant improvements in disease severity and sustained disease control. The data underlines Bimzelx' strong performance compared to competitors, with expectations of becoming the standard of care in HS following recent FDA approval in November 2024. We reiterate our € 214 TP and Accumulate rating.

Benelux Morning Notes

Elia: Postponement of Elisabeth Island. Exor: Racy, red, and impressive FY24 results. Lotus Bakeries: Mondelez 4Q24 results. Melexis: 4Q24 results – bigger inventory correction. UCB: Evenity reaches US$1.5bn sales in FY24

Morning Notes : ACKB BB, QFG BB, UCB BB

: ACKB BB, QFG BB, UCB BB

UCB FIRST LOOK: Rystiggo obtains self-admin in EU

UCB announced that its FcRn inhibitor Rystiggo has received EU approval for two new administration methods for gMG patients. The drug can now be self-administered or administered by a caregiver using an infusion pump or manual push with a syringe. This approval is expected to enhance patient autonomy and satisfaction by reducing the need for frequent clinic visits, and comes in a heightening competitive environment where convenience could impact choice of treatment. UCB's Rystiggo remains the on...

Morning Notes : ARGX BB, WHATS BB, TINC BB

: ARGX BB, WHATS BB, TINC BB

Morning Notes : BAR BB, UCB BB, MAAT FP, ONWD BB

: BAR BB, UCB BB, MAAT FP, ONWD BB

Morning Notes : GLPG NA, IMMO BB, WHATS BB

: GLPG NA, IMMO BB, WHATS BB

What's Cooking? Intention to purchase Sveltic in France

What's Cooking? announces the intent to purchase Sveltic in France. Sveltic has a broad range of frozen and chilled ready meals, complementary to the existing Ready Meals business strategy of What's Cooking? We see this as a first step in What's Cooking?'s intention to further invest in Ready Meals through organic growth and acquisitions. We increase our TP to €135 but lower our rating to Accumulate after the recent very strong share price performance.

Morning Notes : NEXTA BB, PNL NA, UCB BB

: NEXTA BB, PNL NA, UCB BB

UCB Early-stage Parkinson's efforts tremble

UCB's efforts into the neurodegenerative space prove a tough nut to crack, as a Phase 2a study in early Parkinson's disease missed its primary and secondary endpoints. Oral small molecule minzasolmin was designed to address alpha-synuclein misfolding, one of the hallmarks of Parkinson's, but failed to show efficacy in the ORCHESTRA trial. We currently do not yet have strong hypotheses on the reasons of the failure (mechanism of action/drug/trial-related), but minza represented less than 1% of ou...

UCB : Strategic review in China, focus on new sources of growth

UCB : Revue stratégique en Chine, focus sur ses relais de croissance

Local Champions Midcap Conference Book 12.12.2024

This conference book is your guide to our annual Local Champions Mid Cap Conference set to take place on Thursday, 12 December 2024 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or attend small group sessions with the top management and/or IR of the following companies: BARCO | BEKAERT | DECEUNINCK | EKOPAK | EVS | GREENYARD | IBA | JENSEN | ONTEX | RECTICEL | VAN DE VELDE | WHAT'S COOKING? | XFAB

Morning Notes : OPTI BB, DIE BB, CMBT BB, GLPG NA, HYL BB, UCB BB, CTP...

: OPTI BB, DIE BB, CMBT BB, GLPG NA, HYL BB, UCB BB, CTPNV NA

UCB A peek under the hood of UCB's pipeline

We issue a new company note with an update on Bimzelx in HS and selected pipeline assets dapimap and UCB1381 & UCB9741 in atopic dermatitis. Dapimap recently concluded its first of two Phase 3 trials in systemic lupus erythematosus (SLE), while we expect Phase 2 results for the atopic dermatitis franchise at the upcoming FY24 update in February. Overall, our analysis confirms UCB's strong pipeline and its potential to drive significant growth in the coming years. The company's strategic focus on...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/02/2024

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/12/2024

Benelux Morning Notes

Ahold Delhaize: Walmart 3Q24/25 results. IBA: Rhodotron contract to equip a sterilization facility in Mexico. NEPI Rockcastle: Sound operational momentum. UCB: Final approval for Bimzelx in the United States