reports
- Jonathan Moreland
RUN SUNRUN INC.
PYPL PAYPAL HOLDINGS INC
NMFC NEW MOUNTAIN FINANCE CORPORATION
GPK GRAPHIC PACKAGING HOLDING COMPANY
FMNB FARMERS NATIONAL BANC CORP.
DIN DINE BRANDS GLOBAL INC.
ACIW ACI WORLDWIDE INC.
WD WALKER & DUNLOP INC.
TTEC TELETECH HOLDINGS
AXR INC.
PCB AMREP
TSLX PACIFIC CITY FINANCIAL CORP
FOUR SIXTH STREET SPECIALTY LENDING
THRY INC.
EOSE SHIFT4 PAYMENTS
LUNG INC.
AIRS THRYV HOLDINGS
TTD EOS ENERGY ENTERPRISES INC (A)
FBRT PULMONX
BLCO AIRSCULPT TECHNOLOGIES INC
GTE THE TRADE DESK
EDSA FRANKLIN BSP REALTY TRUST INC
LAW BAUSCH + LOMB CORP
PMN GRAN TIERRA ENERGY INC.
EDESA BIOTECH INC
CS DISCO INC
PROMIS NEUROSCIENCES INC.
- Dan Salmon
AI Expert Call Recap: Frameworks for Understanding Agentic Commerce (G...
Last week, we hosted a very insightful AI Expert Call with Jacqueline Karlin, a seasoned AI and commerce strategist (former AMZN, META, PYPL, EXPE) to discuss agentic commerce, the shift from human discovery, searching and prompting to agent delegation, and implications across the internet ecosystem.
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Peer Walmart 4Q25/26 results. Arcadis: Main topics 4Q25/FY25 conference call. ASM: 4Q25 preview, FY26 should be strong. Brunel: 4Q25 result beats and trends stabilise; DACH back to growth in 1Q26; additional cost savings announced and special dividend. Cofinimmo: Beat on bottom line, strong investment outlook for 2026. IMCD: Another step in EMEA. Magnum Ice Cream Company: Peer Danone 4Q25 results. Recticel: Peer Kingspan FY25 results. Software sector: Cheaper code...
- Jonathan Moreland
PYPL PAYPAL HOLDINGS INC
HTGC HERCULES CAPITAL INC.
USAC USA COMPRESSION PARTNERS LP
TSI TCW STRATEGIC INCOME FUND INC.
AXR AMREP
BIGC BIGCOMMERCE HOLDINGS
SLQT SELECTQUOTE
RBLX INC.
QDEL ROBLOX
GF QUIDEL CORP
ASST THE NEW GERMANY FUND
NDAQ INC.
ASSET ENTITIES INC.
THE NASDAQ OMX GROUP
INC.
- Jonathan Moreland
PCTY PAYLOCITY HOLDING CORP.
LXRX LEXICON PHARMACEUTICALS INC.
FAF FIRST AMERICAN FINANCIAL CORPORATION
MEDP MEDPACE HOLDINGS INC.
PRU PRUDENTIAL PLC
SAH SONIC AUTOMOTIVE INC. CLASS A
MSFT MICROSOFT CORPORATION
SSTI SHOTSPOTTER
KKR KKR & CO. INC.
DKNG DRAFTKINGS INC
VERX VERTEX
DLHC INC.
FLYW DALEIGH HOLDINGS CORP
WRB FLYWIRE CORP
IE W.R. BERKLEY CORPORATION
NPWR IVANHOE ELECTRIC INC
GDV NET POWER INC
THE GABELLI DIVIDEND & INCOME TRUST
- Marc Hesselink
- CFA
- Thymen Rundberg
Adyen/Fundamentals fuel growth ahead/BUY
Adyen delivered in line 2H25 results and, despite slightly softer 2026 guidance, continued to signal a strong underlying growth trajectory in our view. We make modest downward estimate changes and continue to view Adyen as a high quality company with durable long term growth at an attractive valuation. We lower our target price to €1,550 per share (from €1,850) and keep our BUY rating.
- Bruno Cavalier
- Markus Remis
EFGN EFG INTERNATIONAL AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SAF SAFRAN S.A.
CAP CAPGEMINI SE
01913 PRADA S.P.A.
MONC MONCLER SPA
STR STRABAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ABI ANHEUSER-BUSCH INBEV SA/NV
AZN ASTRAZENECA PLC
ADYEN ADYEN NV
MRNA MODERNA INC.
UMG UNIVERSAL MUSIC GROUP NV
ZGN ERMENEGILDO ZEGNA NV
QGEN QIAGEN N.V.
- Bruno Cavalier
- Markus Remis
EFGN EFG INTERNATIONAL AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SAF SAFRAN S.A.
CAP CAPGEMINI SE
01913 PRADA S.P.A.
MONC MONCLER SPA
STR STRABAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ABI ANHEUSER-BUSCH INBEV SA/NV
AZN ASTRAZENECA PLC
ADYEN ADYEN NV
MRNA MODERNA INC.
UMG UNIVERSAL MUSIC GROUP NV
ZGN ERMENEGILDO ZEGNA NV
QGEN QIAGEN N.V.
- Cor Kluis
- Konrad Zomer
LR LEGRAND
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
TKA THYSSENKRUPP AG
UBSN UBS GROUP AG
CBK COMMERZBANK AG
DAI DAIMLER AG
RXL REXEL SA
SCMN SWISSCOM AG
FHZN FLUGHAFEN ZURICH AG
EL ESSILORLUXOTTICA SA
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
MOCORP METSO OUTOTEC OYJ
STR STRABAG SE
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
H2O HIDROELECTRICA S.A.
CVC CVC CAPITAL PARTNERS PLC
TKMS TKMS AG & CO. KGAA
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
ULVR UNILEVER PLC
- Konrad Zomer
LR LEGRAND
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
TKA THYSSENKRUPP AG
UBSN UBS GROUP AG
CBK COMMERZBANK AG
DAI DAIMLER AG
RXL REXEL SA
SCMN SWISSCOM AG
FHZN FLUGHAFEN ZURICH AG
EL ESSILORLUXOTTICA SA
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
MOCORP METSO OUTOTEC OYJ
STR STRABAG SE
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
H2O HIDROELECTRICA S.A.
CVC CVC CAPITAL PARTNERS PLC
TKMS TKMS AG & CO. KGAA
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
ULVR UNILEVER PLC
- Cor Kluis
- ING Helpdesk
Benelux Morning Notes
Company comments AB InBev: Little to disappoint Adyen: 2H25 results – mixed results, soft guidance CVC Capital Partners: Executing well dsm-firmenich: Messy results Fagron: Beat on all lines, confident FY26 outlook to drive c.5% consensus EBITDA upgrade Flow Traders: EMEA saves the day KBC: Good results, opening up “jaws” further to 2028 Kinepolis: Canadian peer Cineplex 4Q25 results below consensus, January 2026 box office revenue up MICC: FX headwind leads to a 50bp margin miss in FY25 Montea:...
ULVR UNILEVER PLC
KBC KBC GROUP N.V.
FAGR FAGRON SA
MONT MONTEA SCA
ONTEX ONTEX GROUP N.V.
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
ADYEN ADYEN NV
WDP WAREHOUSES DE PAUW SCA
FLOW FLOW TRADERS LTD
DSFIR KONINKLIJKE DSM N.V.
CVC CVC CAPITAL PARTNERS PLC
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Jonathan Moreland
- ING Helpdesk
Benelux Morning Notes
Adyen: Preview 2H25. Aperam: In-line 4Q25, upbeat medium-term outlook balances short-term consensus risk. Ayvens: Fast Car (UCS normalisation). Barco: 4Q25 preview, mixed performance. Lotus Bakeries: Another beat on every line. Orange Belgium: 2H25 EBITDAal beat on lower sales, much better 2026 guidance. Philips: CMD & 4Q25 preview, execution is key. RELX: FY25 preview. Universal Music Group: Peer Warner Music 4% revenue and 11% OIBDA beat
- ING Helpdesk
Benelux Morning Notes
Adyen: New Platforms partnership in APAC / Dutch Pension Reform (Wtp): 1/3 transitioned (c.25 funds), 2027 challenging / IBA: Sale of a P1 system to MacKay Memorial Hospital in New Taipei City, Taiwan / KPN: 4Q25 preview / Offshore Wind: North Sea offshore wind pact to develop 300GW by 2050 / Vår Energi: RRR 2P 185% offsets slight pressure on expected production volumes 4Q
- Marc Hesselink
- CFA
- Thymen Rundberg
Adyen/Built for growth/BUY
We remain positive on the Adyen investment case. Its recent CMD underpinned solid growth guidance for the years ahead, and we believe the company's strong foundation, its in-house built end-to-end payment platform, positions it well for further market share gains and long-term growth drivers like agentic commerce. We keep our target price of €1,850 unchanged and reiterate our BUY rating.
Moody's Ratings Upgrades Block's CFR to Ba1; outlook revised to stable
Moody's Ratings (Moody's) upgraded Block, Inc.'s (Block) corporate family rating (CFR) and senior unsecured rating one notch each to Ba1 from Ba2. We also affirmed Block's probability of default rating at Ba1-PD. The speculative grade liquidity (SGL) rating remains SGL-1. The outlook is revised to s...
- Emira Sagaama
- Rok Stibric
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.