reports
- Maxime Kogge
ADP AEROPORTS DE PARIS SA
DGE DIAGEO PLC
RI PERNOD RICARD SA
RCO REMY COINTREAU SA
FHZN FLUGHAFEN ZURICH AG
ISP INTESA SANPAOLO S.P.A.
UCG UNICREDIT S.P.A.
NN NN GROUP N.V.
CLNX CELLNEX TELECOM S.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
CCEP COCA-COLA EUROPEAN PARTNERS PLC
IHG INTERCONTINENTAL HOTELS GROUP PLC
CPR DAVIDE CAMPARI-MILANO N.V.
- Maxime Kogge
ADP AEROPORTS DE PARIS SA
DGE DIAGEO PLC
RI PERNOD RICARD SA
RCO REMY COINTREAU SA
FHZN FLUGHAFEN ZURICH AG
ISP INTESA SANPAOLO S.P.A.
UCG UNICREDIT S.P.A.
NN NN GROUP N.V.
CLNX CELLNEX TELECOM S.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
IHG INTERCONTINENTAL HOTELS GROUP PLC
CPR DAVIDE CAMPARI-MILANO N.V.
- Cor Kluis
- 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 28 January 2026, 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...
- Konrad Zomer
LR LEGRAND
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
TKA THYSSENKRUPP AG
UBSN UBS GROUP AG
CBK COMMERZBANK AG
DAI DAIMLER AG
RXL REXEL SA
SCMN SWISSCOM AG
FHZN FLUGHAFEN ZURICH AG
EL ESSILORLUXOTTICA SA
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
MOCORP METSO OUTOTEC OYJ
STR STRABAG SE
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
H2O HIDROELECTRICA S.A.
CVC CVC CAPITAL PARTNERS PLC
TKMS TKMS AG & CO. KGAA
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
ULVR UNILEVER PLC
- Konrad Zomer
LR LEGRAND
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
TKA THYSSENKRUPP AG
UBSN UBS GROUP AG
CBK COMMERZBANK AG
DAI DAIMLER AG
RXL REXEL SA
SCMN SWISSCOM AG
FHZN FLUGHAFEN ZURICH AG
EL ESSILORLUXOTTICA SA
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
MOCORP METSO OUTOTEC OYJ
STR STRABAG SE
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
H2O HIDROELECTRICA S.A.
CVC CVC CAPITAL PARTNERS PLC
TKMS TKMS AG & CO. KGAA
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
ULVR UNILEVER PLC
- Cor Kluis
- ING Helpdesk
Benelux Morning Notes
Company comments AB InBev: Little to disappoint Adyen: 2H25 results – mixed results, soft guidance CVC Capital Partners: Executing well dsm-firmenich: Messy results Fagron: Beat on all lines, confident FY26 outlook to drive c.5% consensus EBITDA upgrade Flow Traders: EMEA saves the day KBC: Good results, opening up “jaws” further to 2028 Kinepolis: Canadian peer Cineplex 4Q25 results below consensus, January 2026 box office revenue up MICC: FX headwind leads to a 50bp margin miss in FY25 Montea:...
ULVR UNILEVER PLC
KBC KBC GROUP N.V.
FAGR FAGRON SA
MONT MONTEA SCA
ONTEX ONTEX GROUP N.V.
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
ADYEN ADYEN NV
WDP WAREHOUSES DE PAUW SCA
FLOW FLOW TRADERS LTD
DSFIR KONINKLIJKE DSM N.V.
CVC CVC CAPITAL PARTNERS PLC
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Guy Sips
Lotus Bakeries Three Continents, One Momentum: Lotus Turns Up the Heat
We updated our model after Lotus Bakeries delivered in FY25 a 10% revenue increase to a very nice € 1,355m (KBCSe 1,355m, CSS 1,346m), driven by continued strong volume growth in 2H25 for both Lotus Biscoff (57% of branded revenues, +13% y/y) and Lotus Natural Foods (25% of branded, +17% y/y). Lotus Bakeries highlighted that the partnerships with Mondelez advanced strongly, contributing positively to the 2025 revenue. By the end of 2025, Biscoff production expanded to three continents. We welco...
- ING Helpdesk
Benelux Morning Notes
Aedifica: c.€29m new developments in Germany and Finland / GBL: €0.5bn equity investment in Rayner, an ophthalmic MedTech specialist / NN Group: Is consensus running ahead of a capital update with FY25 results? / Philips: Supportive update ahead of CMD / Proximus: Route Mobile 3Q26 shows lower revenues, better profitability / Staffing sector: French staffing: December better but January outlook weaker but perhaps better than number of temp outlook indicates / VAR Energi: Strong CMD target 400kpd...
- ING Helpdesk
Benelux Morning Notes
Adyen: Preview 2H25. Aperam: In-line 4Q25, upbeat medium-term outlook balances short-term consensus risk. Ayvens: Fast Car (UCS normalisation). Barco: 4Q25 preview, mixed performance. Lotus Bakeries: Another beat on every line. Orange Belgium: 2H25 EBITDAal beat on lower sales, much better 2026 guidance. Philips: CMD & 4Q25 preview, execution is key. RELX: FY25 preview. Universal Music Group: Peer Warner Music 4% revenue and 11% OIBDA beat
- Guy Sips
- Hilde Van Boxstael
- Wim Lewi
- Guy Sips
Lotus Bakeries FIRST LOOK : Three Continents, One Momentum: Lotus Turn...
In FY25, Lotus Bakeries delivered a 10% revenue increase to a very nice € 1.355m (KBCSe 1.355m, CSS 1.346m), driven by continued strong volume growth in 2H25 for both Lotus Biscoff (57% of branded revenues, +13% y/y) and Lotus Natural Foods (25% of branded, +17% y/y). Lotus Bakeries highlighted that the partnerships with Mondelez advanced strongly, contributing positively to the 2025 revenue By the end of 2025, Biscoff production expanded to three continents. We welcome that the new production...
- ING Helpdesk
Benelux Morning Notes
Flow Traders: Preview 4Q25 / Kinepolis: January reassures with US box office revenue up 14% YoY, France visitors up 15% YoY / Lotus Bakeries: Peer Mondelez 4Q25 results / MICC: Peer Mondelez 4Q25 results / RELX / Wolters Kluwer: Anthropic moves into Legal / Signify: Analyst lunch highlights / TomTom: 4Q25 results, bridging a gap / UCB: Evenity sales exceeded US$2.1bn in FY25 as per Amgen
- David Vagman
- CFA
- Dirk Verbiesen
- Francesca Ferragina
- Jason Kalamboussis
- Marc Hesselink
- CFA
- Marc Zwartsenburg
- CEFA
- Maxime Stranart
- Michiel Vereycken
- Quirijn Mulder
- Reg Watson
- CFA
- Thymen Rundberg
- Tijs Hollestelle
ING Benelux Favourites/Aedifica, Ageas, ASM International, Basic-Fit, ...
We refresh our ING Benelux Favourites list. We apply a fundamental bottom up approach in which we select stocks which provide the best upside within our Benelux coverage universe and these stocks need clear catalysts. Additions/deletions: We add the following names to the ING Benelux Favourites list: Ageas: Ageas has done multiple deals; its most recent purchase of the 25% stake BNP Paribas had in its Belgian ops, is an accretive deal and we believe makes the Belgian operations ready for a pot...
- David Vagman
- CFA
- Maxime Stranart
Lotus Bakeries/Unconstrained organic growth ahead/BUY
We reiterate our BUY rating on Lotus Bakeries and increase our target price from €10,300 to €11,100. Lotus Bakeries remains on the ING Benelux Favourites List. We expect Lotus Bakeries' unique organic volume growth story to accelerate over 2026-28F, thanks to the company's new factory in Thailand as well as a continued double-digit growth for its Natural Foods division. We model organic growth CAGR of 11.7% over 2026-28F, c.100bp above Visible Alpha consensus. We believe such a growth rate, comb...
- ING Helpdesk
Benelux Morning Notes
Adyen: New Platforms partnership in APAC / Dutch Pension Reform (Wtp): 1/3 transitioned (c.25 funds), 2027 challenging / IBA: Sale of a P1 system to MacKay Memorial Hospital in New Taipei City, Taiwan / KPN: 4Q25 preview / Offshore Wind: North Sea offshore wind pact to develop 300GW by 2050 / Vår Energi: RRR 2P 185% offsets slight pressure on expected production volumes 4Q
- ING Helpdesk
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