reports
- Carole Braudeau
CEC CECONOMY AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
EN BOUYGUES SA
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
GRF GRIFOLS S.A. CLASS A
BAYN BAYER AG
ONTEX ONTEX GROUP N.V.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
COFA COFACE SA
VIRI VIRIDIEN
AAL ANGLO AMERICAN PLC
- Carole Braudeau
CEC CECONOMY AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
EN BOUYGUES SA
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
GRF GRIFOLS S.A. CLASS A
BAYN BAYER AG
ONTEX ONTEX GROUP N.V.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
COFA COFACE SA
VIRI VIRIDIEN
AAL ANGLO AMERICAN PLC
- David Vagman
- CFA
D'Ieteren/Compounding business services portfolio
We think the May CMD cemented D'Ieteren's profile as an EPS and FCF compounder, +14% EPS CAGR 2025F-28F, +14% FCFev CAGR, a specialised listed Private Equity (PE) fund building a portfolio of growth platforms in adjacent, resilient business services companies, with a potential to rerate and D'Ieteren to invest in new high ROCE, FCF businesses with scalable franchise. We estimate a new participation could add c.15% of EBITDA by 2026/2027. We think the IPO of Belron, 70% of our SOTP, is possible b...
- ING Helpdesk
Benelux Morning Notes
AB InBev: 2Q25 results. Air France-KLM: Nice beat, let's see how FY25 finishes. AMG: Uptrend continues in 2Q25 with 23% EBITDA beat and guidance up to +US$200m. Aperam: Slight 2Q25 EBITDA beat, 3Q25 seen down QoQ. Arcadis: EBITA margin held up well in 2Q25, order intake mixed. Ayvens: 2Q25 results. Azelis: Soft but largely in-line 2Q25 with EMEA offsetting weaker APAC. Bekaert: 1H25 miss and lowered outlook to result in c.5% consensus downside. Corbion: Taking it to the wire. dsm...
APAML APERAM SA
FAGR FAGRON SA
UCB UCB S.A.
AF AIR FRANCE-KLM SA
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ONTEX ONTEX GROUP N.V.
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ALD ALD SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
FLOW FLOW TRADERS LTD
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Ontex confirms H1 results with revenue and margin decrease in a weaker...
Ontex confirms H1 results with revenue and margin decrease in a weaker-than-expected market, while investing significantly and reaching key transformation milestones Regulated information Revenue drop by 4% in H1, caused mainly by weak baby care demand in Europe;Adj. EBITDA margin down by 2.2pp in H1, due to lower fixed cost absorption caused by lower volumes, and a rising cost environment;Expecting low single digit revenue contraction for full year 2025 and adj. EBITDA in €200-210 million range. CEO quote Gustavo Calvo Paz, Ontex’s CEO, said: “The weak first half of the year, while disa...
Ontex bevestigt resultaten 1ste jaarhelft met omzet- en margedaling in...
Ontex bevestigt resultaten 1ste jaarhelft met omzet- en margedaling in een zwakker dan verwachte markt, terwijl er verder geïnvesteerd wordt en belangrijke mijlpalen werden gehaald Gereglementeerde informatie Omzetdaling met 4% in 1ste halfjaar, voornamelijk veroorzaakt door een zwakke vraag naar babyverzorging in Europa;Aangepaste EBITDA-marge daalt met 2,2pp in 1ste halfjaar, als gevolg van een mindere absorptie van vaste kosten veroorzaakt door de lagere volumes, en als gevolg van stijgende kosten;Omzetdaling met lage enkelvoudige cijfers voorzien voor het volledige jaar 2025 en een aan...
Transparency Declaration Notification
Transparency Declaration Notification Regulated information In accordance with the requirements of Article 14 of the Belgian Law of May 2, 2007 on the disclosure of significant shareholdings in listed companies, Ontex Group NV (“Ontex”) discloses the notification of significant shareholdings that it has received on July 3, 2025. On July 22, 2025, Brandes investment partners, L.P., detained 6,182,739 Ontex voting securities or voting rights, representing 7.51% of voting securities, and thereby crossed upward the threshold of 7.5%. Notification details Reason for the notification: Acquisi...
Kennisgeving transparantieverklaring
Kennisgeving transparantieverklaring Gereglementeerde informatie In overeenstemming met de vereisten van artikel 14 van de Belgische wet van 2 mei 2007 over de openbaarmaking van belangrijke deelnemingen in emittenten, maakt Ontex Group NV (“Ontex”) de verklaring van belangrijke deelnemingen bekend die op 3 juli 2025 werd ontvangen. Op 22 juli 2025 bezat BPCE SA, Brandes investment partners, L.P., 6.182.739 stemrechtverlenende effecten of stemrechten van Ontex, wat 7,51% van de stemverlenende effecten voorstelt. Zij hebben daarmee de drempel van 7,5% opwaarts overschreden. Kennisgevingsd...
- Carole Braudeau
- Carole Braudeau
- ING Helpdesk
Benelux Morning Notes
ASM: 2Q25 Preview, AI winner BE Semiconductor Industries: 2Q25 Preview, focus on advanced order intake CM.com: Preview 1H25 D'Ieteren: Belron $4.655bn TBL repriced 25bp lower PostNL: Preview 2Q25F; consensus released Wolters Kluwer: To divest Finance, Risk and Regulatory Reporting unit
- Marc Zwartsenburg
- CEFA
ING Benelux Favourites/Weekly performance and valuation update
We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 27 January 2025, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune. The ING Benelux Fav...
- Hilde Van Boxstael
- Michiel Declercq
- Wim Hoste
- Wim Hoste
Ontex Rating downgrade after profit warning
After a weak 2Q/1H25 performance with negative LFL growth due to weak consumer demand, intensified promotional pressure by A-brands, customer destocking and supply chain disruptions, Ontex has lowered its adjusted EBITDA guidance by c. 13% (at the midpoint of the guidance range). Whilst we still believe in the growth prospects of the US business on the back of lower private label penetration and Ontex' challenger status, we cannot be blind for the intensified competition in Europe and the low st...
- Carole Braudeau
- Carole Braudeau
- ING Helpdesk
Benelux Morning Notes
Aalberts: First hydronic flow control takeover in US; Ahold Delhaize: Preview 2Q25; EVS: Wins 2026 world cup contract Big Event Rental; Exor: A tad more Philips; Via Transportation reviving IPO plans; Heijmans: 1H25 preview; looks to be on track; KPN: 2Q25 preview; Montea: €24m acquisition in Dutch logistics hotspot; Ontex: Peer Essity 2Q25 results; RELX: 1H25 preview; Sligro: Weak 1H25 calls for 7.5% downgrade to consensus at EBITDA level; Events Calendar
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
- Carole Braudeau
Credit Morning 07/16/2025
Renault lowers its 2025 targets after a very disappointing end to the first half|Ontex Q2 25 early results release: Revenue and margin decrease in a weaker than expected market|Loxam is issuing a new bond maturing in February 2031|Finnair: weaker-than-expected results and guidance|
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