Holdings Report May 2025 KBCS Holdings Universe Returns 2.2% During Ma...

1M Performance - Absolute: During May'25 (1M period), the KBCS Holdings Universe posted a return of +2.2% which was mainly driven by multi-asset holdings (+2.6%) while single-asset holdings posted a smaller return of +1.2%. The 3 top performers during the period were Gimv (+12.1%), KBC Ancora (+11.1%) and Ackermans & van Haaren (+4.1%) while the 3 worst performers were Solvac (-2.8%), Groupe Bruxelles Lambert (-0.8%) and Heineken Holding (-0.3%). YTD Performance - Relative: On a YTD basis (as o...

Dynamic Top Pick List Update June: Removing Merus, Shurgard and Adyen ...

In this June update, we've made four adjustments to the KBC Securities Dynamic Top Pick List: 1.Merus (Removed – 27 May) was removed following the release of strong interim Phase 2 data at the ASCO 2025 conference. Its lead asset, petosemtamab, in combination with Keytruda, showed a 63% overall response rate in first-line treatment of head and neck cancer—significantly outperforming Keytruda monotherapy. The resulting share price surge validated our investment thesis. 2. Adyen (Removed) has de...

Benelux Morning Notes

Aedifica and Cofinimmo: Agreement reached to create Europe's leading Healthcare REIT. bpost: CMD press release; #Reshape 2029. D'Ieteren: Belgian new car registrations down 11.7% in May, VW down 13.5% Fugro: Meeting with CEO & IR; 2Q25 also has its challenges. UCB: Peer Moonlake held takeover talks with US Merck, FT reports

Morning Notes : DIE BB, GIMBb BB

: DIE BB, GIMBb BB

D'Ieteren A Clear Road Ahead

Following the CMD on May 14th, we have slightly tweaked our estimates for the different divisions. While the new 2024-2028 ambitions were broadly in line with our expectations, we welcome the reiteration of the strong underlying growth drivers and good 1Q25 results at Belron. As we estimate D'Ieteren to be trading at a 25e adj. FCFy (gs) before M&A of 6.0%, we believe these strong growth drivers are not yet reflected in D'Ieteren's share price. Moreover, we think the mid-single digit adj. EBIT C...

D`ieteren Group: 1 director

A director at D`ieteren Group bought 230 shares at 182.120EUR and the significance rating of the trade was 54/100. 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 clearly...

Avantium: participation in Michelin-led consortium

This morning, Avantium announced it has been awarded a EUR200k grant by the EU Horizon Europe programme to participate in the CERISEA consortium, led by Michelin Engineered Polymers, which aims to build and operate a 5-Hydroxymethylfurfural (5-HMF) flagship plant. This 3Kt/year industrial demo plan

CFE/Hard working but lacking catalysts/HOLD

CFE's 1Q25 trading update underscored our view that end market conditions remain challenging in the short-to-medium term. Revenue declined by c.10% YoY in 1Q25 and the company reiterated its FY25 guidance, expecting a moderate decline in top line but a net profit close to the level reached last year. This was a positive and highlights that project-specific issues no longer significantly impact the underlying profitability of CFE. Our new, now in line with company guidance, FY25F net profit estim...

Avantium: factoring in the reverse stock split

Yesterday, following unanimous approval of a 1:10 reverse stock split by the Board on 14th May, Avantium began trading on a post-reverse stock split basis. As a result of the reverse stock split, shareholders have been allotted one new ordinary share with a par value of EUR1.00 for every 10 existin

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/20/2025

CFE : Weak start of 2025, but FY25 outlook maintained

Benelux Morning Notes

CFE: Keeps FY25 outlook. Greenyard: Preview of FY24/25 results. Recticel: Peer Rockwool 1Q25 results

Morning Notes : ABN NA, CFEB BB, HEIA NA, JEN BB, ROU BB, BTLS BB, ZEA...

: ABN NA, CFEB BB, HEIA NA, JEN BB, ROU BB, BTLS BB, ZEAL DC

Avantium: partnership with the Bottle Collective

This morning, Avantium announced it has joined the Bottle Collective as a technical partner to support the development and scale-up of Dry Molded Fiber (DMF) bottles. This industrial technology stands as a next-generation solution to produce sustainable packaging at scale, converting renewable plan

Fagron NV: 1 director

Five Directors at Fagron NV bought/sold 189,367 shares at between 16.230EUR and 20.506EUR. 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 ...

D'Ieteren DIE CMD Feedback: Steady as she goes, but with some extra co...

Yesterday, D'Ieteren disclosed its new 2024-2028 ambitions during a CMD in London. In general, D'Ieteren's new ambitions were broadly in line with our expectations and reconfirm the structural growth trends of the recent years. We therefore do not expect major changes to css expectations. While the event did not contain any major surprises, we did get some extra colour on certain topics, with the key new elements summarized below. We further also welcome the solid 1Q25 results at Belron. As the ...

Benelux Morning Notes

CM.com: CMD – AI-first strategy, new medium-term targets. CVC Capital Partners: Good realisations. D'Ieteren: CMD feedback. Euronext: An even stronger April is Next. Flow Traders: Promising April. KBC: M&A in Slovakia, capital changes, beat in 1Q. Prosus: iFood partners with Uber. SBM Offshore: FY25 starts reasonably well, decarbonization gains momentum. Syensqo: Modest 1Q25 beat, +€1.4bn FY EBITDA guidance excludes FX, tariff impact

Morning Notes : CPINV BB, DIE BB, ENX FP, MDXH BB, ALFEN NA, SYENS BB

: CPINV BB, DIE BB, ENX FP, MDXH BB, ALFEN NA, SYENS BB