reports
- Hilde Van Boxstael
- Livio Luyten
- Wim Hoste
- Wim Lewi
- Wim Hoste
Corbion Feedback CMD
Below we list the key highlights from the CMD. We remind that Corbion announced new financial targets for 2026-2028 including a 3-6% organic sales growth target (KBCS 3.0%) and an 18% adjusted EBITDA margin target (KBCS 17%), vs a 16.3% margin YTD. The announced strategic review on PLA is no surprise and will most likely result in an exit of Corbion, while still remaining the lactic acid supplier to the buyer. Biochemicals will be de-emphasized, which will put the growth focus on food preservati...
- Wim Hoste
Bekaert FIRST LOOK: 3Q sales -1% LFL, FY EBIT margin guidance adjusted...
3Q revenue declined by 1% on a like for like basis and came in slightly below our and consensus figures, whilst volumes were up 3%. Bekaert adjusted FY25 uEBIT margin guidance from an 8.0-8.5% range to around 8.0%, which compares to our and consensus forecasts of respectively 8.4% and 8.3%. Whilst the current momentum gives not much to cheer about, we continue to believe valuation is absolutely undemanding at a P/E26e of c. 7% and double digits free cash flow yields, which allow Bekaert to conti...
- Hilde Van Boxstael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- Wim Hoste
Corbion FIRST LOOK: CMD review PLA, focus on food, algae & biomedical/...
Corbion's announced ambitious new financial targets for 2026-2028 including a 3-6% organic sales growth target (KBCS 3.0%) and an 18% adjusted EBITDA margin target (KBCS 17%). Unsurprisingly (given the volatile track record), a strategic review on PLA is being initiated, which we believe will result in an eventual exit. Biochemicals will be de-emphasized, which will put the growth focus on food preservation and formulation, algal oils and Biomedical Polymers/Pharma. We continue to appreciate Cor...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Wim Hoste
- Guy Sips
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Wim Hoste
- Jacob Mekhael
MaaT Pharma Model update post € 9.1m capital raise
MaaT announced the completion of a capital raise of € 9.1m (at a 9% discount to closing price prior to deal announcement), and expects to use the net proceeds of € 8.7m to fund Xervyteg commercialisation preparation in Europe, advance MaaT033 development, and prepare for a pivotal US study of Xervyteg in 2026. This capital raise unlocks a € 6m EIB tranche, extending the company's cash runway to August 2026. Upon anticipated EU approval of Xervyteg in mid-2026, MaaT is eligible to receive a € 12m...
- Guy Sips
Agfa “Shrinking Business” & “Not-So-Growth Engines”
After three quarters, Agfa's 9M25 “Mature Business” (Radiology and Film DPC) sales dropped -6.4% y/y, driven by the accelerating medical film decline. While its “Growth Engines” (HealthCare IT, Digital Printing Solutions, Green Hydrogen Solutions) are intended to offset this, they also fell -0.9% y/y in the first nine months. We remain cautious (Hold; €1.0 Target Price) until strategic measures deliver and growth engines regain momentum.
- Wim Hoste
Titan Firing on all cylinders – upping Target Price
After having achieved solid earnings growth in the past four years, TITAN recently announced new, ambitious mid-term targets which call for a € 1bn EBITDA by 2029, which represents 62% growth from the current EBITDA. TITAN is seeking growth in both its core heavy materials businesses as well as through growing its alternative cementitious materials platform and enlarging the product portfolio (eg in precast solutions). The rock solid balance sheet with a net debt/EBITDA of only 0.5x gives TITAN ...
- Hilde Van Boxstael
- Jacob Mekhael
- Wim Lewi
- Jacob Mekhael
- Mathijs Geerts Danau
Onward Medical ARC-EX US home use label expansion broadens commercial ...
Onward announced that it has received 510(k) clearance to expand the ARC-EX system indication for home use in SCI patients in the US. This follows the initial approval for clinic use obtained in 4Q24, and we believe this expansion could unlock sales beyond rehabilitation clinics and to individual patients, which in our view is key to broaden the commercial potential of the ARC-EX system. With 70 devices sold in 9M25, we believe FY25 CSS of 150 devices sold is within reach, and look forward to ne...
- Mathijs Geerts Danau
Hyloris Positive results for IV Aspirin, NDA will be submitted
Hyloris announced positive topline results from a pivotal study in healthy volunteers for IV aspirin. The trial achieved all its targets, enabling progression towards submission of a New Drug Application (NDA) in 2026 and expected approval in 2027. IV Aspirin is intended to be used in acute coronary syndrome and is part of Hyloris's CV portfolio, for which Hyloris needs to announce a commercial partner in the US. We model € 52m peak sales by 2037. We reiterate our HOLD and € 6 TP.
- Mathijs Geerts Danau
MaaT Pharma Launches capital increase for gross proceeds of € 9m ...
MaaT announced the launch of a capital increase through a private placement with qualified investors and retail investors. The company intends to raise € 9m, the funds will extend the runway to summer 2026 (previously February 2026). MaaT plans to use the proceeds to fund the company's development and commercialization of Xervyteg. Trading will be suspended until at least November 14 after market close. We view this raise as a positive and reiterate our BUY rating and € 17 TP.
- Mathijs Geerts Danau
Inventiva Raises $ 150m gross proceeds in a public offering
Inventiva announced the issuance of ~39m new ADSs in a public offering in the US at an issue price of $ 3.85 per ADS (approx. 0.9% discount to the VWAP of Euronext trading the previous day) resulting in gross proceeds of $ ~150m and net proceeds of € ~121m. Inventiva's cash runway is extended to at least 1Q27 (previously 3Q26), assuming no Tranche 3 warrants will be issued. We plan to incorporate the new share capital and cash in our target price in the future. We view this raise as a positive a...
- Hilde Van Boxstael
- Lynn Hautekeete
- Mathijs Geerts Danau
- Wim Lewi
- Wim Lewi
Retail Estates 1H25/26 Results, no big acquisition, but managing the b...
RET reported its 1H25/26 results (September end) slightly below our estimates. EPRA EPS amounted to €3.06 vs. our expectation of €3.10. NRI grew 2.95% to €72.7m vs. 74.0m expected. Despite many bankruptcies, occupancy remained relatively stable at 97.4% vs. 97.6% over 1H24/25. Out of 19 outlets in restructuring, RET has relet 2 and is in exclusive talks on 10. The difference with our expectations results largely from lower net investments of €5.1m vs. €40.0m expected. The debt ratio increased 0....
- Mathijs Geerts Danau
Inventiva Launches capital increase for gross proceeds of € 108m
Inventiva announced the launch of a capital increase by way of underwritten public offering of ADSs in the US. The company intends to raise € 108m and will use the proceeds to fund the continuation of the phase 3 trial, and prepare for commercialization and an outcomes trial. We view this raise as a positive and reiterate our BUY rating and € 8 TP.
- Mathijs Geerts Danau
mdxhealth 3Q25 results continue adj. EBITDA profitability, guidance ma...
Yesterday evening mdxhealth reported 3Q25 results. The company had $ 27.4m in revenue up 18% y/y, with a gross margin of 65.2% representing a 4% improvement. OPEX was essentially flat leading to a second quarter of adj. EBITDA profitability of $ 1m. The company reiterated its FY25 revenue guidance and reported that it will fully focus on integrating the ExoDx acquisition into the business in the 4Q25. Therefore, it will postpone Germline and re-evaluate the opportunity in 2026. We reiterate our ...
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