reports
- Wim Hoste
Tessenderlo Feedback FY25 results conference call
Below are the highlights of the FY25 results conference call. Tessenderlo's FY25 adjusted EBITDA increased by 8.5% to 288.1m, which was 3% below our forecast and 6% below consensus. FY26 guidance calls for adjusted EBITDA in line with 2025 which is also below our and consensus forecasts. Despite the difficult macro economic environment, we remind that the company is generating sizeable FCF which was until recently used to regularly buy back own shares. We consider valuation to be attractive enou...
- Jacob Mekhael
Hyloris FY25 results hold no major surprises
Hyloris reported FY25 results with a cash position of € 13.8m (YE24: € 23.6m), and revenue of € 7.2m (FY24: € 8.5m), driven by increased royalties but offset by lower milestone payments. Hyloris is yet to receive income related to commercialisation of Maxigesic IV in the US as the launch has been paused and restarted. The company did not provide specific cash runway guidance, but believes it has funding for development and strategic growth. € 6 TP and Hold maintained.
- Wim Hoste
Tessenderlo FIRST LOOK: FY25 EBITDA and FY26 guidance slight miss
Tessenderlo's FY25 adjusted EBITDA increased by 8.5% to 288.1m, which was 3% below our forecast and 6% below consensus. FY26 guidance calls for adjusted EBITDA in line with 2025 which is also below our and consensus forecasts. Despite the difficult macro economic environment, we remind that the company is using its solid balance sheet and FCF to regularly buy back own shares. We consider valuation to be attractive enough from maintaining our Accumulate rating with target price maintained at € 28...
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Hoste
- Guy Sips
Amoéba Capital increase via a private placement (11.4% at € 0.75)
Amoéba closed a capital increase via a private placement, carried out through an accelerated book-building process. They placed 8,897,973 new shares at a price of €0.75 per share for a total amount of €6,673,480, representing 11.43% of its share capital following the transaction. As a result (based on the higher number of share and taking into account the cash inflow) we lower our Target Price to € 1.4 but maintain our Buy rating.
- Livio Luyten
Bois Sauvage Full Jeff de Bruges ownership marks start of accelerated ...
A bitter past with a sweet future is what we wrote in Aug'25, and that sugary upside is now straight ahead. Bois Sauvage's new strategy marks a decisive refocusing on its high-quality Chocolate Group as the clear growth engine, while streamlining the rest of the portfolio. Chocolate delivered another solid performance in FY25 with revenue exceeding €300m (+7.5%) and EBITDA (ex-IFRS 16) up 5% to €56.2m despite volatile cocoa prices. The upcoming full ownership of Jeff de Bruges will unlock strate...
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Jacob Mekhael
Zealand Pharma Establishes Boston research hub
Zealand announced the establishment of a new research hub in Cambridge, Massachusetts, in the greater Boston area. The facility will serve as Zealand Pharma's primary US address and is expected to be operational from September 2026. Zealand Pharma's Cambridge hub will enhance the company's research platform through AI-driven drug discovery, advanced automation, and next-generation molecule creation, accelerating the translation of scientific insight into innovative medicines. The establishment o...
- Jacob Mekhael
UCB Picks Georgia site for planned US manufacturing facility
Yesterday after market close, UCB announced that it has selected Gwinnett County, Georgia as the location for its new US biologics manufacturing facility. Once operational, the facility is expected to produce recently approved and future pipeline complex biologics 24/7 primarily for the US market. This project is expected to generate approx. $5bn in total economic impact, creating around 330 permanent highly skilled jobs, and more than 1000 construction jobs. Approx. 62% of the company's FY25 ne...
- 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, ...
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