reports
- Johanna Jourdain
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
EDEN EDENRED SA
IPN IPSEN SA
PEO BANK POLSKA KASA OPIEKI SA
ADP AEROPORTS DE PARIS SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
OR L'OREAL SA
HAL HAL TRUST
EOAN E.ON SE
RWE RWE AG
SAF SAFRAN S.A.
CAP CAPGEMINI SE
HM B H&M HENNES & MAURITZ AB CLASS B
MOCORP METSO OUTOTEC OYJ
MAP MAPFRE SA
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
UN0 UNIPER SE
PLX PLUXEE NV
ULVR UNILEVER PLC
- Johanna Jourdain
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
EDEN EDENRED SA
IPN IPSEN SA
PEO BANK POLSKA KASA OPIEKI SA
ADP AEROPORTS DE PARIS SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
OR L'OREAL SA
HAL HAL TRUST
EOAN E.ON SE
RWE RWE AG
SAF SAFRAN S.A.
CAP CAPGEMINI SE
HM B H&M HENNES & MAURITZ AB CLASS B
MOCORP METSO OUTOTEC OYJ
MAP MAPFRE SA
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
UN0 UNIPER SE
PLX PLUXEE NV
ULVR UNILEVER PLC
- Thijs Berkelder
- David Vagman
- CFA
- Dirk Verbiesen
- Francesca Ferragina
- Jason Kalamboussis
- Marc Hesselink
- CFA
- Marc Zwartsenburg
- CEFA
- Maxime Stranart
- Michiel Vereycken
- Quirijn Mulder
- Reg Watson
- CFA
- Thymen Rundberg
- Tijs Hollestelle
ING Benelux Favourites/Aedifica, Ageas, ASM International, Basic-Fit, ...
We refresh our ING Benelux Favourites list. We apply a fundamental bottom up approach in which we select stocks which provide the best upside within our Benelux coverage universe and these stocks need clear catalysts. Additions/deletions: We add the following names to the ING Benelux Favourites list: Ageas: Ageas has done multiple deals; its most recent purchase of the 25% stake BNP Paribas had in its Belgian ops, is an accretive deal and we believe makes the Belgian operations ready for a pot...
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Carole Braudeau
- Carole Braudeau
- Robert Jan Vos
- ING Helpdesk
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- ING Helpdesk
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Wim Lewi
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Livio Luyten
- Wim Hoste
- Wim Lewi
- Livio Luyten
Hal Trust Target hit again, upgrading to €168 on revised private valua...
HAL has hit our price target for the second time since our Buy rating in Apr'25, marking a +30% rally. Following the Sept'25 company note, we have revised our model to reflect: the improved sentiment in the offshore energy sector supporting a higher valuation for core holding Boskalis, and (ii) selective adjustments to peer multiples for other private assets. This drives our target NAV per share to €225 (from €218 in Sept'25). We maintain a relatively wide 25% target discount (down from 30% in...
- Marc Zwartsenburg
- CEFA
- Reg Watson
- CFA
Basic-Fit/Converting to a Basic-Fit Feel-Good Club?/BUY
We reiterate our BUY rating but raise our target price from €35.0 to €43.0 driven by our increased estimates on the back of the strong membership momentum and the consolidation of Clever Fit, which in our view provides attractive upside potential. Note that we have not yet modelled in the potential savings from a change in business model for the 24/7 gyms in France, but we did include the VAT increase in Belgium. We also underline that BFIT remains on the ING Benelux Favourites list.
- ING Helpdesk
Benelux Morning Notes
Basic-Fit: The Gym Group pre-close trading update / Fastned: 4Q25 preview / KPN: Vodafone new unlimited subscriptions with 1Gbps speed / Lotus Bakeries: Peer Lindt & Sprüngli FY25 sales / Ontex: Change in CEO brought forward and launch of a strategic review / Staffing sector: Page Group 4Q25 trading update / Zabka: Another miss on like-for-like growth.
- Marc Zwartsenburg
- CEFA
ING Benelux Favourites/Weekly performance and valuation update
We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 19 September 2025, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune.
- Maissa Keskes
- Stephane Houri
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