reports
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Lynn Hautekeete
Wereldhave Initiation note: Daily Life, Lifetime Returns
Over a 1-year period Wereldhave had a total return of 49.0%, a 34.3% outperformance vs. the EPRA index. The timing of this initiation comes after the stock already re-rated. We expect Wereldhave to outperform the midpoint of its FY26 guidance by 3.7% and see the premium to peers as justified given the growth rate. We initiate with an Accumulate rating and €23.0 TP.
- Wim Lewi
Shurgard Defending the moat weighs on short term profits
We believe that the cautious outlook at the results on 26/2 is related to new developments from the LNS acquisitions that are added to the All-Store income at low initial Occupancy and YoC%. Shurgard now expects the EPRA EPS growth to average between 6-8% over FY27-30 (10% KBCSe). Shurgard continues its UK expansion with the completion of 5 developments (LnS pipeline) and 1 from its original pipeline in FY26. These completions have an impact on its short term all-store metrics as new developmen...
- Wim Hoste
DSM-Firmenich FIRST LOOK Investor Update: no surprise on guidance & mi...
Following the recent divestment announcement of ANH, dsm-firmenich presents is updated strategy & targets in an Investor Update which will take place in London today. After the ANH divestment, dsm-firmenich will focus on its consumer oriented businesses. As previously hinted at, Dsm-firmenich reiterated the mid term financial targets for organic sales growth and adjusted EBITDA margin whilst it has upped the cash conversion target from =10% to =14%. The guidance of 2026 is a bit more cautious th...
- Kristof Samoy
Aalberts Better early than sorry – upgrade following portfolio reset
Aalberts reported FY25 results showing continued pricing discipline and improved working capital management. While Building is bottoming out, Semicon will lead the earnings recovery. In the meantime, ambitious (German) infrastructure and defence spending plans should prepare the rebound in Industry from 2027 onwards. Strengthened confidence in our forecasts and an attractive valuation underpin our upgrade to Accumulate (from Hold) with a new €39 TP (from €33).
- Wim Hoste
Cementir Holding FY25 results confirmed, FY26 guidance calls for sligh...
Final FY25 results were fully in line with the preliminary data released in February. FY25 Non-GAAP EBITDA jumped by 15% in absolute terms or by +1% on a recurring base (excluding incidentals). FY26 guidance calls for 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 regions allow...
- Guy Sips
Amoéba Announcing its first order from its partner Koppert
We welcome Amoéba announced its first order from its partner Koppert. As a result Amoéba delivered on its promise to become a commercial company. Recall that Amoéba's biocontrol activities are now structured around its subsidiary Green 4 Agro. Amoéba stressed that this first order is proof of the promising nature of its partnership with Koppert. We reiterate our Buy rating and € 1.5 Target Price.
- Lynn Hautekeete
Basic-Fit FY25 results: results and outlook in line with trading updat...
Basic-Fit reports its FY25 1.0% above its trading update given in January 2026 at €348.0m underlying EBITDA less rent vs €344.0m in January, +11.0% YoY. The outlook is unchanged at €1.64-1.69B revenue (incl. Clever Fit) and €405.0m-€445.0m underlying EBITDA less rent. In the first 10 weeks of FY26, membership growth continued at + 200k members, in line with the growth of the 220k members in 1Q25 but likely at a lower amount of new club openings (+41 in 1Q25 vs unknown now). Basic-Fit reports a p...
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Guy Sips
Agfa FIRST LOOK-Good performance of Digital Printing Solutions &Health...
4Q25 (€29m EBIT (KBCSe € 14.2m, CSS € 15m) on €306m sales (KBCSe 319.4m, € CSS 315m) saw good profitability (9.5% REBIT margin vs our 4.5% and CSS 4.8%) as within DPC (Digital Print and Chemicals), the Specialty Films & Chemicals activities and Green Hydrogen Solutions growth engine posted revenue growth, with a very good 4Q performance of Zirfon.
- Jacob Mekhael
UCB Bimzelx shows superiority vs. Skyrizi in head to head PsA trial
UCB announced positive topline data from the BE BOLD trial assessing Bimzelx (IL-17 A/F antibody) vs. Skyrizi (IL-23 antibody) in adults living with active psoriatic arthritis (PsA), where Bimzelx demonstrated statistically significant superiority over Skyrizi in the ACR50 primary endpoint at week 16. This positive readout is an important development for Bimzelx given the PsA market is the second largest after PsO. IL-23 has gained more share vs. 1L-17 in PsA to date, however, today's topline re...
- Michiel Declercq
D'Ieteren Strong FY25 results with Belron meeting guidance, conservati...
D'Ieteren reported good FY25 results, with the adj. PBT (gs) of € 956m exceeding expectations (kbcse: € 943m, css: € 921m). This implies a 3.8% increase on a comparable basis, or in line slight increase that was guided at the start of the year. The performance was predominantly driven by an exceptionally high Belron margin of 24.4% in 2H25, hereby offsetting analyst concerns after a softer 1H25. While the LSD to MSD growth outlook for the Adj. PBT (gs) somewhat disappointed, driven by margin pre...
- Guy Sips
- Michiel Declercq
- Wim Lewi
- Guy Sips
DEME They Came, Dredged/Drilled, Delivered — Standing Still Isn't in t...
DEME is a world leader in the specialised fields of dredging, marine infrastructure, solutions for the offshore energy market, and environmental works. DEME can build on exactly 150 years of know-how and experience and has fostered a pioneering approach throughout its history, being a front runner in innovation and new technologies. We raise our Target Price —from € 230 to € 240, in line with our DCF—after updating our model to reflect higher FY26E and outer-year EBITDA margins. Recall that FY25...
- Michiel Declercq
Proximus Dividend reset, value intact
At the end of February, Proximus presented its new 2026–2028 ambitions during a CMD. While the FCF outlook surprised positively, driven by lower capex spending, this was overshadowed by a dividend cut from €0.60 per share to €0.30 per share, with a gradual recovery to €0.50 per share by 2028. Although the dividend cut was unexpected, we had previously flagged that the dividend was not covered by free cash flow. As we view the dividend cut as a logical step that does not impact our valuation, we ...
- Wim Lewi
Elia Group FY26 outlook powered by German unit 50Hz, model update
Elia initiated a strong FY26 outlook for Net Group Profit between EUR 690m and 740m vs. our new estimate of 699m. The outlook is now based on a 10y OLO of 3.2% vs. 3.1% previously and a 10y bund of 2.8% vs. 2.5%. In Germany (50Hz), the outlook is particularly strong thanks to high Capex remuneration and Interest capitalisation. We expect Elia shares to consolidate its strong performance as it has been a good hiding place in the current market uncertainty. Grids have become part of the Datacente...
- Hilde Van Boxstael
- Livio Luyten
- Wim Lewi
- BC-bc user
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Livio Luyten
Holdings Report February 2026
In this Holdings report we review the European private equity landscape following a landmark 2025. We saw record deal values, improved exits, and strong mid-market activity in France & Benelux, which continues to support a constructive backdrop for our covered names. We discuss recent developments at GBL (downgraded to Accumulate as most catalysts now appear priced in after sharp discount compression) and HAL Trust (target reached, re-evaluating while maintaining Accumulate amid portfolio streng...
- Lynn Hautekeete
Eurocommercial Properties FY25 results: operational KPI's improve on a...
Eurocommercial reports results -1,7% below our EPRA EPS expectations and the visible alpha CSS on higher than expected investment and interest expenses. The investment expenses are likely related to the € 110,0m Swedish acquisition announced this week. The operational metrics improved materially on all fronts vs 3Q25: collection rate, OCR, Vacancy. Momentum continued in January 2026 as total retail sales were up +6,5% YoY. Over FY25 the portfolio valuation increased by +1,9% driven by higher NO...
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