reports
- ING Helpdesk
Benelux Morning Notes
ABN Amro: Miss but strong capital, good set of results / Ahold Delhaize: Strong 4Q25 but no major surprise on FY26 adj. EPS guidance / Alfen: No recovery yet and another transitional year / BAM Group: Preview: 2026 outlook the key item / Econocom: Better REBITA, net debt, but EBIT below, much lower net profit, dividend halved, 2026-28 guidance postponed to “medium term” / Exor: Ferrari 4Q25 and 2026 guidance beat / Gecina: Results and guidance in line, DPS set to grow over 2026-30 / Heineken: No...
- Guy Sips
- Michiel Declercq
- Guy Sips
Biotalys Model update after strategic refocus
We updated our model (New “Accumulate”, New € 5.1 TP) after Biotalys plans a strategic refocus, concentrating resources on its top-priority biofungicide programs. Early-stage activities will be suspended and the organization downsized to cut costs while they claim “protecting long-term platform value”. The shift prioritizes Evoca NG, BioFun-6, and already partnered programs with the Gates Foundation and Syngenta. These measures aim to reduce cash burn by €20m through 2028 and strengthen commerci...
- Guy Sips
Biotalys Refocusing strategy on lead assets and cutting annual cash bu...
We will update our model (from “Buy” to “under review”) after Biotalys plans a strategic refocus, concentrating resources on its top-priority biofungicide programs. Early-stage activities will be suspended and the organization downsized to cut costs while protecting long-term platform value. The shift prioritizes EVOCA NG, BioFun-6, and already partnered programs with the Gates Foundation and Syngenta. These measures aim to reduce cash burn by €20m through 2028 and strengthen commercialization r...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB
After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by a...
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
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
Autolus Therapeutics Announces Inducement Grants Under Nasdaq Listing ...
Autolus Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4) LONDON and GAITHERSBURG, Md., Feb. 04, 2026 (GLOBE NEWSWIRE) -- Autolus Therapeutics plc (Nasdaq: AUTL), a commercial-stage biopharmaceutical company developing, manufacturing and delivering next-generation programmed T cell therapies and candidates, today announced that the Compensation Committee of the Company's Board of Directors granted stock option awards to purchase an aggregate of 113,650 American Depositary Shares, representing an equal number of ordinary shares, to 22 employees pursuant to the C...
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
- Wim Hoste
Akzo Nobel Uninspiring 4Q & FY26 outlook, while Axalta merger can beco...
Akzo's 4Q25 results were roughly in line with previous quarters, with weak volumes and negative FX leading to a slight decline in adjusted EBITDA, despite sizeable efficiency improvement initiatives. 2026 is expected to bring more of the same, with Akzo forecasting flat volumes and an FY26 adjusted EBITDA that is guided to be up at least 2% (or at least 7% excluding negative FX and scope effects). With current efficiency improvement initiatives expected to have mostly run their course in 2027, t...
- Oliver Metzger
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
BVI BUREAU VERITAS SA
BN DANONE SA
BAER JULIUS BAER GRUPPE AG
FORTUM FORTUM OYJ
SRT3 SARTORIUS AG PREF
DEMANT DEMANT A/S
ITRK INTERTEK GROUP PLC
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
DIM SARTORIUS STEDIM BIOTECH SA
AKZA AKZO NOBEL N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
SHEL SHELL PLC
SGSN SGS SA
- Oliver Metzger
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
BVI BUREAU VERITAS SA
BN DANONE SA
BAER JULIUS BAER GRUPPE AG
FORTUM FORTUM OYJ
SRT3 SARTORIUS AG PREF
DEMANT DEMANT A/S
ITRK INTERTEK GROUP PLC
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
DIM SARTORIUS STEDIM BIOTECH SA
AKZA AKZO NOBEL N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
SHEL SHELL PLC
SGSN SGS SA
- ING Helpdesk
Benelux Morning Notes
Aalberts: Preview: Another quarter in no man's land? / Ahold Delhaize: Confirms the acquisition of Delfood / AGEAS: China – state to inject capital into insurers / AkzoNobel: Tepid 4Q25 results and FY26 outlook / D'Ieteren: Belgian car registrations down 19%, 65% of 2019 level, VW down only 5% / Xior Student Housing: Sound organic trends continue, two-year guidance revealed
- Guy Sips
- Jacob Mekhael
- Wim Hoste
- Wim Lewi
- Stefano Toffano
- Wim Hoste
Akzo Nobel FIRST LOOK: 4Q EBITDA -4%, FY26 guidance slightly below exp...
4Q adjusted EBITDA dropped by 4% y/y and was in line with our forecast while being 2% below consensus. Akzo guides for a FY26 adj EBITDA at or above € 1.47bn, which is at the low end 2% below our forecast and 4% below consensus. The merger with Axalta is expected to close in late 2026 or early 2027. Taking into account the volatile track record and low structural growth, we maintain our Hold rating and € 65 target price.
- Nicolas David
FP TOTAL SE
SGE SAGE GROUP PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
G1A GEA GROUP AG
PUM PUMA SE
ROG ROCHE HOLDING LTD
SAND SANDVIK AB
ZAL ZALANDO SE
ENI ENI S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
ERA ERAMET SA
REP REPSOL SA
SPIE SPIE SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
BP. BP P.L.C.
AKZA AKZO NOBEL N.V.
HAG HENSOLDT AG
EPI A EPIROC AB
SHEL SHELL PLC
AAL ANGLO AMERICAN PLC
- Nicolas David
FP TOTAL SE
SGE SAGE GROUP PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
G1A GEA GROUP AG
PUM PUMA SE
ROG ROCHE HOLDING LTD
SAND SANDVIK AB
ZAL ZALANDO SE
ENI ENI S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
ERA ERAMET SA
REP REPSOL SA
SPIE SPIE SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
BP. BP P.L.C.
AKZA AKZO NOBEL N.V.
HAG HENSOLDT AG
EPI A EPIROC AB
SHEL SHELL PLC
AAL ANGLO AMERICAN PLC
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Guy Sips
Biotalys Ending collaboration with Novonesis, new partnership with 21s...
Biotalys has entered into a strategic partnership with 21st.BIO to accelerate the production of Biotalys' protein-based biocontrol solutions. Biotalys indicated that this collaboration will leverage 21st.BIO's proprietary fermentation platform to support the production of Biotalys' AGROBODY agricultural biocontrol products at commercially competitive costs. We regret that Biotalys and Novonesis will conclude their collaboration (in line with the transition to this new agreement). Biotalys will...
- Guy Sips
- Hilde Van Boxstael
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Lewi
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