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Pierre FerraguÊ
  • Pierre FerraguÊ

Tariffs. Figuring the right baseline to assess implications

Evaluating the consequences of tariffs is challenging. We chose to help layout a simple and strong analytical baseline to understand the first-order impact of tariffs on our coverage. In a few slides we have summarised the groundwork and look forward to continuing the work and help our readers make sense of implications in weeks to come.

Pierre FerraguÊ
  • Pierre FerraguÊ

Tariffs: Our (very) early and quick thoughts on implications.

Yesterday President Trump announced a baseline 10% tariff on all countries exporting to the U.S., with additional reciprocal tariffs calculated as a function of the U.S. trade deficit of each country. Follow the link below for our immediate thoughts and implications on our supply chain. We will circle back with more quantified analyses in the next couple of days.

Dominic Rose ... (+2)
  • Dominic Rose
  • Naresh Chouhan

US Tariffs - Transfer Pricing Could Negate Impact (6pgs)

We show that Big Pharma would not have to shift a single element of supply chain to the US and can mitigate most, if not all, of a 20% tariff on drugs, just by changing their transfer pricing strategy. In a scenario where the US corporation tax rate falls to 15% but tariffs are 20%, we show that Big Pharma profits would be unchanged, while the US government tax take would more than double. The losers would be low tax jurisdictions like Ireland, but they would get to keep their manufacturing base...

Guy Sips ... (+12)
  • Guy Sips
  • Jacob Mekhael
  • Kristof Samoy
  • Livio Luyten
  • Lynn Hautekeete
  • Michiel Declercq
  • Sharad Kumar S.P
  • Thibault Leneeuw
  • Thomas Couvreur
  • Thomas Vranken
  • Wim Hoste
  • Wim Lewi

Dynamic Top Pick List Update April 2025: Removing Gimv – Adding Adyen

In this April 2025 update of the KBC Securities' Dynamic Top Pick List, we are removing Gimv and adding Adyen. Since adding Gimv to the Dynamic Top Pick List in mid-December 2024, Gimv's performance has remained flat. However, month-to-date, it has increased by nearly 7%, while the indices have all declined. Given the backdrop of a tariff war brewing, we think it's time to remove Gimv from the Dynamic Top Pick List as medium-sized businesses are more likely to feel the pinch of lower demand and...

Pierre FerraguÊ
  • Pierre FerraguÊ

Auto semis: How will tariffs impact the cycle? Infineon remains a top ...

Ahead of “Tariff Day” on April 2nd, we assess the impact of proposed U.S. tariffs on the auto semi cycle.

Roy Külter ... (+2)
  • Roy Külter
  • Steven Boumans
Roy Külter ... (+2)
  • Roy Külter
  • Steven Boumans
LI KLEPIERRE SA
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ALDEL DELFINGEN INDUSTRY SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
VRAP VRANKEN-POMMERY MONOPOLE SA
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
VRNL VERNEUIL PARTICIPATIONS
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
SLIGR SLIGRO FOOD GROUP N.V.
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MCPHY MCPHY ENERGY SA
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
IBG IBERPAPEL GESTION S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
S30 SOLUTIONS 30 SE
VK VALLOUREC SA
KTA KNAUS TABBERT
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
IOS IONOS GROUP SE
SHUR SHURGARD SELF STORAGE LIMITED
ACAG AUSTRIACARD HOLDINGS AG
TEN TENARIS S.A.
Roy Külter ... (+2)
  • Roy Külter
  • Steven Boumans
LI KLEPIERRE SA
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ALDEL DELFINGEN INDUSTRY SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
VRAP VRANKEN-POMMERY MONOPOLE SA
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
VRNL VERNEUIL PARTICIPATIONS
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
SLIGR SLIGRO FOOD GROUP N.V.
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MCPHY MCPHY ENERGY SA
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
IBG IBERPAPEL GESTION S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
S30 SOLUTIONS 30 SE
VK VALLOUREC SA
KTA KNAUS TABBERT
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
IOS IONOS GROUP SE
SHUR SHURGARD SELF STORAGE LIMITED
ACAG AUSTRIACARD HOLDINGS AG
TEN TENARIS S.A.
Jan Frederik Slijkerman
  • Jan Frederik Slijkerman

TMT hybrids offer good value/Look for quality in the belly of the curv...

In this report we evaluate spreads in the TMT hybrids space. As the credit space still looks relatively well bid, TMT hybrid yields offer an attractive opportunity with yields above 3.5%. Higher quality TMT hybrids or lower duration TMT hybrids look most attractive from a relative value standpoint, such as the Telia, Orange and KPN hybrids. The risk/return perspective of the Infineon hybrid note looks unattractive.

PSP Swiss Property AG: 1 director

A director at PSP Swiss Property AG sold 1,000 shares at 135.715CHF and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...

Research Department
  • Research Department

INFORME DIARIO 24 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: OHLA. EUROPA: BAYER. Semana de tímidos avances y cíclicos penalizados A pesar del mal comportamiento en la parte final de la semana las bolsas lograron terminar con ligeros avances, a excepción del DAX que terminó en negativo. En el STOXX 600, las mayores subidas fueron para Energía, Retail y Utilities mientras que Químicas, Recursos Básicos y Autos sufrieron las mayores ventas. Por el lado macro, en España las pernoctaciones confirman la tendencia ...

Delivery Hero SE: 1 director

A director at Delivery Hero SE bought 60,000 shares at 23.406EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...

Bruno Cavalier ... (+3)
  • Bruno Cavalier
  • Roy Külter
  • Steven Boumans
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
STF STEF
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
LPP LPP S.A.
DLG DE'LONGHI S.P.A.
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ALLFG ALLFUNDS (UK) LTD
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
Bruno Cavalier ... (+2)
  • Bruno Cavalier
  • Delphine Brault
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
HM B H&M HENNES & MAURITZ AB CLASS B
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
LPP LPP S.A.
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
ASSA B ASSA ABLOY AB CLASS B
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
STM STMICROELECTRONICS NV
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
INPST INPOST S.A.
ECMPA EUROCOMMERCIAL PROPERTIES NV
DTG DAIMLER TRUCK
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
ACLN ACCELLERON INDUSTRIES LTD
SHUR SHURGARD SELF STORAGE LIMITED
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