reports
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update July: Removing Fagron and Melexis, Adding...
Since the last publication of our Dynamic Top Pick List on 5 June 2025, our selection has seen again a nice outperformance versus the reverence indices (AEX, Bel20 and Eurostoxx50) of on average 3.3%. Our July update brings 3 adjustments to the list : Since being added to the list in December 2024, Fagron's share price has surged +/-22%, driven by strong Q1 2025 results and robust growth across all regions. Fagron reaffirmed its FY25 guidance and unveiled its “Compounding for Growth” strategy, ...
- Delphine Brault
- Steven Boumans
ADS ADIDAS AG
LI KLEPIERRE SA
COV COVIVIO SA
RI PERNOD RICARD SA
GFC GECINA SA
NXI NEXITY SA CLASS A
DAI DAIMLER AG
SW SODEXO SA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
BAYN BAYER AG
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
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
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
ASSA B ASSA ABLOY AB CLASS B
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
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
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
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
- Roy Külter
- Steven Boumans
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
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
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
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
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.
SPIE SPIE SA
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
SFG SPHERA FRANCHISE GROUP SA
UMI UMICORE
SANT S&T AG
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
AG1 AUTO1 GROUP
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
EAPI EUROAPI
SHUR SHURGARD SELF STORAGE LIMITED
- Roy Külter
- Steven Boumans
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
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
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
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
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.
SPIE SPIE SA
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
SFG SPHERA FRANCHISE GROUP SA
UMI UMICORE
SANT S&T AG
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
AG1 AUTO1 GROUP
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
EAPI EUROAPI
SHUR SHURGARD SELF STORAGE LIMITED
- Delphine Brault
- Steven Boumans
ADS ADIDAS AG
LI KLEPIERRE SA
COV COVIVIO SA
RI PERNOD RICARD SA
GFC GECINA SA
NXI NEXITY SA CLASS A
DAI DAIMLER AG
SW SODEXO SA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
BAYN BAYER AG
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
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
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
ASSA B ASSA ABLOY AB CLASS B
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
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
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
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
- Florent Laroche-Joubert
- Roy Külter
- Steven Boumans
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
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
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
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
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
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
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
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
Azerion in Discussions Regarding Potential Sale of Whow Games
Azerion in Discussions Regarding Potential Sale of Whow Games Amsterdam, 30 June 2025 - Following a recent media publication, Azerion confirms that it is in discussions with DoubleU Games regarding a potential sale of Whow Games, a part of its Premium Games Segment. As already indicated to the market, Azerion remains committed to becoming the European leader in digital advertising. The company continues to manage its Premium Games Segment for value. While talks are ongoing with DoubleU Games regarding Whow Games, there is no agreement or certainty that they will result in a transact...
- Research Department
IBERIAN DAILY 23 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AEDAS, IAG, INDRA, NEINOR, OHLA. US attacks Iran The risk of a military intervention by the US in Iran weighed on the market last week, and the 2-week deadline decided by D. Trump calmed stock markets. However, the movement of the military arsenal continued in the Middle East area, and in the end the US launched a weekend air attack on 3 Iranian nuclear targets. In the STOXX 600, Real Estate and Energy saw the biggest gains last week vs. Pharma and Retail that ended with the bigge...
- Research Department
INFORME DIARIO 23 JUNIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS, IAG, INDRA, NEINOR, OHLA. EUROPA: SCHNEIDER ELECTRIC. EE.UU. ataca Irán El riesgo de una intervención militar de EE.UU. en Irán sobrevoló sobre el mercado durante la semana pasada y el plazo de dos semanas que se había dado D. Trump alivió a las bolsas. Sin embargo, el movimiento de arsenal militar seguía llegando a la zona de O. Medio y finalmente EE.UU. ha lanzado durante el fin de semana un ataque aéreo sobre 3 objetivos nucleares. Irán h...
- ING Helpdesk
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
AVTL to develop ammonia terminal in Pipavav
AVTL to develop ammonia terminal in Pipavav AVTL to develop ammonia terminal in PipavavRotterdam, the Netherlands, 20 June 2025In India, AVTL, will develop a brownfield ammonia terminal at the existing Pipavav location. The terminal will be the first independent ammonia storage terminal in India. The terminal will facilitate ammonia imports, serving the extensive fertilizer market. Next to the usage in the fertilizer industry, ammonia is a key carrier for hydrogen and identified as an important product in the energy transition. The terminal will support green ammonia exports in the futur...
- Jeremy Garnier
ODDO : ODDO BHF Nextcap Forum: Feedback from day two
Feedback of the companies present at the ODDO BHF Nextcap Forum Company Country Market cap. (m) Company Country Market cap. (m) Accsys Technologies € 124 Hoffmann Green € 62 Afyren € 72 Hornbach € 1 451 Altri € 1 058 IDI € 537 AMG € 550 Implenia CHF 973 AmRest PLN 3 544 Jacquet Metals € 494 Arcure € 29 Kloeckner & Co € 653 Arverne 194 Knaustabbert € 144 Austriacard Holdings € 188 Lna Santé € 270 Bastide € 218 Medincell € 398 Befesa € 1 116 Nacon € 63 CAF € 1 649 N...
NXI NEXITY SA CLASS A
UNIQA INSURANCE GROUP AG
BLC BASTIDE LE CONFORT MEDICAL SA
KCO KLOECKNER & CO SE
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
EKI EKINOPS SA
VLS VALNEVA SE
LNA LNA SANTE SA
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
ALCAR CARMAT SA
TPE PVA TEPLA AG
QDT QUADIENT SA
IMPN IMPLENIA AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
COR CORTICEIRA AMORIM SGPS SA
HEIJM HEIJMANS N.V. CERT
PAL
RIEN PALFINGER AG
AMG RIETER HOLDING AG
EDR AMG ADVANCED METALLURGICAL GROUP N.V.
ZAG EDREAMS ODIGEO SA
POST ZUMTOBEL GROUP AG
INSD OSTERREICHISCHE POST AG
FACC VERIMATRIX SA
AXS FACC AG
HBH ACCSYS TECHNOLOGIES
TRE HORNBACH HOLDING AG & CO. KGAA
SMCP TECNICAS REUNIDAS SA
BFSA SMCP SA
VOS BEFESA SA
CAF VOSSLOH AG
MEDCL CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT MEDINCELL SA
GRE AMREST HOLDINGS SE
ALCUR GRENERGY RENOVABLES
FQT ARCURE SA
CLA FREQUENTIS AG WIENER
S30 CLARANOVA SE
ALHGR SOLUTIONS 30 SE
NACON HOFFMANN GREEN CEMENT TECHNOLOGIES SA
KTA NACON SASU
UPG KNAUS TABBERT
ALAFY UNIFIEDPOST GROUP
FORSE AFYREN
WAGA FORSEE POWER SA
EAPI WAGA ENERGY SA
ACAG EUROAPI
ARVEN AUSTRIACARD HOLDINGS AG
ORP ARVERNE GROUP SA
LOCAL ORPEA
SOLOCAL GROUP
- Jeremy Garnier
ODDO : ODDO BHF Nextcap Forum 2025: Feedback
Our 14th edition of the ODDO BHF Nextcap Forum took place on 11 June in Paris, and on 12 June virtually. 96 companies and 170 investors were present for more than 700 meetings organized. Overall, we noted a still cautious tone from companies, with limited visibility on a solid rebound in a persistently uncertain market environment (geopolitical situation, US politics, etc.), even if there are some signs of recovery and certain sectors remain very well positioned (leisure, energy, defence). At th...
ALLIX WALLIX GROUP SA
NXI NEXITY SA CLASS A
DBG DERICHEBOURG SA
INF INFOTEL SA
UNIQA INSURANCE GROUP AG
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
KCO KLOECKNER & CO SE
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
AUB AUBAY SA
EKI EKINOPS SA
VLS VALNEVA SE
MRN MERSEN SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
JCQ JACQUET METALS SA
GOE GROUPE GORGE SA
CDA COMPAGNIE DES ALPES SA
ELG ELMOS SEMICONDUCTOR SE
ALCAR CARMAT SA
QDT QUADIENT SA
IMPN IMPLENIA AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
DEZ DEUTZ AG
COR CORTICEIRA AMORIM SGPS SA
TUB TUBACEX S.A.
HEIJM HEIJMANS N.V. CERT
PAL
RIEN PALFINGER AG
AMG RIETER HOLDING AG
EDR AMG ADVANCED METALLURGICAL GROUP N.V.
ALBFR EDREAMS ODIGEO SA
ZAG SIDETRADE SA
POST ZUMTOBEL GROUP AG
FACC OSTERREICHISCHE POST AG
AXS FACC AG
HBH ACCSYS TECHNOLOGIES
TRE HORNBACH HOLDING AG & CO. KGAA
SMCP TECNICAS REUNIDAS SA
BFSA SMCP SA
VOS BEFESA SA
CAF VOSSLOH AG
MEDCL CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT MEDINCELL SA
WAVE AMREST HOLDINGS SE
GRE WAVESTONE SA
THEP GRENERGY RENOVABLES
ALCUR THERMADOR HOLDING SA
FQT ARCURE SA
CLA FREQUENTIS AG WIENER
S30 CLARANOVA SE
ALHGR SOLUTIONS 30 SE
NACON HOFFMANN GREEN CEMENT TECHNOLOGIES SA
DSC1 NACON SASU
KTA DUTCH STAR C SHAR
UPG KNAUS TABBERT
ALAFY UNIFIEDPOST GROUP
FORSE AFYREN
WAGA FORSEE POWER SA
EAPI WAGA ENERGY SA
ACAG EUROAPI
ARVEN AUSTRIACARD HOLDINGS AG
ORP ARVERNE GROUP SA
VIRI ORPEA
LOCAL VIRIDIEN
SOLOCAL GROUP
- Andreas Riemann
- Jean Danjou
- Andreas Riemann
- Jean Danjou
- Ignacio Romero
NEINOR HOMES / AEDAS HOMES: OPA SOBRE AEDAS Y CAMBIO DE RECOMENDACIÓN ...
Revisamos al alza de P.O. y recomendación de Neinor tras anuncio de OPA sobre AEDAS. Neinor ha alcanzado un acuerdo con Castlelake para comprar su participación del 79% en AEDAS a un precio en metálico de 24,48 euros (21,33 euros post dividendo de 3,15 euros, un descuento del -30% sobre NAV y del -9% sobre cierre). Para financiar la operación, que implica OPA sobre el 100% de AEDAS, Neinor asume deuda (750 M euros al 7,25%) y realiza una ampliación de capital (asegurada por sus principales acci...
- Klaus Ringel
- Michael Foundoukidis
- Florent Laroche-Joubert
- Manuel Martin
- CEFA
- CREA
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