Morning Notes : AKZA NA, DSFIR NA, ONTEXb BB, UCB BB, IMCD NA

: AKZA NA, DSFIR NA, ONTEXb BB, UCB BB, IMCD NA

Akzo Nobel Sale of 75% Akzo Nobel India stake leads to € 900m net cash...

Unsurprising and in line with earlier announced strategic guidelines, Akzo Nobel announced to have signed an agreement to divest its 75% stake in Akzo Nobel India for net cash proceeds of c. € 900m, with the overall deal valuation roughly in line with current stock market valuation. The EV/EBITDA of the transaction is a very healthy 22x multiple. Akzo will use the proceeds to partly deleverage (€ 500m) while it intends to launch a €400m share buyback program after closing. We expect Akzo to cont...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 06/25/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 25/06/2025

Benelux Morning Notes

Gimv: Hear, hear – new acquisition. KBC: Now Belfius lowers saving rates to 0.60%

Morning Notes : GIMBb BB, WDP BB

: GIMBb BB, WDP BB

Elia Group : 20+% EBITDA growth again reflected in 20+% premium valuat...

Benelux Morning Notes

AEGON: Always a pleasure to debate with management. Avantium: Summer Doldrums. Gimv: Itineris out

Morning Notes : ARCAD NA, COLR BB, GIMBb BB

: ARCAD NA, COLR BB, GIMBb BB

Benelux Morning Notes

Ahold Delhaize: Peer Kroger 1Q25 results. Greenyard: Bid launched. PostNL: Dutch Postal Law change ear-marked Non-Controversial – still on the agenda. Prosus: FY25 results delivered on target. Var Energi: Jotun FPSO start-up, contributes to its cash flow

Morning Notes : ARGXb BB, GLPG NA, HYLb BB

: ARGXb BB, GLPG NA, HYLb BB

Hyloris Agreement with Kuvatris could generate a priority review vouch...

Hyloris announced the signing of an R&D funding agreement of $ 2m (plus $ 1.6m equity investment) with Kuvatris to support the development and US approval of intravenous (IV) suramin to treat human African trypanosomiasis (HAT). Given the rare nature of HAT, the value of this program lies in its potential to secure a transferable PRV. Recent examples show PRVs being sold for $160m – Hyloris could get just over 50% of net proceeds, if successful. We see this as a creative deal to boost the compan...

Utilities and offshore wind supply chain sector/Mind the gaps

In this report we present our view on the long-term growth prospects for offshore wind in Europe, implications of the energy transition and the role of TSOs, such as Elia Group. We also focus on supply chain beneficiaries in our Benelux coverage. An increasing number of long-term framework contracts should provide improved risk-rewards to the supply chain, in our view. Furthermore, we take a deep dive into growth drivers and long-term financing for Elia Group, beyond the company's current financ...

Elia/Attractive growth and valuation; all set for execution with FY26-...

Elia Group is ramping up towards annual capex of c.€7bn, which will act as a catalyst for the RAB growth averaging c.23% in the coming years. Regulatory frameworks in Belgium and Germany are set until FY27 and FY28, providing a high degree of earnings visibility. With €2.2bn in equity financing successfully executed, Elia is now preparing a follow-up during FY26-28 for €1.8-2.3bn via so-called non-dilutive equity financing. We think the high-end of this range will be needed. In this report we al...

Gimv NV: 1 director

A director at Gimv NV bought 2,250 shares at 44.642EUR and the significance rating of the trade was 60/100. 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 showin...

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...

Dynamic Top Pick List Update June: Removing Merus, Shurgard and Adyen ...

In this June update, we've made four adjustments to the KBC Securities Dynamic Top Pick List: 1.Merus (Removed – 27 May) was removed following the release of strong interim Phase 2 data at the ASCO 2025 conference. Its lead asset, petosemtamab, in combination with Keytruda, showed a 63% overall response rate in first-line treatment of head and neck cancer—significantly outperforming Keytruda monotherapy. The resulting share price surge validated our investment thesis. 2. Adyen (Removed) has de...

Benelux Local Champions Feedback document

Below our feedback notes written at the occasion of our annual Benelux Local Champions Conference that took place on 27 May 2025 at our historic building at Grand Place Brussels. This event offered the possibility to have one-on-one meetings and/or small group meetings with the following Benelux companies and their top management & IR: ACKERMANS & VAN HAAREN | AHOLD DELHAIZE | AKZONOBEL | ARCADIS | AZELIS | CORBION | GBL | LOTUS BAKERIES | MELEXIS | PROXIMUS | SOFINA | UMICORE

Morning Notes : AED BB, BARb BB, HYLb BB, SOF BB, TINC BB, MRUS US

: AED BB, BARb BB, HYLb BB, SOF BB, TINC BB, MRUS US

Hyloris FDA approval for Tranexamic Acid Intravenous Premix RTU

Hyloris announced that its partner Avenacy received FDA approval for its ANDA (generic NDA) of Tranexamic Acid Intravenous Premix Ready-to-Use (RTU), with launch planned for 2H25. This product, approved through the generic ANDA pathway, is non-core for the company, as Hyloris' main focus is on the more valuable reformulation and repurposing 505(b)(2) pathway. Sales of intravenous tranexamic acid reached $ 29.1m in the 12 months up to March 2025, and we estimate Hyloris could receive approx. $ 2m...