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Stijn Demeester
  • Stijn Demeester

Tessenderlo/Model update ahead of 1H25/BUY

We update our model to reflect recent macro and FX trends as well as Tessenderlo's 2025F guidance. We lower our target price to €30 per share from €32 previously, mainly as a result of our lower estimates. We stick to our BUY on valuation grounds.

 PRESS RELEASE

VGP Announces Webcast to Review 1H 2025 Financial Results

VGP Announces Webcast to Review 1H 2025 Financial Results 6 August 2025, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’), a European provider of high-quality logistics and semi-industrial real estate, announces the details for the webcast to review its financial results for the first half year ending 30 June 2025:  Thursday, 21 August 2025 at 10.30 a.m. (CET)Webcast link: The link above will allow you to register for the event. The presentation can be attended from your laptop, tablet or mobile device. The video will stream through your selected device. Please join the webcast 5-1...

 PRESS RELEASE

VGP Kondigt Webcast aan voor Presentatie van de Resultaten over 1H 202...

VGP Kondigt Webcast aan voor Presentatie van de Resultaten over 1H 2025 6 augustus 2025, Antwerpen, België: VGP NV (‘VGP’ of ‘de Groep’), een pan-Europese aanbieder van hoogwaardig logistiek en semi-industrieel vastgoed, kondigt de details aan voor een webcast ter bespreking van de resultaten voor het eerste half jaar eindigend op 30 juni 2025:  Donderdag 21 augustus 2025, om 10.30 a.m. (CET)Webcast link: Via bovenstaande link kunt u zich registreren voor het evenement. De presentatie kan worden bijgewoond vanaf uw laptop, tablet of mobiele telefoon. De video wordt gestreamd via het...

Julian Dobrovolschi ... (+2)
  • Julian Dobrovolschi
  • Steven Boumans
BRE MBANK SA
AKE ARKEMA
LHN HOLCIM AG
LR LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
AC ACCOR SA
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
DG VINCI SA
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
LI KLEPIERRE SA
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
EN BOUYGUES SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
GLE SOCIETE GENERALE S.A. CLASS A
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BLND BRITISH LAND COMPANY PLC
ITRK INTERTEK GROUP PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ACX ACERINOX SA
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
NEM NEMETSCHEK SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
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
AMS AMADEUS IT GROUP SA CLASS A
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ANDR ANDRITZ AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
WLN WORLDLINE SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
RACE FERRARI NV
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
PIRC PIRELLI & C. S.P.A.
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
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
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
UMG UNIVERSAL MUSIC GROUP NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
DTG DAIMLER TRUCK
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
TEN TENARIS S.A.
Jerôme Bodin ... (+2)
  • Jerôme Bodin
  • Steven Boumans
CEC CECONOMY AG
APAML APERAM SA
LI KLEPIERRE SA
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
F3C SFC ENERGY AG
MERY MERCIALYS SA
DEC JCDECAUX SA
INEA FONCIERE INEA
VIV VIVENDI SE
WHA WERELDHAVE N.V.
SRP SRP GROUPE SA
PSM PROSIEBENSAT.1 MEDIA SE
BLND BRITISH LAND COMPANY PLC
MRN MERSEN SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ACX ACERINOX SA
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
SOC SUBSEA 7 S.A.
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
COK CANCOM SE
VASTB VASTNED RETAIL BELGIUM NV
DLG DE'LONGHI S.P.A.
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
BRNL BRUNEL INTERNATIONAL N.V.
GCO GRUPO CATALANA OCCIDENTE S.A.
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
WLN WORLDLINE SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
TRE TECNICAS REUNIDAS SA
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
UMI UMICORE
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
NEXI NEXI S.P.A.
CLA CLARANOVA SE
WDP WAREHOUSES DE PAUW SCA
TE TECHNIP ENERGIES NV
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
SHUR SHURGARD SELF STORAGE LIMITED
PLNW PLANISWARE
VIRI VIRIDIEN
AMS AMS-OSRAM AG
ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Allfunds Group PLC: Ready to Spring forward. Basic-Fit: 1H25 ahead of INGF, membership ingrowth, outlook reiterated, FCF a bit light. Lotus Bakeries: Preview 1H25. NN Group & ASR: Dutch Pension Reform not an issue at 29 October Dutch elections. Philips: 2Q25 results, much lower tariff impact. Proximus: New BICS CEO and Global CRO laid off. Vastned: Good results, EPRA EPS guidance up by 2.5%. Zabka: 2Q25 Preview

Roy Külter ... (+2)
  • Roy Külter
  • Thomas Zlowodzki
Roy Külter ... (+2)
  • Roy Külter
  • Thomas Zlowodzki
Wim Lewi
  • Wim Lewi

VGP Russelheim permit for Green Campus received

VGP received the final building permit to begin construction of the new Stellantis Germany and global Opel headquarters in Rüsselsheim or “grEEn campus project”. Initial work has already begun, but permitting brownfield construction is more complex. The site spans 100k sqm and is part of a larger 700k sqm area acquired in FY23. A photovoltaic system and green roof will generate energy. A lot of development opportunities remain on the surrounding land. This project is part a large brownfield oppo...

Guy Sips ... (+5)
  • Guy Sips
  • Livio Luyten
  • Michiel Declercq
  • Thibault Leneeuw
  • Wim Lewi
Guy Sips ... (+9)
  • 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, ...

 PRESS RELEASE

Future Stellantis Germany and global Opel headquarters in Rüsselsheim:...

Future Stellantis Germany and global Opel headquarters in Rüsselsheim: VGP to construct office building for the grEEn campus. Building permit granted.Future Stellantis Germany and global Opel headquarters in Rüsselsheim: VGP to construct office building for the grEEn campus. 02 July 2025 – Antwerp/Düsseldorf/Rüsselsheim The building authority of the city of Rüsselsheim am Main has granted VGP, a European owner, manager and developer of high-quality logistics and light industrial properties and provider of renewable energy solutions, permission to start construction of the first building f...

 PRESS RELEASE

Toekomstige hoofdzetel van Stellantis Duitsland en wereldwijd Opel-hoo...

Toekomstige hoofdzetel van Stellantis Duitsland en wereldwijd Opel-hoofdkantoor in Rüsselsheim: VGP bouwt kantoorgebouw voor de grEEn campus. Bouwvergunning verleend.Toekomstige hoofdzetel van Stellantis Duitsland en wereldwijd Opel-hoofdkantoor in Rüsselsheim:VGP bouwt kantoorgebouw voor de grEEn campus. 2 juli 2025 – Antwerpen/Düsseldorf/Rüsselsheim De bouwautoriteit van de stad Rüsselsheim am Main heeft VGP, een Europese eigenaar, beheerder en ontwikkelaar van hoogwaardige logistiek en semi-industrieel vastgoed en aanbieder van hernieuwbare energieoplossingen, toestemming gegeven om te...

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