reports
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Livio Luyten
Whitestone Group Launched a public capital increase of up to €25m
This morning Whitestone Group announced a public offering without preferential subscription rights for a maximum of 1,461,988 new shares at a fixed issue price of €17.10 per share. The offering follows the successful €46m private placement completed in Jan'26 and aims to allow all shareholders and the Belgian public to subscribe on the same terms. The issue price represents a 6.21% premium to the closing price of €16.10 on the last trading day prior to the announcement and a 5.52% discount to th...
- Hilde Van Boxstael
- Livio Luyten
- Thibault Leneeuw
- Thomas Couvreur
- Thibault Leneeuw
Fagron Solid 1Q26 results, Strong Brands Performance
Fagron reported 1Q26 revenues 1% above CSS expectations. Organic revenue growth of 3.2% at CER was supported by all regions, driven in particular by DD growth in Latin America. Despite losing the GLP-1 tailwind, North America still delivered positive organic growth. The continued focus on Brands is clearly paying off, with 22.6% organic revenue growth at CER y/y. Acquisition integrations are progressing as planned. FY26 guidance for MDS to HSD organic revenue growth at CER is reiterated, Fagron ...
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- Wim Hoste
- Livio Luyten
Holdings Report March 2026
In March, the best performers were Texaf, TINC and Compagnie du Bois Sauvage. The worst performers were Sofina, Heineken Holding and Quest for Growth. The discount contracted the most for Texaf Bois Sauvage and KBC Ancora and widened the most for D'Ieteren, Sofina, and Ackermans & Van Haaren.
- Jacob Mekhael
Pharvaris FY25 results confirm timelines, phase 3 prophylaxis data in ...
Pharvaris reported FY25 results with a cash position of € 292m (YE24: € 281m) and reiterated its pipeline timelines. We most look forward to topline data from the phase 3 (CHAPTER-3) trial of deucrictibant in HAE prophylaxis in 3Q26, and we're confident going into this readout given the de-risked MOA and strong phase 2 dataset. We expect an attack reduction rate in line with injectable therapies, thereby positioning deucrictibant as the only candidate to offer both oral convenience and high effi...
- Wim Hoste
Tessenderlo Moving towards more diversification
We have lowered our adjusted EBITDA forecasts for 2026-2028 by 5-8% following weaker than expected FY25 results & FY26 guidance. We continue to appreciate Tessenderlo for its healthy FCF generation which we estimate at slightly over € 100m per annum on average in the coming three years. Tessenderlo wants to develop a new Investment business unit, which can either invest minority stakes in strategic companies that are adjacent to its current businesses or invest more opportunistically in liquid p...
- Livio Luyten
Whitestone Group Strong FY25 with double digit NAV growth and new alli...
Whitestone Group delivered solid FY25 results. Revalued NAV rose 21.7% to €129m (€18.1ps, +19.1%), driven by strong operational performance at core holdings, notably GFI. Consolidated revenue grew 55% to €349m, mostly due to GFI's €320m contribution (up from €220m in FY24). EBITDA rose to €9.8m from €2.2m, also mostly reflecting GFI's expansion and the full Treestone integration. All net result levels turned positive: €1.0m group share (vs -€2.3m), €2.9m statutory, and €2.6m restricted. Net cash...
- Hilde Van Boxstael
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update April 2026: Adding Fagron
The tariff war between US and China has eased, but with the Iran conflict and an erratic Trump, uncertainty will continues unabated. Energy prices have gone ballistic, with gas prices doubling in Europe and has hit the cyclical stocks hard. KBC macro-econimists have hiked the inflation expectation for 2026 from 1.9% to 3.3%. While the macro-economic impact has been limited so far, a prolonged uncertain situation will result in economic damage. We continue our defensive stance in our Benelux Dyna...
FAGR FAGRON SA
WKL WOLTERS KLUWER NV
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
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
- Guy Sips
Materialise Transferring RapidFit business to its management team (MBO...
Materialise announced that it will transfer its RapidFit activities to the current management team, after which RapidFit will continue as an independent company under the same name and leadership. The activities were part of Materialise's Manufacturing division, and the transaction marks another step in the group's strategy to sharpen its focus on profitable activities. As a standalone company, RapidFit will benefit from greater focus and flexibility, enabling faster decision-making, closer pr...
- Guy Sips
Miko Acquisition of “Roast & Ground” in UK office coffee supply segmen...
Miko announced the acquisition of Roast & Ground, active in the office coffee supply segment in the UK mainly in the London business community. The acquisition underscores the importance of office coffee within the Miko Group. By integrating Roast & Ground, Miko can further expand its market position in the UK and realize economies of scale.
- Jacob Mekhael
MaaT Pharma FY25 update confirms mid-2026 EMA decision timing for MaaT...
MaaT reported FY25 results which show increasing revenues from MaaT013's early access program (only billable in France) of € 4.5m (FY24: € 3.2m) in aGvHD. In addition, the company confirmed its cash runway guidance to August 2026, which funds the company beyond the expected EMA regulatory decision for MaaT013 in aGvHD expected in mid-2026. Pipeline wise, we note that a few timelines have shifted, with phase 2 data for MaaT013 + checkpoint inhibitors in metastatic melanoma now expected in 1H26 (v...
- Jacob Mekhael
UCB Kygevvi receives EC approval in ultra-rare disease TK2d
UCB announced that the European Commission approved Kygevvi (doxecitine and doxribtimine) under exceptional circumstances as the first and only treatment for paediatric and adult patients with genetically confirmed thymidine kinase 2 deficiency (TK2d) with an age of symptom onset on or before 12 years. The approval comes after the positive CHMP opinion announced in February 2026. Beyond the EU, the product received FDA approval in the US in 4Q25. € 284 TP and BUY maintained.
- Jacob Mekhael
Inventiva FY25 results narrow lani phase 3 MASH readout timing to 4Q26
Inventiva's FY25 results come with narrowed timeline guidance for the topline results from the phase 3 (NATiV3) trial of lanifibranor in MASH which is expected in 4Q26 (previously 2H26). We believe this readout is de-risked by strong phase 2b data, and with oral dosing and clean safety (limited GI side effects), lanifibranor is well positioned to capture a meaningful share of the MASH commercial opportunity. Inventiva confirmed its cash runway guidance to middle of 1Q27, beyond the key milestone...
- Jacob Mekhael
Galapagos Signs agreement with Gilead on T-cell Engager in autoimmune ...
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 have now entered into a binding agreement to collaborate on advancing gamgertamig (BCMAxCD3 T cell engager) in autoimmune diseases. This agreement comes after the companies announced their advanced discussions on the collaboration last week. Economically, Galapagos is effectively co-fina...
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Wim Lewi
- Mathijs Geerts Danau
Onward Medical FY25 results: commercial execution continues
Onward's FY25 update shows solid commercial execution, although results came in slightly below expectations. The company sold 117 ARC-EX devices (KBCSe: 128) and generated € 5.4m in revenue (VA CSS: € 6.7m). However, we note that the ARC-EX system is now available in over 80 US rehabilitation centers (around 25% of specialized centers) representing solid market penetration for its first year. The company expects an acceleration of ARC-EX uptake in 2026 thanks to the home use label with particula...
- Guy Sips
Agfa Model update after strong 4Q25 recovery, but structural headwinds...
We updated our model (€ 1.0 Target Price maintained) after Agfa delivered a clearly improved 4Q25, with adj. EBITDA up 28% y/y to € 39m and FCF of € 44m, bringing FY25 FCF to a positive € 35m. This late-year rebound partly masks a challenging FY25, which remained dominated by structural pressure in Radiology, the dilutive impact of the ongoing cloud transition in HealthCare IT, and rising uncertainty linked to silver price volatility. Agfa remains confident in the strategic direction of its “Gro...
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