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Guy Sips ... (+2)
  • Guy Sips
  • Mathijs Geerts Danau
Maxime Stranart ... (+2)
  • Maxime Stranart
  • Stijn Demeester

Deceuninck/FY25 results: volumes remain under pressure/HOLD

We reiterate our HOLD on Deceuninck, but reduce our target price from €2.30 to €2.20, following the group's FY25 results, driven by a decrease in our 2026F Adj. EBITDA forecast and a higher WACC. We remain cautious on profitability improvement going into 2026F, on a trading environment that remains challenging in most countries. We expect the group's growing exposure to aluminium profiles to drive Adj. EBITDA growth at CAGR +8.3% over 2025-28F, a growth that should mainly be localised in Europe ...

Pierre FerraguÊ
  • Pierre FerraguÊ

Hybrid bonding heats up, with takeover interest emerging for Besi and ...

Reuters reported this morning that Besi has been fielding takeover interest from multiple U.S. chip-equipment makers. Besi has since then refuted these claims. Separately, ASML is reportedly entering the hybrid bonding market. Please see below for our take.

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

BE Semiconductor Industries: Takeover speculation. OCI: Supportive 2H25 EBITDA, another Beaumont CAPEX overrun, some other negatives

Martin Marandon-Carlhian ... (+2)
  • Martin Marandon-Carlhian
  • Stephane Houri
Martin Marandon-Carlhian ... (+2)
  • Martin Marandon-Carlhian
  • Stephane Houri
Guy Sips ... (+7)
  • Guy Sips
  • Hilde Van Boxstael
  • Livio Luyten
  • Lynn Hautekeete
  • Michiel Declercq
  • Wim Hoste
  • Wim Lewi
 PRESS RELEASE

DEME concludes contract for Port of Paranaguá access channel concessio...

DEME concludes contract for Port of Paranaguá access channel concession in Brazil On March 12, 2026, DEME has officially signed the 25‑year concession contract with Brazil’s National Secretariat of Ports (SNP) and the National Waterway Transportation Agency (ANTAQ), formally securing Brazil’s port access channel concession for the Port of Paranaguá. The Paranaguá Port Channel Company SPE S.A., owned by DEME and FTS Participações Societárias S.A. (FTS), will carry out the full scope of works for the Port of Paranaguá - Brazil’s second‑largest public port in the state of Paraná. With all admi...

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