reports
- Hilde Van Boxstael
- Livio Luyten
- Wim Hoste
- Wim Lewi
- Wim Hoste
Titan FY25 EBITDA +9.3% LFL, FY26 guidance of mid single digit LFL gro...
FY25 EBITDA increased by 9.3% on a LFL basis and Titan guides for mid-single digit LFL EBITDA growth in FY26, which compares to our +4% forecast. We remind that Titan presented its Forward 2029 Strategic plan in November 2025, and which targets to grow EBITDA by 62% to € 1bn by 2029 on a combination of organic growth initiatives and M&A in regions where the company has an established footprint and acquisitions offer sizeable synergies potential. Overall, TITAN is seeking growth in the coming yea...
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Thibault Leneeuw
- Thomas Couvreur
- Thibault Leneeuw
Fagron A Clear Path for sustained Double Digit REBITDA Growth
Our analysis of U.S. compounding capacity and utilization shows that North America can sustain double-digit organic growth, driving our 7.4% organic revenue CAGR (25–30) for the group. We expect strong REBITDA growth in 2026, and margin decrease due to acquisitions. Long-term margin upside is well supported by the new U.S. facilities and improved efficiency through centralized manufacturing and vertical integration in LatAm. The market continues to undervalue Fagron by focusing too heavily on ma...
- Kristof Samoy
Ekopak Sharing is Multiplying but Uncertainty Persists around Large Pr...
Ekopak's FY25 results, while showing tighter cost discipline, were overshadowed by the withdrawal of the EPICO infrastructure fund from the Waterkracht project—creating the risk of significant operational delays or even full project loss. Although a new partnership with an infrastructure fund is intended to finance large WaaS installations through off balance sheet SPVs, the first joint project award is yet to be announced. With Waterkracht removed from our numbers, valuation remains demanding, ...
- Wim Hoste
Titan Solid FY25 results from Titan America
Titan's US subsidiary Titan America released solid FY25 results, with revenue up 1.8% and adjusted EBITDA up 5.2%. Titan America anticipates low single revenue growth and a modest expansion of adjusted EBITDA margins in 2026. We remind that Titan Group will release its FY25 results tomorrow (19 March). We remind as well that Titan presented its Forward 2029 Strategic plan in November 2025, and which targets to grow EBITDA by 62% to € 1bn by 2029 on a combination of organic growth initiatives and...
- Wim Hoste
- Wim Hoste
DSM-Firmenich Clear roadmap and strategy progress, now is the time for...
In the Investor Update, dsm-firmenich showed a detailed roadmap towards the company's mid-term targets, reflecting the anticipated step-by-step improvement. On the strategic side, dsm-firmenich will, after the announced ANH divestment, fully focus on growing its current portfolio of consumer oriented businesses. We remind that the guidance of 2026 is broadly in line with our and consensus expectations (2-4% organic sales growth and c. 20% adjusted EBITDA margin). We still appreciate dsm-firmenic...
- Guy Sips
- Mathijs Geerts Danau
- Mathijs Geerts Danau
mdxhealth Data from the ProMPT study shows predictive value of GPS tes...
At EAU 2026, mdxhealth presented data from Oxford's ProMPT study, demonstrating that the GPS test successfully stratifies the risk of treatment failure across treatment cohorts. The results showed high six-year freedom-from-failure rates. Mdxhealth and Oxford will continue their collaboration through the recently initiated ProtecT-GPS study, with management expecting data read-outs in 2026/2027. We believe these data could support future market share gains for GPS mdx and could help expand the m...
- Lynn Hautekeete
Warehouses Estates Belgium FY25 results below our estimates
WEB reports FY25 results below our expectations. Rental income was approximately 1.0% lower at €25.2m vs €25.5m KBCSe. The like-for-like rental growth was negative at -0.3% as a result of rent reversion and a drop in occupancy. The occupancy improved 148bps vs 1H25 but remains 112bps lower YoY. EPRA earnings were 3.0% lower than expected at €3.55 per share, -3.8% YoY. The portfolio corrections remained negative, -1.0% like-for-like, after correcting for €2.7m acquisitions and € 3.8m capitalized...
- Hilde Van Boxstael
- Livio Luyten
- Wim Lewi
- Lynn Hautekeete
- Wim Lewi
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
ELI ELIA GROUP SA/NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
ARG ARGAN SA
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
SHUR SHURGARD SELF STORAGE LIMITED
ENRGY ENERGYVISION
- Livio Luyten
TINC FY25 Results: Revised model forecasts an attractive 5.9% NAV yiel...
In light of TINC's FY25 results, we have updated our model and projections. In FY25, the portfolio fair value rose to €713.2m, up 39.3% from FY24-end. This is ahead of our prior expectation and reflects record investments of €225.6m combined with solid unrealised value creation. We improved our long-term growth assumptions for the Social segment, driven by the new higher growth investments. We incorporate the remaining €103.1m in contractual commitments (mostly 2026–2028) and an estimated €70.0m...
- Lynn Hautekeete
Nextensa Model update after FY25 results, hold reiterated
We update our model after the FY25 results and include the new guidance on the Bel Tower project and Proximus HQ into our estimates. The Proximus HQ project moved from development projects to investment properties, resulting in a higher debt ratio as we don't factor in an immediate exit. We accelerate disposals of standing assets into our model from €50.0m to €100.0m per annum to counterbalance the €565m cash drain from developments. We downgraded Nextensa from Accumulate to Hold ahead of the re...
- Guy Sips
- Hilde Van Boxstael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- Michiel Declercq
D'Ieteren Model update post FY25 results
On Tuesday, D'Ieteren reported a strong set of FY25 results, driven by an impressive performance at Belron. We were particularly encouraged by management's confirmation that the claims avoidance situation in N-A is normalising. While the outlook was somewhat softer than expected, we believe the underlying assumptions are still rather conservative and therefore see room for D'Ieteren to comfortably deliver on its guidance. Following the rollover of our model, we arrive at a new SOTP valuation of ...
- Wim Hoste
DSM-Firmenich Feedback from the Investor Event
In the Investor Update, dsm-firmenich showed a detailed roadmap towards the company's mid-term targets, reflecting the anticipated step-by-step improvement. On the strategic side, dsm-firmenich will, after the announced ANH divestment, fully focus on growing its current portfolio of consumer oriented businesses. We remind that the guidance of 2026 is broadly in line with our and consensus expectations (2-4% organic sales growth and c. 20% adjusted EBITDA margin). We still appreciate dsm-firmenic...
- Thomas Couvreur
Hybrid Software Group Record year with further growth into 2026 expect...
Revenues for the year come in below expectations, mainly due to the subdued start to the year. Bottom-line numbers also below expectations, but to a significant extend explained by negative FX impact, which should largely normalize going forward. While overall 2025 was a record year for HYSG, we expect solid growth into 2026 with potentially some further upside from M&A when the large cash balance is put to work. We reiterate our Buy recommendation and the €5.5 TP.
- Guy Sips
EVS Broadcast Equipment From Slow-Mo to Go-Go: EVS speeds up, replays ...
We update our model (Buy, €45 Target Price maintained) after EVS delivered another year of solid progress, supported by a clearer operational rhythm and an improved ability to convert commercial momentum into revenue. EVS has structurally shifted to a pre-production model that shortens delivery cycles and gives customers faster turnaround, while also improving internal planning stability. This shift allowed EVS to convert a significant portion of late-2025 orders within the year, supporting s...
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