Benelux Morning Notes

Ageas: Reinsurance partnership with TRIGLAV, taking QS on Italian motor direct insurance Belgian Telecoms: Digi introduces a new mobile subscription at €3. Kinepolis: Box office in US/Canada up 76% YoY while France visitors were down 25%. NN Group & ASR: Dutch coalition collapse not affecting Dutch Pension Reform. SBM Offshore: Farewell Aseng after 13.5 years of service. Events Calendar

Benelux Tech update/Our favourites: ASM, Barco, BESI, RELX

We refresh our Benelux Tech coverage following the 1Q25 reporting season. In this note we downgrade Just Eat Takeaway from Buy to HOLD as we believe the takeover offer is fair. Most companies reported largely in line results and, across the board we make relatively modest changes to our estimates. Our highest conviction longs in the Benelux Tech universe are ASM International, Barco, BE Semiconductor Industries and RELX. Our biggest increase in target price is for Prosus which saw strong perfor...

Suspension of Coverage

From 2nd of June we are suspending coverage of companies below due to a reallocation of resources. Our prior estimates should no longer be used as an indicator for the company moving forward.ADIDASBEIERSDORFCARREFOURDELIVERY HEROESSILORLUXOTTICAHELLOFRESHHermès InternationalHUGO BOSSINTERPARFUMSJUS

Eyewear: what caught our eyes in Q1 publications

Against macro uncertainty and a fluid tariff backdrop, the O&E industry has played its defensive role with an average performance of +15% YTD (vs. soft luxury sample at -5% and sportswear at -11%), supported by reassuring Q1 publications, proactive tariff mitigation initiatives and reiterated F

On the shelves now: Consumer Weekly #71

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at how tariffs have dominated recent earnings calls over other topics such a

Just Eat Takeaway: tender to the offer

Following the publication of the offer memorandum yesterday by Prosus and the launch of the tender offer today until 29th July, we have withdrawn our Neutral rating and advise shareholders to tender their shares to the offer.1/ We consider the offer as generous with implied c.11.5x EV/EBITDA 2025e

Just Eat Takeaway Prosus launches offer

Following the agreement on February 24th between Prosus and JET to acquire 100% of JET shares at € 20.30ps, Prosus officially launched the all cash offer today, with the offer period starting on May 20th 2025. The offer will be declared unconditional if the acceptance reaches 95%. The 95% threshold will be reduced to 80% if the Post-offer restructuring resolutions are adopted by the AGM on July 8th 2025. These restructuring resolutions imply and asset sale and liquidation event which would resul...

On the shelves now: Consumer Weekly #70

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the initial impact of tariffs on the US consumer and economy. Happy readi

Benelux Morning Notes

EVS: Weak start to the year, sales guidance maintained excluding FX, EBIT guidance low Just Eat Takeaway.com: Prosus offer launched KBC: CFO meeting – navigating above targets, strong loan growth & NII path NEPI Rockcastle: Robust Q1 results, strong top line Xior Student Housing: Dutch rent freeze not applicable to Xior

Morning Notes : EVS BB, NEXTA BB, MELE BB, TKWY NA

: EVS BB, NEXTA BB, MELE BB, TKWY NA

On the shelves now: Consumer Weekly #69

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at how increased consumer anxiety about tariffs leads to diverging trends be

Deliveroo: PT aligned with DoorDash offer

Following the confirmation of a 180p/share cash bid by DoorDash (first analysed here), we have downgraded our rating from Buy to Neutral and aligned our PT with the offer at 180p.We will recommend that shareholders vote in favour of the upcoming court-sanctioned scheme of arrangement under the UK C

Mister Spex: headed in the right direction

The call yesterday provided an opportunity for newly-appointed CEO Tobias Krauss to reiterate the main strategic measures of SpexFocus, which aims to stabilise and strengthen the group's operational performance this year and eventually lead to scalable and profitable growth from 2026 onwards. Reass

Mister Spex: reassuring Q1 numbers

Mister Spex has posted reassuring Q1 numbers this morning, with sales performance in line and stronger-than-expected margin delivery, including a 440bp-expansion in the GM. Albeit negative, FCF was close to B/E point, -EUR1.5m, thanks to positive operating CF and lower capex, leading to a NCP pre-I

Safilo: rays of light in Q1 despite dark tariff clouds

Yesterday evening, Safilo delivered strong Q1 results despite tariff uncertainty, while the quarter was the final one marked by the phase-out of Jimmy Choo (-3pp sales headwind). With +1% FX-n, North America posted its first positive performance since Q4 2023. GM and aEBITDA margin both expanded by

On the shelves now: Consumer Weekly #67

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the largest beauty groups in the world. Happy reading!

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 04/28/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 28/04/2025

JUST EAT TAKEWAY.COM : Most of the optionality is gone now.

Deliveroo: your DoorDash rider is on the way with a 180p offer

Our late February Buy upgrade thesis is taking shape with DoorDash making an indicative 180p/share cash offer (to be confirmed by 23rd May). The price looks decent, but not spectacular, with a 23% premium and an implied 12x EV/EBITDA, and the likelihood of a counter-bid seems very low. Negative rea