Morning Notes : EVS BB, EXM BB, GLPG NA, WKL NA, TKWY NA

: EVS BB, EXM BB, GLPG NA, WKL NA, TKWY NA

ING Benelux Favourites/ASM, Basic-Fit, dsm-firmenich, Lotus Bakeries, ...

We refresh our ING Benelux Favourites list. We apply a fundamental bottom up approach in which we select stocks that provide the best (relative) upside within our Benelux coverage universe and these stocks need clear catalysts. Besides this, we screen the ING Benelux coverage on key investment themes that are topical and which provide insights into the relative risk-reward of the individual stocks, which could affect earnings potential and thus a stock's share price performance: (1) we screen ou...

Daimler Truck : Sustainability Weekly 8 - 12 September 2025

Last week, we published a report in which we propose ideas on the theme of sustainable sovereignty. Technip Energies signed an agreement to acquire the Advanced Materials & Catalysts business of Ecovyst Inc, a global leader in specialty catalysts and advanced materials. The IEA is expected to reintroduce its slow transition scenario, ‘Current Policies’, in its next World Energy Outlook, probably under pressure from the Trump administration. German Chancellor Merz has hinted at a slowdown in the ...

Daimler Truck : Sustainability Weekly 8 – 12 septembre 2025

La semaine passée, nous avons publié une étude où nous proposons des idées pour la thématique de la souveraineté durable. Technip a signé un accord en vue d'acquérir l'activité Advanced Materials & Catalysts d'Ecovyst Inc, leader mondial des catalyseurs spéciaux et des matériaux avancés. L'AIE devrait réintroduire son scénario de transition lente « Current Policies » dans son prochain World Energy Outlook, probablement sous la pression de l'administration Trump. Le chancelier allemand Merz a lai...

Basic-Fit Frontloaded Costs, Strengthened Liquidity, and Upward Valuat...

We revise our FY25 and FY26 underlying EBITDA less rent forecasts upward by +3.2% and +1.7%, respectively. Our FY25 estimate now stands at EUR 343.6m, which remains at the lower end of management's guidance range (EUR 330–370m). Importantly, we lower our risk premium following the EUR 350.0m in additional secured bank financing obtained in 1H25. This enhanced liquidity profile and extended maturities reduce refinancing risk and support our confidence in Basic-Fit's capital structure. As a result...

Morning Notes : BFIT NA, TINC BB, WDP BB

: BFIT NA, TINC BB, WDP BB

Benelux Morning Notes

Ageas: Highlights ING Benelux Conference London. Alfen: Highlights from ING Benelux Conference London. Arcadis: Highlights ING Benelux Conference London. ASR: Highlights ING Benelux Conference London. BAM: Highlights ING Benelux Conference London. Basic-Fit: Highlights ING Benelux Conference London. CTP: Highlights from ING Benelux Conference London. DEME Group: Highlights ING Benelux Conference London. Fugro: Highlights ING Benelux Conference London. Heijmans: Highlights ING Bene...

AEX from 25 to 30, place your bets Our candidates for the AEX expansio...

The AEX is set to expand from 25 to 30 constituents starting on 23rd September, announcement on 9th September after close. This marks a significant change since its last expansion in 1994. The new rule book was published on 22/08/25 and leaves some room for interpretation for companies that have another primary listing (WDP). We believe that WDP meets the requirement for “reference market”. The expansion will be based on Free Float Market Capitalization, with a buffer zone to manage transitions....

Basic-Fit/Membership trends back on track – positive lead indicators g...

We reiterate our BUY rating but raise our target price from €31.5 to €33.0 while we underline that BFIT remains on the ING Benelux Favourites list. BFIT reported solid 1H25 results with strong membership ingrowth trends in 1Q25/2Q25 and our Google search trend data suggest also ongoing positive momentum into 3Q25. The FCF in 1H25 was somewhat disappointing which for a large part was due to phasing effects. We leave our estimates more or less unchanged and continue to believe our estimates for FY...

Alfen/Near-term outlook remains clouded/HOLD

Alfen reported broadly in line 1H25 results and maintained its 2025 outlook but lowered its 2026 revenue growth and adjusted its EBITDA margin guidance. As a result, we cut our FY26F revenue estimate by c.4% and our FY26F EBITDA estimate by around 16%. Alfen's Smart Grid division reported rather weak production volumes in 2Q25 and a very low quarterly gross margin, which increased the overall risk profile of the company. The Smart Grid division has the most attractive fundamental characteristics...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/21/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 21/08/2025

Benelux Morning Notes

AEGON: Addition of €200m to existing SBB, considering US domicile, results mixed. Alfen: 19% EBITDA cut, mid-point new 2026 guidance. Flow Traders: Positive volumes, negative volatility. Kinepolis: Strong profit beat on better operating leverage, higher ticket and ITS per visitor. Recticel: Peer Rockwool 2Q25 results. Tessenderlo: Solid 1H25 beat, guidance maintained. VGP: Strong results, more news on JVs to come

Morning Notes : AGN NA, DSFIR NA, KIN BB, TESB BB, VGP BB, ALFEN NA

: AGN NA, DSFIR NA, KIN BB, TESB BB, VGP BB, ALFEN NA

Alfen: H1 2025 results, mid-term outlook lowered

Alfen published H1 2025 figures yesterday. Revenue came in at EUR211.5m (-13.9% YoY vs. EUR245.7m in H1 2024) mainly with challenging dynamics in EV charging and Energy Storage, while benefiting from favourable base effects in Smart Grids, which was impacted by moistening issues in Q2 2024. This wa

Alfen : Updated outlook does not stem hopeful

EnergyVision It's a beautiful day, don't let it slip away

We initiate on EnergyVision 40 days after its successful IPO. We believe that the positive vibe from the stock market entry will reflect in its future business development. Credibility and brand recognition are key for an energy supplier. We also like its focus on the energy transition. This segment recovers from an over-excitement period (2021-22). Today's market is all about AI and Defence, while climate change is becoming more apparent with every wild fire or glacier collapse. Their customer...

Benelux Morning Notes

Avantium: Breathing space. Events Calendar.

Just Eat Takeaway.com/Takeover on track/HOLD

We believe the Prosus bid on Just Eat Takeaway.com will succeed. The offer appears fair when balancing out the attractive long-term opportunity with short-term headwinds and investment needs. We reiterate our HOLD. Our target price is unchanged and equal to the offer price of €20.30.

Morning Notes : TWEKA NA, TKWY NA

: TWEKA NA, TKWY NA