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ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Ageas: Reinsurance partnership with TRIGLAV, taking QS on Italian motor direct insurance Belgian Telecoms: Digi introduces a new mobile subscription at €3. Kinepolis: Box office in US/Canada up 76% YoY while France visitors were down 25%. NN Group & ASR: Dutch coalition collapse not affecting Dutch Pension Reform. SBM Offshore: Farewell Aseng after 13.5 years of service. Events Calendar

Marc Hesselink ... (+3)
  • Marc Hesselink
  • CFA
  • Thymen Rundberg

Benelux Tech update/Our favourites: ASM, Barco, BESI, RELX

We refresh our Benelux Tech coverage following the 1Q25 reporting season. In this note we downgrade Just Eat Takeaway from Buy to HOLD as we believe the takeover offer is fair. Most companies reported largely in line results and, across the board we make relatively modest changes to our estimates. Our highest conviction longs in the Benelux Tech universe are ASM International, Barco, BE Semiconductor Industries and RELX. Our biggest increase in target price is for Prosus which saw strong perfor...

Wim Gille
  • Wim Gille

ODDO : Feedback Benelux Conference 2025

On Wednesday 21 May we hosted our 30th ABN AMRO – ODDO BHF Benelux Forum at ABN AMRO’s headquarters. The forum was attended by 21 listed companies (almost all C-level attendance) and around 70 investors. We hosted roughly 300 meetings overall.

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

BE Semiconductor Industries: Important TCB Next order. Belgian telcos: Telenet weak Q1 commercially across the board, financials reasonable. D'Ieteren: Belgian April car registrations down 5%, VW down 11%. GBL: NAV per share above estimates. Kinepolis: US Peer Cinemark 1Q25 results a slight miss. KPN: VodafoneZiggo 1Q25 very weak, cut guidance on EBITDA, revenue after 2 months

Hilde Van Boxstael ... (+6)
  • Hilde Van Boxstael
  • Livio Luyten
  • Michiel Declercq
  • Thibault Leneeuw
  • Thomas Couvreur
  • Wim Lewi
Martin Marandon-Carlhian ... (+2)
  • Martin Marandon-Carlhian
  • Stephane Houri
Martin Marandon-Carlhian ... (+2)
  • Martin Marandon-Carlhian
  • Stephane Houri
Martin Marandon-Carlhian ... (+2)
  • Martin Marandon-Carlhian
  • Stephane Houri
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