Morning Notes : IBAB BB, PROXb BB, SMAR BB

: IBAB BB, PROXb BB, SMAR BB

Morning Notes : BARb BB, CRBN NA, EXMb BB, QFG BB, ONWD BB

: BARb BB, CRBN NA, EXMb BB, QFG BB, ONWD BB

Brederode 1Q25: NAVps down 1.7%; Weakening Dollar Impacts Private Asse...

Over 1Q25, NAVps decreased by 1.7% to €139.0ps (vs. €141.4ps at FY24-end). This was mainly due to the private asset portfolio, which recorded a loss of €74.7m on the ~€4.1bn portfolio. The primary reason was the recent decline of the USD. The listed assets generated a modest €6.6m gain, mostly driven by Iberdrola and Enel. During the first quarter, the position in Experian was strengthened, while the position in Nestlé was reduced. We currently estimate the NAVps at €140.0, implying a 13.2% disc...

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...

Morning Notes : AKZA NA, SMAR BB, MRUS US

: AKZA NA, SMAR BB, MRUS US

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...

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

Smartphoto Group NV: 1 director

A director at Smartphoto Group NV bought 140,000 shares at 28.500EUR and the significance rating of the trade was 70/100. 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 ...

Morning Notes : AALB NA, AD NA, ARCAD NA, SMAR BB, WKL NA, AZE BB, CTP...

: AALB NA, AD NA, ARCAD NA, SMAR BB, WKL NA, AZE BB, CTPNV NA, IMCD NA

Holdings Report - April 2025 KBCS Holdings Universe Returns 2.7% Durin...

1M Performance - Absolute: During April'25 (1M period), the KBCS Holdings Universe posted a return of +2.7% which was mainly driven by multi-asset holdings (+3.0%) while single-asset holdings posted a smaller return of +2.0%. The 3 top performers during the period were D'Ieteren (+10.6%), Ackermans & van Haaren (+7.7%) and Groupe Bruxelles Lambert (+5.4%) while the 3 worst performers were Exor (-0.8%), HAL Trust (-1.5%) and Quest for Growth (-5.5%). YTD Performance - Relative: On a YTD basis (a...

Morning Notes : ADYEN NA, AED BB, ASM NA, DSFIR NA, MELE BB, ONTEX BB,...

: ADYEN NA, AED BB, ASM NA, DSFIR NA, MELE BB, ONTEX BB, SMAR BB

Morning Notes : COFB BB, CRBN NA, OPTI BB, GLPG NA, IVA FP, MTLS US, Q...

: COFB BB, CRBN NA, OPTI BB, GLPG NA, IVA FP, MTLS US, QFG BB, SOF BB, UMI BB, WDP BB, XIOR BB, IMCD NA

Brederode S.A: 1 director

A director at Brederode S.A bought 1,056 shares at 105.219EUR and the significance rating of the trade was 61/100. 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...

Morning Notes : BREB BB, EXM BB, HYL BB, AUTL US

: BREB BB, EXM BB, HYL BB, AUTL US

Morning Notes : CFEB BB, UCB BB

: CFEB BB, UCB BB

Holdings Report - February 2025 KBCS Holdings Universe Returns 3.7% Du...

1M Performance - Absolute: During Feb'25 (1M period), the KBCS Holdings Universe posted a return of +3.7% which was mainly driven by single-asset holdings (+11.1%) while multi-asset holdings posted a modest return of +0.5%. The 3 top performers during the period were Heineken Holding (+21.3%), KBC Ancora (+6.9%) and Ackermans & van Haaren (+4.4%) while the 3 worst performers were Financière de Tubize (-6.3%), Compagnie du Bois Sauvage (TINC; -6.6%) and Whitestone Group (-6.8%). YTD Performance...

Morning Notes : CMBT BB, HOMI BB, SMAR BB, IMCD NA

: CMBT BB, HOMI BB, SMAR BB, IMCD NA