reports
- Dominic Rose
- Naresh Chouhan
UCB - Bimzelx Consensus for 2025 Too Low
We are 28% above cons. US Bimzelx sales for H125 with Bimzelx sales momentum being the most important factor for the UCB investment thesis. Unlike the early days for US obesity, this is one of the most complex dynamics we have contended with when forecasting sales. There are multiple unknowns that we have sought to model (net price per scrip, net avg. price by indication, 2024 volume, volume growth by payer & incremental discounts to unlock that volume growth). As a result of our analysis, we in...
- David Vagman
- CFA
EVS/Swiftly navigating more difficult waters/BUY
We reiterate our BUY as we think EVS will do well in a tougher environment for European exporters, especially those looking to grow in the US, with broadcasting clients exposed to advertising cycles. As last year, EVS again had a weak 1Q order intake, fuelling concerns given the stock had been very strong after a very solid 2H24. We think these fears are exaggerated, with management issuing a reassuring EBIT guidance at 1Q, confirming its sales range guidance excluding FX, and indicating its pip...
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- Wim Lewi
Dollar Weakness The impact on our Benelux Coverage
In general, a weaker USD has a negative impact on Benelux stocks, particularly for companies with significant exports to the US. In this note we selected a list of companies with high US export exposure and we examine the potential impact on FY25 earninings. On top of the weak dollar, rising trade tensions or the introduction of tariffs further harm Benelux exporters. As the dollar depreciates against the euro, European goods become costlier for American consumers. At the same time, revenues ear...
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SIP SIPEF GROUP
SOF SOFINA SA
ASM ASM INTERNATIONAL N.V.
ARCAD ARCADIS NV
ROYAL VOPAK NV
AALB AALBERTS N.V.
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
BAR BARCO NV
FUR FUGRO NV
DSFIR KONINKLIJKE DSM N.V.
AGN AEGON N.V.
SYENS SYENSQO
- Thomas Vranken
UCB FIRST LOOK: Expansion of US biologics manufacturing capacity
UCB has announced plans to build a new state-of-the-art biologics manufacturing facility in the US, which today accounts for 55% of its revenues. The investment, estimated at $ 2bn over 6–7 years, is expected to generate a $ 5bn economic impact, including 300 permanent and > 500 construction jobs. This move aligns UCB with other major pharma players expanding US operations and may help mitigate risks from potential US import tariffs on pharmaceuticals. Additionally, UCB will strengthen its partn...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Vranken
- Wim Lewi
- Thomas Vranken
UCB FIRS LOOK: Add'l Phase 3 data support dapirolizumab's potential in...
UCB and Biogen presented additional Phase 3 data showing that dapirolizumab pegol (DZP, anti-CD40L) significantly improves fatigue and disease activity in patients with moderate-to-severe systemic lupus erythematosus (SLE). Beyond the positive topline readout in Nov '24, DZP showed superior results over standard care in multiple fatigue and disease remission measures. Accumulate/€214 TP confirmed.
- Thomas Vranken
UCB 3-year PsA and axSpA data at EULAR 2025 confirm Bimzelx' efficacy
At EULAR 2025, UCB presented three-year data for Bimzelx, demonstrating sustained efficacy and inflammation control in psoriatic arthritis (PsA) and axial spondyloarthritis (axSpA). In PsA, both biologic-naïve (53.2%) and TNFa-refractory patients (55.2%) maintained strong ACR50 responses and showed high rates of joint and skin symptom resolution. In axSpA, patients with both radiographic and non-radiographic forms sustained ASAS40 responses and low disease activity. These results highlight Bimze...
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Vranken
EVS Communicates the Results of the Extraordinary General Meeting of J...
EVS Communicates the Results of the Extraordinary General Meeting of June 10, 2025 EVS COMMUNICATES THE RESULTS OF THE EXTRAORDINARY GENERAL MEETING OF JUNE 10, 2025 EVS Broadcast Equipment SA, leading provider of live video production systems, held a postponed Extraordinary General Meeting on Tuesday, June 10, 2025 (due to the lack of attendance quorum at the Extraordinary General Meeting convened on May 20, 2025). In total 163 shareholders representing 3,721,388 shares, or 25.97% of the company shares, attended (by proxy) the Extraordinary General Meeting held physically at the compan...
EVS COMMUNIQUE LES RESULTATS DE L’ASSEMBLEE GENERALE EXTRAORDINAIRE DU...
EVS COMMUNIQUE LES RESULTATS DE L’ASSEMBLEE GENERALE EXTRAORDINAIRE DU 10 JUIN 2025 EVS COMMUNIQUE LES RESULTATS DE L’ASSEMBLEE GENERALE EXTRAORDINAIRE DU 10 JUIN 2025 EVS Broadcast Equipment SA, leader des systèmes de production vidéo en direct, a tenu ce mardi 10 juin 2025 une Assemblée Générale Extraordinaire reportée (l’Assemblée Générale Extraordinaire convoquée le 20 mai 2025 n’ayant pas réuni le quorum de présence requis). Au total, 163 actionnaires représentant 3.721.388 titres, soit 25,97% du capital de la société, ont pris part (par procuration) à cette Assemblée qui s’est dér...
- Dominic Rose
- Naresh Chouhan
UCB - “Bim’ Me Up Scotty” – INITIATION (BUY, TP EUR215, 54pgs)
We initiate with a BUY due to our proprietary Contribution Analysis showing that the UCB EBITDA margin should explode by ~1500bps to ~45% by 2030. This leaves us 23% above consensus EBITDA. Interestingly, Cimzia is the biggest driver of our 5% above cons. 2030 sales as a result of our analysis showing that ~80% of TRx’s are women & this cohort is stable. We show that Bimzelx pricing could fall as much as 30% by 2030 due to rebates & mix but we are still in-line with consensus. There are still ma...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update June: Removing Merus, Shurgard and Adyen ...
In this June update, we've made four adjustments to the KBC Securities Dynamic Top Pick List: 1.Merus (Removed – 27 May) was removed following the release of strong interim Phase 2 data at the ASCO 2025 conference. Its lead asset, petosemtamab, in combination with Keytruda, showed a 63% overall response rate in first-line treatment of head and neck cancer—significantly outperforming Keytruda monotherapy. The resulting share price surge validated our investment thesis. 2. Adyen (Removed) has de...
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
DIE D'IETEREN SA
SOF SOFINA SA
ROYAL VOPAK NV
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
MRUS MERUS B V
ADYEN ADYEN NV
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- ING Helpdesk
Benelux Morning Notes
Aedifica and Cofinimmo: Agreement reached to create Europe's leading Healthcare REIT. bpost: CMD press release; #Reshape 2029. D'Ieteren: Belgian new car registrations down 11.7% in May, VW down 13.5% Fugro: Meeting with CEO & IR; 2Q25 also has its challenges. UCB: Peer Moonlake held takeover talks with US Merck, FT reports
ForFarmers secures new credit facility
ForFarmers secures new credit facility Press release Lochem, 28 May 2025 ForFarmers secures new credit facility ForFarmers N.V. has signed a new credit facility for an amount of €150 million with an international banking syndicate. In addition, a €125 million working capital financing facility will become operational in mid-Q3 2025. To bridge the implementation period, a credit facility has been agreed with Rabobank. These facilities replace the previous financing agreement of €300 million. In addition, the activities of the joint ventures in Poland and Germany will, going forward, be...
ForFarmers sluit nieuwe kredietfaciliteit af
ForFarmers sluit nieuwe kredietfaciliteit af Persbericht Lochem, 28 mei 2025 ForFarmers sluit nieuwe kredietfaciliteit af ForFarmers N.V. heeft een nieuwe kredietfaciliteit ondertekend ter waarde van €150 miljoen met een internationaal bankensyndicaat. Tevens zal medio Q3 2025 een werkkapitaal financiering van €125 miljoen operationeel zijn. Voor de overbrugging van de periode van implementatie van deze werkkapitaal financiering is een kredietfaciliteit met Rabobank afgesloten. Deze aanpak vervangt de vorige financieringsovereenkomst die €300 miljoen bedroeg. Daarnaast zijn de activiteit...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Guy Sips
EVS Broadcast Equipment Target Tweaked, Confidence Sustained
We updated our model after EVS highlighted 1Q25 was slightly below its own expectations, primarily due to the deferral of certain customer deliveries from March to April. EVS stressed that this timing-related impact does not alter their underlying business momentum. EVS indicated that customer demand remains robust across all regions. We welcome EVS remains cautiously optimistic about achieving its FY25 revenue objectives though, given the macro-economic tensions, the tariff discussions and the ...
EVS Invites Its Shareholders to a Postponed Extraordinary General Meet...
EVS Invites Its Shareholders to a Postponed Extraordinary General Meeting on June 10, 2025 EVS INVITES ITS SHAREHOLDERS TO A POSTPONED EXTRAORDINARY GENERAL MEETING ON JUNE 10, 2025 As already communicated on May 20, 2025, due to the lack of attendance quorum, the Extraordinary General Meeting of EVS Broadcast Equipment SA convened on May 20, 2025 is postponed to June 10, 2025, at 12:00 pm, at its registered office in Liège, to deliberate on the agenda available on the website of the company (see link below). The Board of Directors will propose to this effect to the Shareholders to appr...
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