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 ...
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.
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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