reports
- ING Helpdesk
- 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...
- Guy Sips
- Jacob Mekhael
- Thomas Vranken
- Wim Hoste
KPN reports on progress of € 250m share buyback
KPN reports on progress of € 250m share buyback KPN has repurchased 2,020,000 KPN ordinary shares in the period from 24 March to 28 March 2025. The shares were repurchased at an average price of € 3.84 per share for a total consideration of € 7.8m. These repurchases are part of the € 250m share buyback started on 25 February 2025 and reflect KPN's commitment to structurally return additional capital to its shareholders. The total number of ordinary shares repurchased to date is 9,454,964 for a total consideration of € 35.4m. Transaction details of the share buyback are available on our . ...
- Jacob Mekhael
Hyloris FIRST LOOK: Collaboration with AFT to develop HY-094 for iron ...
Hyloris entered into a late-stage research and development program in collaboration with AFT to introduce an injectable iron deficiency therapy (HY-094) to the global market – development costs and net margin from sales and licensing will be distributed equally. This announcement brings a new later stage product to the company's pipeline, for which Hyloris expects phase 3 development to start in the near-term. Given the size of the market, we expect this will be a high volume product and Hyloris...
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- 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.
- ING Helpdesk
Benelux Morning Notes
Avantium: Management team change. Belgian telcos: Extra data on Proximus brand mobile plans at no additional cost. Elia: Launch of €1.35bn rights issue and closing of €850m private placement. Randstad: Preliminary preview of 1Q25F results due 23 April. Shell plc: Very solid CMD, attractive outlook for shareholders. Tessenderlo: 2024 in-line with lowered outlook, soft 2025F guidance
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Avantium: CFO resignation
This morning, Avantium announced a series of senior management changes. As such, Boudewijn van Schaïk will step down as CFO (effective from May 2025), with Bert Cornelese taking over as interim CFO from 1 April 2025 until the appointment of a permanent CFO. In parallel, Bram Hoffer, previously serv
KPN reports on progress of € 250m share buyback
KPN reports on progress of € 250m share buyback KPN has repurchased 1,900,000 KPN ordinary shares in the period from 17 March to 21 March 2025. The shares were repurchased at an average price of € 3.80 per share for a total consideration of € 7.2m. These repurchases are part of the € 250m share buyback started on 25 February 2025 and reflect KPN's commitment to structurally return additional capital to its shareholders. The total number of ordinary shares repurchased to date is 7,434,964 for a total consideration of € 27.7m. Transaction details of the share buyback are available on our ...
- Jacob Mekhael
Hyloris FIRST LOOK: FY24 results come with a detailed pipeline update
Hyloris reported FY24 results with YE24 cash of € 23.6m (YE23: € 30.4m). Revenue grew to € 8.5m (from € 2.1m), though we note this included one-off milestone payments ($ 2.1m as well as an additional undisclosed amount). We are encouraged by the planned 9 regulatory submissions by YE26, though point out that US filing fees range $ 2-4m. Additionally, Hyloris will require extra funding to commercialise the near-term cardiology products in the US and is exploring multiple options. As such, while w...
- Hilde Van Boxstael
- Jacob Mekhael
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Lewi
- Jacob Mekhael
Hyloris FIRST LOOK: Positive IDMC recommendation for Alenura phase 2 i...
Hyloris announced that the independent data monitoring committee (IDMC) reviewed the phase 2 trial of Alenura (bladder instillation combining lidocaine and heparin) in interstitial cystitis/bladder pain syndrome (IC/BPS) and concluded that there were no safety concerns and that the efficacy signals observed justified continued investigation. The recommendation is a positive sign for the program particularly as the IDMC saw unblinded data, though we note that they also recommended that the enrolm...
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- Wim Hoste
- Maissa Keskes
- Stephane Houri
- Maissa Keskes
- Stephane Houri
- Usama Tariq
- Wim Gille
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Avantium: FY24 results, eyeing flagship sales in H2 2025
This morning, Avantium announced FY24 results with total income reaching EUR25.6m (+0.6% vs. EUR25.5m in FY23), mainly supported by R&D Solutions and the licence agreement with Origin Materials. The EBITDA loss stood at -EUR33.3m (vs. -EUR27.5m in FY23), slightly better than cons. at -EUR34.4m,
- ING Helpdesk
KPN reports on progress of € 250m share buyback
KPN reports on progress of € 250m share buyback KPN has repurchased 2,380,000 KPN ordinary shares in the period from 10 March to 14 March 2025. The shares were repurchased at an average price of € 3.75 per share for a total consideration of € 8.9m. These repurchases are part of the € 250m share buyback started on 25 February 2025 and reflect KPN's commitment to structurally return additional capital to its shareholders. The total number of ordinary shares repurchased to date is 5,534,964 for a total consideration of € 20.5m. Transaction details of the share buyback are available on our . ...
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