reports
- Kristof Samoy
Vopak Catalysts ahead amid energy market turmoil - Valuation still att...
A global footprint and diversified terminal portfolio, supported by controlled leverage, lengthening contract durations and CPI indexed terms are the backbone of Vopak's defensive business model. Current energy market turmoil may temporarily affect performance but is also increasing storage demand amid energy security concerns and the shift toward a multi fuel energy system. FID announcements should act as catalysts, while cash returns offer downside protection. Buy reiterated and TP to €56 (fro...
- Lynn Hautekeete
- Wim Lewi
WEB WAREHOUSES ESTATES BELGIUM S.C.A.
LEAS LEASINVEST REAL ESTATE SCA
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
- Jacob Mekhael
Galapagos Advanced discussions with Gilead on potential collaboration
Galapagos announced that, following Gilead entering into a definitive agreement to acquire Ouro Medicines for $1,675m in cash consideration, and up to $500m in contingent milestone payments, Galapagos and Gilead are in advanced partnership discussions. Economically, Galapagos would effectively co-finance Gilead's acquisition and early-stage development of gamgertamig in return for royalties on net sales (20-23%) and freedom to go up to $500m (previously $150m) in the amended OLCA. In our view, t...
- Guy Sips
Miko Strong Brew in a Bitter Market: Delivering resilient FY25 results
Miko delivered a strong and resilient performance in FY25, achieving double-digit growth across its key financial metrics despite one of the most challenging operating environments the global coffee sector has faced in decades. We welcome Miko demonstrated its ability to absorb extreme raw material price inflation, pass through necessary price increases, protect margins and continue to grow organically. The results underline the robustness of Miko's service-oriented business model and the value ...
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Wim Hoste
- Wim Hoste
Cementir Holding Acquiring leading Danish aggregates producer Nymølle ...
The proposed acquisition of leading Danish aggregates player Nymølle for an EV of c. € 120m further strengthens Cementir's leading position in Denmark and offers sizeable synergies. We remind that Cementir recently guided for FY 26 Recurring EBITDA to be slightly up, despite severe winter conditions in ao Nordics & Baltics at the start of the year. Cementir's diversified footprint with some key regional strongholds like Denmark and Belgium along with a deeply vertically integrated model in those...
- 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...
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