reports
- Carole Braudeau
- Ahmed Ben Salem
- Baptiste Lebacq
- Charlotte Vaisse
- Oddo Sustainability Team
DKSH DKSH HOLDING AG
GXI GERRESHEIMER AG
KOF KAUFMAN & BROAD SA
GOE GROUPE GORGE SA
GLO GL EVENTS SA
ISP INTESA SANPAOLO S.P.A.
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
AOF ATOSS SOFTWARE AG
SLIGR SLIGRO FOOD GROUP N.V.
UCG UNICREDIT S.P.A.
CON CONZZETA AG
ALVDM VOYAGEURS DU MONDE SA
BRKN BURKHALTER HOLDING AG
FLU FLUGHAFEN WIEN AG
ALM ALMIRALL SA
MAU ETABLISSEMENTS MAUREL & PROM SA
NSI NSI N.V.
AGR AGRANA BETEILIGUNGS-AG
TOM2 TOMTOM NV
DSC1 DUTCH STAR C SHAR
FAST FASTNED
ECMPA EUROCOMMERCIAL PROPERTIES NV
MFEA MEDIASET NV
PLX PLUXEE NV
PLNW PLANISWARE
- Carole Braudeau
- Ahmed Ben Salem
- Baptiste Lebacq
- Charlotte Vaisse
- Oddo Sustainability Team
DKSH DKSH HOLDING AG
GXI GERRESHEIMER AG
KOF KAUFMAN & BROAD SA
GOE GROUPE GORGE SA
GLO GL EVENTS SA
ISP INTESA SANPAOLO S.P.A.
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
AOF ATOSS SOFTWARE AG
SLIGR SLIGRO FOOD GROUP N.V.
UCG UNICREDIT S.P.A.
CON CONZZETA AG
ALVDM VOYAGEURS DU MONDE SA
BRKN BURKHALTER HOLDING AG
FLU FLUGHAFEN WIEN AG
ALM ALMIRALL SA
MAU ETABLISSEMENTS MAUREL & PROM SA
NSI NSI N.V.
AGR AGRANA BETEILIGUNGS-AG
TOM2 TOMTOM NV
DSC1 DUTCH STAR C SHAR
FAST FASTNED
ECMPA EUROCOMMERCIAL PROPERTIES NV
MFEA MEDIASET NV
PLX PLUXEE NV
PLNW PLANISWARE
- Robert Jan Vos
- Lynn Hautekeete
Basic-Fit 1Q26 trading update: guidance increase due to regulatory tai...
BFIT announced its trading update in line with our expectations. The underlying EBITDA guidance increases by €10.0m on the back of regulatory tailwinds in France and Belgium, which we still believe to be conservative. Likely some energy cost increases (80% hedged in 2026) are offset by regulatory tailwinds. Membership growth continues to be strong at +215k members on 33 new club openings vs +213 on 46 new club openings in 1Q25. The average number of memberships increases further to 2,981 vs 2,90...
- ING Helpdesk
Benelux Morning Notes
Basic-Fit: 1Q26 trading update – FY26 outlook raised. CM.com: 1Q26 trading update – encouraging, but early. Fastned: 1Q26 trading update – Soft volume mitigated by better pricing. NSI: Another difficult quarter, as expected. Sligro: Change in ERP accounting expected to weigh on 2026/27F margins. Staffing sector: Hays' 3Q26 trading update a touch better. TomTom: 1Q26 results, profitability a bit better. Vopak: Limited 1Q26 impact, some downside for 2Q26
- Hilde Van Boxstael
- Livio Luyten
- Lynn Hautekeete
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
- Lynn Hautekeete
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Lynn Hautekeete
Basic-Fit 1Q26 and CMD as key catalysts
We update our model ahead of the 1Q26 (16/04) results and CMD (21-22/04) The shift towards a franchise model fundamentally changes our thesis. It allows Basic-Fit to deploy strong free cash flow from its mature owned clubs towards faster deleveraging and potential shareholder returns in the near to medium term, addressing our previous key concern around prolonged high leverage. With the stock currently trading at a 6.9% FCF yield, expected to rise to 10.0% in FY27 and 11.8% in FY28, and a path t...
- Baptiste Salaville
- Margaux van Oerle
LOGN LOGITECH INTERNATIONAL S.A.
RBT ROBERTET SA
ALCLS CELLECTIS SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
JEN JENOPTIK AG
SPAC 468 SPAC I SE
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
IFCN INFICON HOLDING AG
- Baptiste Salaville
- Margaux van Oerle
LOGN LOGITECH INTERNATIONAL S.A.
RBT ROBERTET SA
ALCLS CELLECTIS SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
JEN JENOPTIK AG
SPAC 468 SPAC I SE
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
IFCN INFICON HOLDING AG
- Baptiste Salaville
- Margaux van Oerle
- Stefano Toffano
LOGN LOGITECH INTERNATIONAL S.A.
PUB PUBLICIS GROUPE SA
JMT JERONIMO MARTINS SGPS S.A.
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DAI DAIMLER AG
GIVN GIVAUDAN SA
SW SODEXO SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
CARL B CARLSBERG A/S CLASS B
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SIK SIKA AG
JEN JENOPTIK AG
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
IFCN INFICON HOLDING AG
- Baptiste Salaville
- Margaux van Oerle
- Stefano Toffano
LOGN LOGITECH INTERNATIONAL S.A.
PUB PUBLICIS GROUPE SA
JMT JERONIMO MARTINS SGPS S.A.
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DAI DAIMLER AG
GIVN GIVAUDAN SA
SW SODEXO SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
CARL B CARLSBERG A/S CLASS B
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SIK SIKA AG
JEN JENOPTIK AG
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
IFCN INFICON HOLDING AG
- Martin Marandon-Carlhian
- Stephane Houri
LOGN LOGITECH INTERNATIONAL S.A.
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
IFCN INFICON HOLDING AG
- Martin Marandon-Carlhian
- Stephane Houri
LOGN LOGITECH INTERNATIONAL S.A.
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
IFCN INFICON HOLDING AG
- Robert Jan Vos
- Ahmed Ben Salem
- Baptiste Lebacq
- Bruno Cavalier
- Jovan Sikimic
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
SUN SULZER AG
MONC MONCLER SPA
POST OSTERREICHISCHE POST AG
BC BRUNELLO CUCINELLI S.P.A.
BRKN BURKHALTER HOLDING AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SRE SIRIUS REAL ESTATE LIMITED
BP. BP P.L.C.
AG1 AUTO1 GROUP
ZGN ERMENEGILDO ZEGNA NV
TTS TRANSPORT TRADE SVCS
VT5 VT5 ACQUISITION COMPANY AG
- Ahmed Ben Salem
- Baptiste Lebacq
- Bruno Cavalier
- Jovan Sikimic
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
SUN SULZER AG
MONC MONCLER SPA
POST OSTERREICHISCHE POST AG
BC BRUNELLO CUCINELLI S.P.A.
BRKN BURKHALTER HOLDING AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SRE SIRIUS REAL ESTATE LIMITED
BP. BP P.L.C.
AG1 AUTO1 GROUP
ZGN ERMENEGILDO ZEGNA NV
TTS TRANSPORT TRADE SVCS
VT5 VT5 ACQUISITION COMPANY AG
- Tijs Hollestelle
DEME Group/Mind the 2028 gap/HOLD (previously Buy)
We downgrade the stock from Buy to HOLD and lower our target price from €195.00 to €182.25 expecting earnings momentum to turn negative in 2027-28F. DEME reported better-than-expected 2H25 results and provided a 2026 outlook that exceeded our expectations. This coincided with EU politicians stepping up their commitments to install more MW offshore wind energy towards 2029-30. Looking at the supply chain, we see early cyclical offshore wind players struggling with low order intake and low activit...
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