reports
- Lynn Hautekeete
Basic-Fit Free cash flow at lower growth
Today we publish a company note on Basic-Fit. Basic-Fit sacrificed part of its growth to do a limited SBB of EUR 40.0m (2.6% Mcap) while it has to repay a EUR 303.75m bond in June FY26. It missed its 2023 CMD targets of capex/club and yield/member and lowered its guidance for 2 consecutive years. Nevertheless, Basic-Fit will remain the fastest growing fitness chain in Europe even after its lower growth outlook. We continue to believe in the business model but it will take time to rebuilt investo...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Marc Hesselink
- CFA
- Thymen Rundberg
ASML/Rare opportunity to buy at a discount/BUY
ASML will report its 1Q25 update on Wednesday, 16 April. We believe the update itself will still be OK but obviously the focus will be on the potential impact of tariffs and slower GDP in upcoming quarters. We lower our growth forecasts for 2H25 and FY26 and our target price to €800 per share (from €915) on the back of the increased uncertainty. We keep our BUY rating as we believe that the long-term outlook for semiconductors in general and ASML in particular remains very strong. After a c.45% ...
- Charlotte Vaisse
- Oddo Sustainability Team
- Stephane Houri
FP TOTAL SE
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DB1 DEUTSCHE BOERSE AG
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
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BOL BOLLORE SA
ICAD ICADE SA
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CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
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
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
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ANDR ANDRITZ AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
RACE FERRARI NV
DKG DEUTSCHE KONSUM REIT-AG
ASML ASML HOLDING NV
HOME NEINOR HOMES SA
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IMP IMPACT DEVELOPER & CONTRACTOR S.A.
LAND LAND SECURITIES GROUP PLC
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BESI BE SEMICONDUCTOR INDUSTRIES N.V.
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
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
- Charlotte Vaisse
- Oddo Sustainability Team
- Stephane Houri
FP TOTAL SE
VIE VEOLIA ENVIRONNEMENT SA
MT ARCELORMITTAL SA
DB1 DEUTSCHE BOERSE AG
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
ADS ADIDAS AG
LI KLEPIERRE SA
PUM PUMA SE
COV COVIVIO SA
ORA ORANGE SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
LONN LONZA GROUP AG
FLY SOCIETE FONCIERE LYONNAISE SA
MF WENDEL SE
IDL ID LOGISTICS GROUP
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
VIRP VIRBAC SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
GEBN GEBERIT AG
RWE RWE AG
SAF SAFRAN S.A.
BOL BOLLORE SA
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CRG CRH PLC
TUB TUBACEX S.A.
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
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
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
KGX KION GROUP 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
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
RACE FERRARI NV
DKG DEUTSCHE KONSUM REIT-AG
ASML ASML HOLDING NV
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
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
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
- Florent Laroche-Joubert
- Roy Külter
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
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
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
IMP IMPACT DEVELOPER & CONTRACTOR 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
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
- Charlotte Vaisse
- Oddo Sustainability Team
- Stephane Houri
VIE VEOLIA ENVIRONNEMENT SA
TEMN TEMENOS AG
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
ADS ADIDAS AG
LI KLEPIERRE SA
COV COVIVIO SA
ORA ORANGE SA
BFIT BASIC-FIT NV
GFC GECINA SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
FLY SOCIETE FONCIERE LYONNAISE SA
MF WENDEL SE
IDL ID LOGISTICS GROUP
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
FAGR FAGRON SA
BLND BRITISH LAND COMPANY PLC
VIRP VIRBAC SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
GEBN GEBERIT AG
RWE RWE AG
SAF SAFRAN S.A.
BOL BOLLORE SA
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CRG CRH PLC
TUB TUBACEX S.A.
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
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
SLIGR SLIGRO FOOD GROUP N.V.
FDR FLUIDRA S.A.
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
ALVDM VOYAGEURS DU MONDE SA
SAFE SAFESTORE HOLDINGS PLC
ANDR ANDRITZ AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
RACE FERRARI NV
DKG DEUTSCHE KONSUM REIT-AG
SAE SHOP APOTHEKE EUROPE NV
ASML ASML HOLDING NV
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
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
FQT FREQUENTIS AG WIENER
WDP WAREHOUSES DE PAUW SCA
NXFIL NX FILTRATION HLDG BV
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
DEME DEME GROUP NV
STM STABILUS SE
SHUR SHURGARD SELF STORAGE LIMITED
- Charlotte Vaisse
- Oddo Sustainability Team
- Stephane Houri
VIE VEOLIA ENVIRONNEMENT SA
TEMN TEMENOS AG
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
ADS ADIDAS AG
ORA ORANGE SA
BFIT BASIC-FIT NV
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
MF WENDEL SE
IDL ID LOGISTICS GROUP
FAGR FAGRON SA
VIRP VIRBAC SA
GEBN GEBERIT AG
RWE RWE AG
SAF SAFRAN S.A.
BOL BOLLORE SA
COFB COFINIMMO SA
CRG CRH PLC
TUB TUBACEX S.A.
AED AEDIFICA SA
SLIGR SLIGRO FOOD GROUP N.V.
FDR FLUIDRA S.A.
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
ALVDM VOYAGEURS DU MONDE SA
ANDR ANDRITZ AG
CLNX CELLNEX TELECOM S.A.
RACE FERRARI NV
SAE SHOP APOTHEKE EUROPE NV
ASML ASML HOLDING NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
FQT FREQUENTIS AG WIENER
NXFIL NX FILTRATION HLDG BV
DEME DEME GROUP NV
STM STABILUS SE
- ING Helpdesk
Benelux Morning Notes
DEME Group: Does money make life beautiful? Yes! Euronext: March Madness hits Markets. Kinepolis: Cineplex March 2025 box office revenue at 47% of 2019 level, down 50% YoY. Page Group: 1Q25 trading update; FY25 outlook more uncertain. SBM Offshore: Interesting step, but is it necessary? Staffing: French staffing: ongoing weak volumes in February on tough comps. WDP: €107m of new pre-let development projects
- Guy Sips
- Wim Lewi
- Wim Lewi
Warehouses De Pauw New pre-let projects in NL and RO, despite tariff t...
WDP announced over EUR 100m in new pre-let development projects across its land reserves in Ridderkerk (NL) and Bucharest-Dragomire?ti (RO). These projects will cover a total lettable area of approximately 93k sqm and are expected to generate an average NOI yield of more than 7.5%. The developments will cater to clients in food logistics and third-party logistics services. In Ridderkerk, WDP will develop a refrigerated logistics center for Kivits Logistics Group BV, with an investment budget of ...
- Robert Jan Vos
- Stephane Houri
VIE VEOLIA ENVIRONNEMENT SA
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
ADS ADIDAS AG
ORA ORANGE SA
LONN LONZA GROUP AG
MF WENDEL SE
IDL ID LOGISTICS GROUP
VIRP VIRBAC SA
GEBN GEBERIT AG
RWE RWE AG
SAF SAFRAN S.A.
BOL BOLLORE SA
CRG CRH PLC
TUB TUBACEX S.A.
KGX KION GROUP AG
ANDR ANDRITZ AG
CLNX CELLNEX TELECOM S.A.
RACE FERRARI NV
ASML ASML HOLDING NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
US Tariffs Navigating the impact on Benelux equities
Trumps reciprocal tariffs caused a massive blow to equity markets, following a pressured period of escalating trade wars. Retaliatory measures can further heavily damage market confidence, as seen Friday when China announced their 34% tarrif of US goods. International trade policies have never moved this erratic and untransparant, with uncertainty and volatility being the baseline for now. In this report we highlight the key stocks in our coverage relevant to this discussion.
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
UCB UCB S.A.
COFB COFINIMMO SA
DIE D'IETEREN SA
AGFB AGFA-GEVAERT NV
IBAB ION BEAM APPLICATIONS SA
AALB AALBERTS N.V.
ONTEX ONTEX GROUP N.V.
MELE MELEXIS NV
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
EXO EXOR N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
AUTL AUTOLUS THERAPEUTICS ADS
BAR BARCO NV
DEME DEME GROUP NV
FLOW FLOW TRADERS LTD
SYENS SYENSQO
- Pierre FerraguÊ
Semiconductors in the crash: Relative valuations walked back 15 years...
As we brace for another tough Monday, we share with you this morning our usual quarterly and extensive review of where fundamentals, expectations, and valuations stand in semis, although, this time, in light of the steep pullback of the last couple of days, and the last couple of months. Over the next 30 slides. We did our best to articulate our expectations for earnings revisions with where we stand on valuation already, and the fundamental backdrop, segment by segment. We conclude with a very...
ASML reports transactions under its current share buyback program
ASML reports transactions under its current share buyback program ASML reports transactions under its current share buyback program VELDHOVEN, the Netherlands – ASML Holding N.V. (ASML) reports the following transactions, conducted under ASML's current share buyback program. DateTotal repurchased sharesWeighted average priceTotal repurchased value31-Mar-25106,323€609.61€64,815,37301-Apr-25105,553€614.05€64,815,25202-Apr-25105,118€616.60€64,815,45403-Apr-25110,305€587.60€64,815,52704-Apr-25114,243€567.35€64,815,275 ASML’s current share buyback program was announced on 10 November 2022, and ...
Heineken N.V. reports the progress of transactions under its current s...
Heineken N.V. reports the progress of transactions under its current share buyback programme Heineken N.V. reports the progress of transactions under its current share buyback programme Amsterdam, 7 April 2025 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) hereby reports transaction details related to the first €750 million tranche of its €1.5 billion share buyback programme as communicated on 12 February 2025. From 31 March 2025 up to and including 4 April 2025 a total of 70,158 shares was repurchased on exchange at an average price of € 74.57. During the same period, 70,194 shares ...
- Hilde Van Boxstael
- Kristof Samoy
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
Basic-Fit N.V.: 1 director
A director at Basic-Fit N.V. sold 15,000 shares at 18.790EUR and the significance rating of the trade was 71/100. 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 ...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
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