In this report we present our view on the long-term growth prospects for offshore wind in Europe, implications of the energy transition and the role of TSOs, such as Elia Group. We also focus on supply chain beneficiaries in our Benelux coverage. An increasing number of long-term framework contracts should provide improved risk-rewards to the supply chain, in our view. Furthermore, we take a deep dive into growth drivers and long-term financing for Elia Group, beyond the company's current financ...
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...
CMB.TECH NV AND GOLDEN OCEAN GROUP LIMITED ANNOUNCE AGREEMENT AND PLAN OF MERGER Antwerp, May 28, 2025 (GLOBE NEWSWIRE) -- CMB.TECH NV AND GOLDEN OCEAN GROUP LIMITED ANNOUNCE AGREEMENT AND PLAN OF MERGER CMB.TECH NV (NYSE: CMBT & Euronext Brussels: CMBT) (“CMB.TECH”) and Golden Ocean Group Limited (NASDAQ: GOGL & Euronext Oslo Børs: GOGL) (“Golden Ocean”) are pleased to announce that they have signed an agreement and plan of merger (the “Merger Agreement”) for a stock-for-stock merger, as contemplated by the term sheet previously announced on 22 April 2025. The transaction is structur...
We updated our model after Miko, the Turnhout-based coffee producer, delivered two key warnings during its recent shareholders' meeting. First, the company is struggling to fully pass on the steep rise in coffee bean prices to its customers. Second, a €5m earn-out bonus from the 2021 sale of its packaging division Miko Pac is being disputed by the buyer, Paccor. As a result we lower our DCF-based TP from €67 to €60 but maintain our Accumulate rating.
We keep our BUY rating and €30.0 target price. However, we add BFIT back to the ING Benelux Favourites list after it reported a strong 1Q25 trading update, being resilient vs tariff wars and, more importantly, tackled the refinancing of the CB with the new funding obtained while providing comfort on the cash component. The €35m investment in 24/7 gyms in France is well explained and bearing fruits (supported by extra membership ingrowth) while offering upside in earnings if and when the 24/7 mod...
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