reports
- ING Helpdesk
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Wim Lewi
IBA Business Update – Third Quarter 2024
IBA Business Update – Third Quarter 2024 Louvain-la-Neuve, Belgium, 21 November 2024 - IBA (Ion Beam Applications S.A), the world leader in particle accelerator technology, today announces its business update for the third quarter ending 30 September 2024. Group Overview Solid equipment order intake at period-end of EUR 171 million, an increase from last year. Post-period, several major contracts finalized in Industrial Solutions to bring year to date order intake to EUR 215 millionStrong backlog conversion in the third quarter with momentum expected to continue into the fourth quart...
- ING Helpdesk
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Lewi
- Thomas Vranken
UCB FIRST LOOK: FDA gives 5/5 with Bimzelx' new approval in HS
UCB has received a 5th nod for Bimzelx as hidradenitis suppurativa joins the fray of approved indications. We see an important role for Bimzelx in this emerging disease space with clear potential to become standard of care over time given its clear outperformance over Novartis' Cosentyx in the clinic. We reiterate our € 173 TP and Accumulate rating.
- Thomas Vranken
UCB FIRST LOOK: First takes on dapimap's Ph3 results in SLE
UCB shared first insights into the Phase 3 data on dapimap in SLE, which appear generally favourable with a 14.6% BICLA benefit after 48 weeks vs. SoC. The data also shows a steroid tapering effect and reduction in flares, while suggesting possible outperformance vs. current market leader Benlysta (GSK). Dapimap is co-developed with Biogen and will be continued in a second Ph3 study. We reiterate our € 173 TP and Accumulate rating.
- Guy Sips
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Vranken
- ING Helpdesk
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Wim Lewi
- David Vagman
- CFA
- Maxime Stranart
UCB/The gift that keeps on giving/BUY
We reiterate our BUY rating on UCB and increase our target price from €180 to €212. After almost a year on the ING Benelux Favourites List, we believe it is an opportune time to remove UCB as we view our upside as more risky than in the past as it is increasingly weighted towards UCB's development pipeline. Nonetheless, we remain confident in UCB's equity story, driven by INGF €6bn peak sales for Bimzelx, a continued strong performance of secondary growth engines Evenity and Rystiggo, as well as...
- Jørgen Lian
CMB.TECH (Hold, TP: USD14.10) - Diversification at a cost
CMB.TECH’s diversified and ‘future-proof’ approach may prove attractive in steadily managing shipping cycles, changing fundamentals and stricter environmental regulations. However, diversification also comes at a price, and its heavy newbuild programme is straining its balance sheet and the outlook for dividends. Thus, we currently see greater upside potential in its pure crude tanker peers. We reiterate our HOLD and have lowered our target price to USD14.1 (16.3).
- ING Helpdesk
Benelux Morning Notes
Aalberts: Building already bottoming, industry tough. Air France-KLM: Nobody helps. Alfen: Covenant agreement, hikes output Smart Grid. AMG: Sweet for 2024F, sour for 2025F. ArcelorMittal: 3Q24 EBITDA beats by 6%, FCF solid. BAM: 3Q beats, on its way to reach FY guidance. CMB.TECH: 3Q and FY24 reasonable but then more challenges. D'Ieteren: EGM and dividend dates announced; Belron US peer Boyd disappointing 3Q24. GBL: Double-digit TSR expected over 2024-27F. KBC: 3Q better acro...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update November 2024 – Adding Azelis – Removing ...
With 2 changes in our Dynamic Top Pick list (we add Azelis and we remove Solvay) we maintain a defensive stance on the market for 2H24. The long anticipated interest rate cuts by central banks have finally started. The Trump election victory in the US does not bode well for European stocks as he favours a protectionist course. Although industrial companies with a US base could actually benefit. Cleantech names with exposure to the US could also suffer (unless owned by E.Musk). We expect the US ...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
COFB COFINIMMO SA
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
TINC TINC COMM. VA
FUR FUGRO NV
AZE AZELIS GROUP NV
SYENS SYENSQO
- Wim Hoste
Solvay Feedback conference call
Below are the highlights from the 3Q results conference call. We remind that 3Q uEBITDA was flat organically which was in line with our forecast and c. 4% above consensus, driven entirely by a big beat in the lumpy Corporate line whilst both Basic Chemicals and Performance Chemicals came in below expectations. Solvay now expects to come in at the high end of its FY uEBITDA decline range of -10-15%, supported by additional savings. An interim dividend of € 0.97 has been announced. Solvay is a bas...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 06/11/2024
Notre scénario central s’est concrétisé dans la nuit : Donald Trump remporte la présidentielle américaine, et le choix des électeurs ne devrait pas être contesté. Il pourrait disposer d’une majorité dans les deux assemblées. Les actions américaines en seront les premières bénéficiaires. Sur les actions européennes, les secteurs les plus gagnants seront l’Energie, les Médias, les Métaux, Construction & Materials, Financial Services, Insurance. Sont en revanche plus à risque Utilities, ...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 11/06/2024
Our baseline scenario materialised last night: Donald Trump seems to be on course to win the US presidential election, and the choice of the electorate is unlikely to be challenged. He could end up with a majority in both houses of Congress. US equities will be the first to benefit from this development. In European equities, the biggest winners will be Energy, Media, Metals, Construction & Materials, Financial Services and Insurance. More at risk, however, are the Utilities, Spirits,...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: A strong 3Q24, driven by Europe. CFE: 3Q24 preview - able to keep net profit outlook? CTP: Good results, guidance reiterated. DEME Group: 3Q24 preview - keeping the FY outlook. Exor: Ferrari hitting Chinese wall. IBA: Contract win for E-beam sterilisation solution in the Dominican Republic. Kendrion: 3Q24 preview - harsh end markets but easy comps. Proximus: 2025 price increases on the high side, more asset sales in the pipeline. Solvay: 3Q24 results beat by 4% bu...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
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