reports
- Thymen Rundberg
- Tijs Hollestelle
Alfen/Another transitional year/HOLD
Alfen reported broadly in line 4Q25 results but lowered its FY26 outlook. There is no tangible evidence of a pending volume-driven recovery in the 4Q25 performance of the Smart Grid and the EV Charging division. We increase our FY26 revenue estimate by 0.5% to the mid-point of Alfen's new revenue guidance and cut our FY26F adjusted EBITDA estimate by 6% to €26.1m. This reflects an adjusted EBITDA margin of 5.7%, slightly ahead of the company's mid-point guidance aiming for 5.5%. Management execu...
- Jerôme Bodin
CEC CECONOMY AG
BVI BUREAU VERITAS SA
MF WENDEL SE
SZG SALZGITTER AG
DEC JCDECAUX SA
TYRES NOKIAN RENKAAT OYJ
ASY ASSYSTEM SA
GXI GERRESHEIMER AG
PIG HAULOTTE GROUP SA
VOE VOESTALPINE AG
CIE CIE AUTOMOTIVE S.A.
BRNL BRUNEL INTERNATIONAL N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
COFA COFACE SA
ECONT ECONOCOM GROUP SE CLASS D
ALFEN ALFEN NV
TUI TUI AG
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
AQ AQUILA PART PROD COM
AMS AMS-OSRAM AG
- Jerôme Bodin
CEC CECONOMY AG
BVI BUREAU VERITAS SA
MF WENDEL SE
SZG SALZGITTER AG
DEC JCDECAUX SA
TYRES NOKIAN RENKAAT OYJ
ASY ASSYSTEM SA
GXI GERRESHEIMER AG
PIG HAULOTTE GROUP SA
VOE VOESTALPINE AG
CIE CIE AUTOMOTIVE S.A.
BRNL BRUNEL INTERNATIONAL N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
COFA COFACE SA
ECONT ECONOCOM GROUP SE CLASS D
ALFEN ALFEN NV
TUI TUI AG
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
AQ AQUILA PART PROD COM
AMS AMS-OSRAM AG
- ING Helpdesk
Benelux Morning Notes
ABN Amro: Miss but strong capital, good set of results / Ahold Delhaize: Strong 4Q25 but no major surprise on FY26 adj. EPS guidance / Alfen: No recovery yet and another transitional year / BAM Group: Preview: 2026 outlook the key item / Econocom: Better REBITA, net debt, but EBIT below, much lower net profit, dividend halved, 2026-28 guidance postponed to “medium term” / Exor: Ferrari 4Q25 and 2026 guidance beat / Gecina: Results and guidance in line, DPS set to grow over 2026-30 / Heineken: No...
- Guy Sips
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- ING Helpdesk
Benelux Morning Notes
Aedifica and Cofinimmo: Exchange offer to start tomorrow / Alfen: Preview: new year, new chances / BAM Group: Nice add-on in the Dutch housing market / dsm-firmenich: Givaudan 2026 guidance read-across / Heijmans: Preview: 2025F was the cat's meow / Melexis: 4Q25 preview, towards a cyclical recovery / TomTom: Preview 4Q25, look beyond 2026 / Van Lanschot Kempen: Small UK Fiduciary mandate, second of the month though
- Marc Hesselink
- CFA
- Thymen Rundberg
Fastned/The funding base evolves/HOLD
Fastned's 4Q25 update shows faster station roll out but volume growth is still lagging BEV penetration. We make limited near term estimate changes, slightly lift longer term assumptions on higher BEV adoption, and increase capex forecasts. The new €200m loan facility is a positive, improving near term funding visibility, but we remain cautious given high leverage, funding needs beyond 2027, and softening charging volume growth. We maintain our HOLD rating and slightly raise our target price to €...
- Ahmed Ben Salem
- Emira Sagaama
- Oddo Sustainability Team
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VAC PIERRE & VACANCES SA
BIO BB BIOTECH AG
STF STEF
ITP INTERPARFUMS
SWP SWORD GROUP SE
GLO GL EVENTS SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
ENI ENI S.P.A.
REP REPSOL SA
AALB AALBERTS N.V.
ARG ARGAN SA
FLU FLUGHAFEN WIEN AG
SIFG SIF HOLDING NV
SFSN SFS GROUP AG
BP. BP P.L.C.
FAST FASTNED
AZE AZELIS GROUP NV
SHEL SHELL PLC
7V0 DARWIN AG
ARYN ARYZTA AG
- Ahmed Ben Salem
- Emira Sagaama
- Oddo Sustainability Team
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VAC PIERRE & VACANCES SA
BIO BB BIOTECH AG
STF STEF
ITP INTERPARFUMS
SWP SWORD GROUP SE
GLO GL EVENTS SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
ENI ENI S.P.A.
REP REPSOL SA
AALB AALBERTS N.V.
ARG ARGAN SA
FLU FLUGHAFEN WIEN AG
SIFG SIF HOLDING NV
SFSN SFS GROUP AG
BP. BP P.L.C.
FAST FASTNED
AZE AZELIS GROUP NV
SHEL SHELL PLC
7V0 DARWIN AG
ARYN ARYZTA AG
- ING Helpdesk
- Thijs Berkelder
FY 2025 Preliminary and Unaudited Figures Highlighting Significant Pro...
FY 2025 Preliminary and Unaudited Figures Highlighting Significant Progress in the Execution of the Genesis Plan Press Release FY 2025 Preliminary and Unaudited Figures Highlighting Significant Progress in the Execution of the Genesis Plan Cash and Profitability Targets ExceededRevenue Target Achieved Book-to-bill in Line with Expectations FY 2025 revenue estimated at €8,001 million - or €8,030 million at September 30 currency, in line with targetInflexion point in top line trajectory reached in Q4 2025: quarter-on-quarter improvement in estimated Group organic revenue performance, to -9...
Chiffres préliminaires et non audités pour l’exercice 2025, mettant en...
Chiffres préliminaires et non audités pour l’exercice 2025, mettant en évidence les progrès significatifs dans l’exécution du plan Genesis Communiqué de presse Chiffres préliminaires et non audités pour l’exercice 2025, mettant en évidence les progrès significatifs dans l’exécution du plan Genesis Objectifs de cash et de rentabilité dépassésObjectif de chiffre d’affaires atteintRatio book-to-bill en ligne avec les attentes Chiffre d’affaires de l’exercice 2025 estimé à 8 001 millions d’euros – ou 8 030 millions d’euros aux taux de change du 30 septembre, conforme à l’objectif annuelPoint...
PHA PHARMAGEST INTERACTIVE SA
VIRP VIRBAC SA
JCQ JACQUET METALS SA
TPE PVA TEPLA AG
ISP INTESA SANPAOLO S.P.A.
COTN COMET HOLDING AG
BIG BIGBEN INTERACTIVE SA
BYG BIG YELLOW GROUP PLC
ROS ROSENBAUER INTERNATIONAL AG
KOMN KOMAX HOLDING AG
UCG UNICREDIT S.P.A.
FLU FLUGHAFEN WIEN AG
DGM DIAGNOSTIC MEDICAL SYSTEMS
CSM CORBION NV
HOME NEINOR HOMES SA
JST JOST WERKE AG
2CRSI 2CRSI SA
WAVE WAVESTONE SA
THEP THERMADOR HOLDING SA
NACON NACON SASU
ANR ANSWEAR.COM
- Jeremy Garnier
ODDO : Will small caps sustain their rebound in 2026?
The market environment now appears more favourable for small caps (solid growth prospects, consistent valuations) and the rebound seen in this asset class in 2025 could continue into 2026. After a stellar performance of 32.2% (+16.3 points vs MSCI Europe Smallcaps) from our ODDO BHF European Nextcap list in 2025, we are revising our H1 2026 Nextcap top pick list, which now includes: Comet, Corbion, Equasens, Jacquet Metals, Jost-Werke, PVA Tepla, Rosenbauer, Steyr Motors, Thermador Groupe and Wa...
PHA PHARMAGEST INTERACTIVE SA
VIRP VIRBAC SA
JCQ JACQUET METALS SA
TPE PVA TEPLA AG
ISP INTESA SANPAOLO S.P.A.
COTN COMET HOLDING AG
BIG BIGBEN INTERACTIVE SA
BYG BIG YELLOW GROUP PLC
ROS ROSENBAUER INTERNATIONAL AG
KOMN KOMAX HOLDING AG
UCG UNICREDIT S.P.A.
FLU FLUGHAFEN WIEN AG
DGM DIAGNOSTIC MEDICAL SYSTEMS
CSM CORBION NV
HOME NEINOR HOMES SA
JST JOST WERKE AG
2CRSI 2CRSI SA
WAVE WAVESTONE SA
THEP THERMADOR HOLDING SA
NACON NACON SASU
ANR ANSWEAR.COM
4X0 STEYR MOTORS AG
- Jeremy Garnier
ODDO : Poursuite du rebond des small caps en 2026 ?
L’environnement de marché semble à présent plus porteur pour les small caps (perspectives de croissance solides, valorisations cohérentes) et 2026 pourrait prolonger le rebond observé en 2025 sur cette classe d’actifs. Après une belle performance de 32.2% (+16.3 pt vs MSCI Europe Small Cap) en 2025 de notre liste ODDO BHF European Nextcap, nous revoyons notre liste de convictions Nextcap S1 2026 qui comprend désormais : Comet, Corbion, Equasens, Jacquet Metals, Jost-Werke, PVA Tepla, Rosenbauer,...
- Oliver Metzger
- Stephane Houri
MTX MTU AERO ENGINES AG
SBMO SBM OFFSHORE NV
GBF BILFINGER SE
RHM RHEINMETALL AG
EKI EKINOPS SA
G24 SCOUT24 AG
BAMNB KONINKLIJKE BAM GROEP NV
RWE RWE AG
FIE FIELMANN AG
TUB TUBACEX S.A.
SAFE SAFESTORE HOLDINGS PLC
BOSN BOSSARD HOLDING AG
NKT NKT A/S
ALCUR ARCURE SA
FAST FASTNED
DEME DEME GROUP NV
TUI TUI AG
SCHOTT PHARMA AG
- Oliver Metzger
- Stephane Houri
MTX MTU AERO ENGINES AG
SBMO SBM OFFSHORE NV
GBF BILFINGER SE
RHM RHEINMETALL AG
EKI EKINOPS SA
G24 SCOUT24 AG
BAMNB KONINKLIJKE BAM GROEP NV
RWE RWE AG
FIE FIELMANN AG
TUB TUBACEX S.A.
SAFE SAFESTORE HOLDINGS PLC
BOSN BOSSARD HOLDING AG
NKT NKT A/S
ALCUR ARCURE SA
FAST FASTNED
DEME DEME GROUP NV
TUI TUI AG
SCHOTT PHARMA AG
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.