reports
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Mathijs Geerts Danau
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- Maissa Keskes
- Stephane Houri
- Robert Jan Vos
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List How to start 2026?
How to start 2026? We have selected for the KBC Securities Dynamic Top Pick List 12 large-cap companies — AB InBev, Aedifica, Argenx, ASMi, Azelis, DEME, D'Ieteren, Shurgard, Sofina, Vopak, WDP, and Wolters Kluwer — along with 3 small and mid-cap names (under €1.5bn in market capitalization): Corbion, EVS, and IBA. So, going into 2026, we maintain a balanced approach in our Dynamic Top Pick List, featuring 8 cyclical and 6 defensive stocks, with a particular emphasis on value stocks that have b...
EVS EVS BROADCAST EQUIPMENT SA
DIE D'IETEREN SA
SOF SOFINA SA
ASM ASM INTERNATIONAL N.V.
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- ING Helpdesk
- Robert Jan Vos
- Guy Sips
- Michiel Declercq
- Wim Hoste
Local Champions Mid Cap Conference Book 11.12.2025
This conference book is your guide to our annual Local Champions Mid Cap Conference set to take place on Thursday, 11 December 2025 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or attend small group sessions with the top management and/or IR of the following companies: BARCO | BEKAERT | DECEUNINCK | DEME | EVS | IBA | JENSEN GROUP | MATERIALISE | ONTEX | PROXIMUS | RECTICEL | XFAB
- Guy Sips
- Jacob Mekhael
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Adecco: Introduces the agility advantage to grow, adapt and lead in the intelligent era. Belgian telcos: DAZN announces immediatele end for Belgian football broadcasting. CMB.TECH: Good 3Q thanks to its tankers. D'Ieteren: CFO buys more shares, State Farm seeks 6% California Auto Rate cut. Staffing: Belgium October Temp volume stable at -3.4% YoY despite tougher comps.
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Lynn Hautekeete
Basic-Fit VAT from 6% to 12% on sports in Belgium
Yesterday, the Belgian federal government announced an agreement on the federal budget, which includes raising VAT on sports subscriptions from 6.0% to 12.0%. The BeNeLux region remains Basic-Fit's key profit driver, delivering a 46.5% EBITDA less rent margin in 1H25 compared to 12.0% across its other markets. For Belgium, we forecast FY25 revenue of approximately €250 million and underlying EBITDA less rent of €115 million. If the additional 6.0% VAT is absorbed without price adjustments, this ...
- Marc Zwartsenburg
- CEFA
- Reg Watson
- CFA
Basic-Fit/Acquisition Clever Fit – Clever? Fit?/BUY
BUY reiterated and TP increased from €33.0 to €35.00. We have not yet included the Clever Fit acquisition into our estimates or fair value as we lack the financial details. In this report we have made an extensive analysis of the earnings accretion and value creation of Clever Fit, based on early assumptions. Although we also have some concerns regarding the uncertainty around rebranding, capex needs, improving fundamentals and timing of rebranding, we also see the upside potential, strategic im...
- ING Helpdesk
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Wim Hoste
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Adyen: CMD press release; strong growth for the years ahead. Heijmans: Nice bolt-on! Kendrion: Hitting a 15.5% EBITDA margin in 3Q25. Staffing Sector: French staffing: September trend weaker but October outlook slightly better despite tougher comps. TKH Group: Weak 3Q EBITA, keeps FY outlook
- Marc Zwartsenburg
- CEFA
- ING Helpdesk
Benelux Morning Notes
Adecco: 3Q25 strong beat; outlook 4Q25 seems in line. Air France-KLM: Bit light but outlook unchanged. ArcelorMittal: In line 3Q25, supportive medium-term outlook. AMG: 3Q25 EBITDA beats by 5%, ‘only' modest FY guidance increase might disappoint. BAM Group: Maintains outlook as expected. CTP: Guidance at the lower end due to a missed deal in Romania. Strong operational trends continued. IMCD: 3Q showed pressure on gross margin. Kinepolis: US peer AMC; better revenues and EBITDA in ...
MT ARCELORMITTAL SA
RAND RANDSTAD NV
BAMNB KONINKLIJKE BAM GROEP NV
SOLB SOLVAY SA
AF AIR FRANCE-KLM SA
SOF SOFINA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MELE MELEXIS NV
VGP VGP NV
KIN KINEPOLIS GROUP NV
INX IMCD N.V.
CTPNV CTP NV
SYENS SYENSQO
TALABAT TALABAT HOLDING PLC
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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