reports
- Wim Hoste
Umicore Running fast to almost stand still
Umicore is in a tough spot, with Automotive Catalysis operating in a structurally declining market, Recycling being a cyclical and metal price-sensitive business and Battery Materials, previously considered as the future growth engine, subject of a strategic review amidst slowing EV adoption and Chinese competition with lower priced LFP. Staying active in Battery Materials is of major importance to the equity story and we expect the upcoming CMD to confirm this stance, albeit with significantly ...
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Walmart 4Q25 results. Brunel: 4Q24 results: EBIT beats slightly on lower opex; outlook in line; strong cash position. Cofinimmo: FY24 DPS confirmed, FY25 cut as expected. Heijmans: Beats on every single line item. Kinepolis: 2H24 analyst meeting feedback. Recticel: Kingspan FY24 results
- ING Helpdesk
Benelux Morning Notes
Aedifica: Good results, positive message about tenants growth. AGEAS: BNP Paribas increase stake >15% ASR: 2H results and SBB in line, capital strength building up. Belgian Telecoms: Peer Telenet 4Q24 results, guiding for low to mid single digit EBITDAal decline EVS: Exceptional FCF, 2025 EBIT consensus to go up >7% on +10-15% like for like sales growth YoY Gimv: In close cooperation with WorxInvest KPN: VodafoneZiggo 4Q24 still weak, declining EBITDA guidance on “strategic customer initiatives”...
Galapagos receives transparency notification and 13D filing from Tang ...
Galapagos receives transparency notification and 13D filing from Tang Capital Mechelen, Belgium; February 17, 2025, 22:01 CET; regulated information – Galapagos NV (Euronext & NASDAQ: GLPG) received a transparency notification and 13D filing from Tang Capital. Pursuant to Belgian transparency legislation1, Galapagos received a transparency notification on February 14, 2025 on behalf of Mr. Kevin Tang, Tang Capital Management, LLC (“TCM”), Tang Capital Partners, LP (“TCP”), Tang Capital Partners International, LP (“TCPI”), and Tang Capital Partners III, Inc. (“TCP III”), who notified us th...
Galapagos ontvangt transparantieverklaring en 13D-filing van Tang Capi...
Galapagos ontvangt transparantieverklaring en 13D-filing van Tang Capital Mechelen, België; 17 februari 2025, 22:01 CET; gereglementeerde informatie - Galapagos NV (Euronext & NASDAQ: GLPG) heeft een kennisgeving van belangrijke deelneming en 13D filing ontvangen van Tang Capital. Overeenkomstig de Belgische transparantiewetgeving1 heeft Galapagos op 14 februari 2025 een kennisgeving van belangrijke deelneming ontvangen in naam van Dhr. Kevin Tang, Tang Capital Management, LLC ("TCM"), Tang Capital Partners, LP ("TCP"), Tang Capital Partners International, LP ("TCPI"), en Tang Capital Part...
- Ahmed Ben Salem
- Marc Lavaud
- Thomas Zlowodzki
- Youssef Besbes
UBI UBISOFT ENTERTAINMENT SA
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
GALP GALP ENERGIA SGPS SA CLASS B
OUT1V OUTOKUMPU OYJ
TFI TELEVISION FRANCAISE 1 SA
UTDI UNITED INTERNET AG
BLC BASTIDE LE CONFORT MEDICAL SA
LSS LECTRA SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
ROS ROSENBAUER INTERNATIONAL AG
NVG NAVIGATOR COMPANY SA
DKG DEUTSCHE KONSUM REIT-AG
ECONT ECONOCOM GROUP SE CLASS D
BP. BP P.L.C.
UMI UMICORE
SANT S&T AG
TE TECHNIP ENERGIES NV
SHEL SHELL PLC
ALHG LOUIS HACHETTE GROUP
- Ahmed Ben Salem
- Marc Lavaud
- Thomas Zlowodzki
- Youssef Besbes
UBI UBISOFT ENTERTAINMENT SA
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
GALP GALP ENERGIA SGPS SA CLASS B
OUT1V OUTOKUMPU OYJ
TFI TELEVISION FRANCAISE 1 SA
UTDI UNITED INTERNET AG
BLC BASTIDE LE CONFORT MEDICAL SA
LSS LECTRA SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
ROS ROSENBAUER INTERNATIONAL AG
NVG NAVIGATOR COMPANY SA
DKG DEUTSCHE KONSUM REIT-AG
ECONT ECONOCOM GROUP SE CLASS D
BP. BP P.L.C.
UMI UMICORE
SANT S&T AG
TE TECHNIP ENERGIES NV
SHEL SHELL PLC
ALHG LOUIS HACHETTE GROUP
- Martijn Den Drijver
- Wim Hoste
Umicore Feedback conference call
Below are the highlights from the conference call. Umicore saw adj EBITDA drop by 22% to 763m which was at the low end of its 760-780m guidance range and close to our and consensus forecasts. FY25 adj EBITDA guidance range of 720-780m is at midpoint slightly below FY24 levels, reflecting continued pressure in Recycling from the expiration of favorable hedges. There was no major strategic news at this stage, which means the strategy update will come at the occasion of the CMD planned for 27 March...
- ING Helpdesk
Benelux Morning Notes
Belgian food retail: Carrefour plans to open all its stores on Sundays. Coca-Cola Europacific Partners: On course for FTSE inclusion. CVC Capital Partners: Stronger for longer. Econocom: REBITA in line but EBIT, net profit and net debt miss materially. Euronext: Strong finish. KPN: New “Althio” tower company deal closed. Recticel: Recovery in the Belgian construction sector expected by 2027F. Umicore: In-line 2024 and 2025 EBITDA guide, dividend cut and rebased. Wereldhave: €167m...
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Umicore FIRST LOOK: FY24 adj EBITDA -22% to 763m, FY25 guidance 720-78...
Umicore saw adj EBITDA drop by 22% to 763m which was at the low end of its 760-780m guidance range and close to our and consensus forecasts. FY25 adj EBITDA guidance range of 720-780m is at midpoint slightly below FY24 levels, reflecting continued pressure in Recycling from the expiration of favorable hedges. There was no major strategic news at this stage, which means the strategy update will come at the occasion of the CMD planned for 27 March. We expect Umicore to stick to Battery Materials, ...
- Jacob Mekhael
- Baptiste Lebacq
- Klaus Ringel
- Thomas Zlowodzki
TKA THYSSENKRUPP AG
CRI CHARGEURS SA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
DKSH DKSH HOLDING AG
SSAB A SSAB AB CLASS A
TFI TELEVISION FRANCAISE 1 SA
MERY MERCIALYS SA
SZG SALZGITTER AG
LSS LECTRA SA
VOE VOESTALPINE AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
NDA AURUBIS AG
TPS ORANGE POLSKA S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
XIL XILAM ANIMATION SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
GLPG GALAPAGOS NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PWG PRODWAYS GROUP SA
ALFEN ALFEN NV
AEDAS AEDAS HOMES SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
FLOW FLOW TRADERS LTD
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
- Baptiste Lebacq
- Klaus Ringel
- Thomas Zlowodzki
TKA THYSSENKRUPP AG
CRI CHARGEURS SA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
DKSH DKSH HOLDING AG
SSAB A SSAB AB CLASS A
TFI TELEVISION FRANCAISE 1 SA
MERY MERCIALYS SA
SZG SALZGITTER AG
LSS LECTRA SA
VOE VOESTALPINE AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
NDA AURUBIS AG
TPS ORANGE POLSKA S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
XIL XILAM ANIMATION SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
GLPG GALAPAGOS NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PWG PRODWAYS GROUP SA
ALFEN ALFEN NV
AEDAS AEDAS HOMES SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
FLOW FLOW TRADERS LTD
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Damien Choplain
- Martial Descoutures
- Jacob Mekhael
Galapagos FY24 update outlines path to market for lead CAR-T
Galapagos reported FY24 results which came with a pipeline prioritisation providing clarity on the path to market lead program GLPG5101 (CD19 CAR-T). With pivotal development planned for 2026 in 8 B-cell malignancies and a first approval targeted for 2028, Galapagos' CAR-T plans are shaping up. YE24 cash came in at € 3.3b and Galapagos will have 500m following the business split announced in January, sufficient to fund the company to reach its next inflection milestones and we expect renewed int...
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