Benelux Morning Notes

Azelis: Highlights ING Benelux Conference London. Barco: Highlights ING Benelux Conference London. Kinepolis: Highlights ING Benelux Conference London. Melexis: Highlights ING Benelux Conference London. ABN AMRO: Dutch State reducing stake to 20%. ASML: x Mistral, a bet on A.I.. Kinepolis: Cineplex August 2025 box office revenue at 87% of 2019 level, down 27% YoY

Ekopak First look: 1H25 disappoints, cautious outlook, no update on Wa...

1H25 revenues landed at €21.7m considerably below our €36m estimate. Adj. EBITDA stands at €-3.8m compared to our €+3.5m forecast. Segment reporting has changed and company no longer reports WaaS and non-WaaS but now differentiates the numbers between project and recurring business. FY25 guidance was issued and cautiously calls for growth in turnover vs. 2024. The 2025 outlook does not include any projections for Waterkracht on which the company will issue a separate update when relevant. Compan...

Morning Notes : CRBN NA, DIE BB, DSFIR NA, UCB BB, EKOP BB, CTPNV NA, ...

: CRBN NA, DIE BB, DSFIR NA, UCB BB, EKOP BB, CTPNV NA, JDEP NA

Morning Notes : OPTI BB, HYL BB, MONT BB, WHATS BB

: OPTI BB, HYL BB, MONT BB, WHATS BB

Hyloris XTRAZA license and supply agreement with Huons in South Korea

Hyloris announced that an exclusive license and supply agreement has been signed with Huons for XTRAZA in South Korea. Under the terms, Hyloris will exclusively supply XTRAZA to Huons though further financial terms were not disclosed. This deal follows previously announced agreements in selected APAC regions and Canada with AFT, and in the UK with Colonis Pharma. A phase 3 trial for XTRAZA is ongoing in the US and EU, with data expected by YE25, and we note that a deal for XTRAZA in the larger U...

Sipef 1H25 strong results make the group on track for a new record yea...

Sipef reported strong results, with the recurring net profit (gs) of $ 57.7m comfortably exceeding expectations (kbcse: $45.9m). While revenue growth of +23.3% to $ 250.4m (kbcse: $ 250.4m) was in line driven by a slightly higher than expected production growth of 19.1% to 208.0kt (kbcse: 204.1kt), we were particularly surprised by the strong gross profit growth of 65.6% to $ 113.3m (kbcse: $ 94.1m). As a result, the group now expects the recurring net result (gs) to be significantly higher than...

Morning Notes : ADYEN NA, CMBT BB, FUR NA, NEXTA BB, SIP BB, SHUR BB, ...

: ADYEN NA, CMBT BB, FUR NA, NEXTA BB, SIP BB, SHUR BB, FAST NA, ZEAL DC

Autolus 2Q25 confirms the strong Aucatzyl US launch, EU launch put on ...

Yesterday before US market open, Autolus reported 2Q25 Aucatzyl sales of $20.9m, coming in above expectations (CSS: $13.4m). 1H25 sales of $29.9m implies 66 infused patients (i.e. approx. 6% market share), and points to a stronger than anticipated launch, which means our KBCS FY25 sales estimate of $43m is looking on the low end. Despite the strong US performance, the stock took a hit, likely due to the EU launch being put on hold, though we think this could protect the US business from an MFN p...

Morning Notes : DECB BB, SHUR BB, AUTL US, PHVS US

: DECB BB, SHUR BB, AUTL US, PHVS US

Barco/Underlying improvement/BUY

We update our model for Barco following a good 1H25 update. In our view the structural underlying improvements should more than offset any short-term tariff impact. We also welcome the changed capital allocation strategy and would not be surprised to see another buyback in the future. We reiterate our BUY rating and slightly increase our target price from €17.0 to €17.5. The planned CMD on 23 October could act as a trigger for the stock.

Morning Notes : AZKA N NA, AUTL US, IIL NA, N4SA NA

: AZKA N NA, AUTL US, IIL NA, N4SA NA

Autolus Aucatzyl gains EC approval in r/r adult ALL

Autolus announced that the European Commission (EC) has granted marketing authorization for Aucatzyl (obe-cel, CD19 CAR-T) for the treatment of adults aged 26+ years with r/r B-ALL. Autolus will now evaluate market entry opportunities in the EU, which we expect to take place on a country-by-country basis – the company has previously indicated that the initial focus in the EU will be on Germany. More broadly, the US commercial launch in r/r adult ALL began in early 2025, and the first quarter of ...

Morning Notes : HYLb BB, MONTb BB, IIL NA

: HYLb BB, MONTb BB, IIL NA

Hyloris Positive bioavailability study results for Atomoxetine Oral So...

Hyloris announced positive results from a pivotal clinical bioavailability study of its proprietary Atomoxetine Oral Solution, which demonstrated comparable relative bioavailability under fasted conditions to Strattera (atomoxetine) capsules. Following the study results, Hyloris can move ahead with regulatory submission to the FDA in the US. We expect Hyloris to find a partner for US commercialisation, and model peak royalty revenue of € 19m for Atomoxetine Oral Solution in the US. We reiterate ...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/16/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 16/07/2025