reports
- Lynn Hautekeete
Nextensa €120.0m transaction in Cloche D'or
Nextensa signed the largest office transaction to date in Luxembourg at €120.0m for the Rock. 30% of the asset had already been leased to Citi Bank and the other 70% will be taken by the unknown owner-occupier of this deal. The building offers 9,492 sqm or €12,642 per sqm, of high-end space spread over ten floors. The delivery of the building is schedule for mid-2027. Nextensa already obtained a permit and some of the ground works already took place. Construction will accelerate as of 2Q26, as o...
- Lynn Hautekeete
Basic-Fit New €307.6m convertible 2031 bond
BasicFit announced the successful pricing of a EUR 307.6m senior unsecured convertible bond due April 2031. The 5year bonds were issued at par with a 2.50% semiannual coupon and an initial conversion price of EUR 46.62, implying a 45% premium. Proceeds will be used for general corporate purposes, refinancing and to support accelerated organic and/or inorganic growth. Basic-Fit announces it has obtained a waiver for approx. €159.0m on its 2028 outstanding €303.7m convertible with a put option in ...
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Wim Lewi
Elia Group CREG publishes BE remuneration FY28-31 for consultation
Yesterday evening, the CREG (BE regulator) published a public consultation document (PRD 1109/13, in Dutch). This sets out the draft tariff methodology for the electricity transmission network for the 2028–2031 regulatory period. The tariff proposal and is open for consultation until 15 May and becomes final on 1 July. The company estimates that if approved, it will lift the current ROE of ETB from around 7% to above 8%. The main drivers are 3-fold. Firstly, the OLO 10y has moved up about 30bps,...
- Lynn Hautekeete
Basic-Fit 1Q26 trading update: guidance increase due to regulatory tai...
BFIT announced its trading update in line with our expectations. The underlying EBITDA guidance increases by €10.0m on the back of regulatory tailwinds in France and Belgium, which we still believe to be conservative. Likely some energy cost increases (80% hedged in 2026) are offset by regulatory tailwinds. Membership growth continues to be strong at +215k members on 33 new club openings vs +213 on 46 new club openings in 1Q25. The average number of memberships increases further to 2,981 vs 2,90...
- Hilde Van Boxstael
- Livio Luyten
- Lynn Hautekeete
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
- Mathijs Geerts Danau
Onward Medical € 40m capital raise extends runway to 1Q28
Onward announced the placement of 13.5m new ordinary shares in a private placement by way of an accelerated bookbuild offering at an issue price of € 3 per share (approx. 5% discount to closing price prior to deal announcement) resulting in gross proceeds of € 40.6m. Onward's cash runway is extended into 1Q28 (previously 1Q27), assuming no drawdown of the company's debt facility with Runway Growth. The transaction was supported by a € 25m investment from EQT Life Sciences. We update our model to...
- Jacob Mekhael
- Lynn Hautekeete
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Thibault Leneeuw
ASML Solid 1Q26, IBM and DUV (ARFi) lift FY26 guidance in line with CS...
ASML reported solid 1Q26 results, with revenue 1% above CSS expectations, driven by the strong IBM performance amid robust AI-driven demand and capacity constraints, particularly in memory. The stronger mix lifted gross margin by 80bps vs expectations, while diluted EPS came in 7% higher, supported by higher sales, margins, interest income and equity income. ASML maintained its FY26 gross margin guidance of 51–53%, where we see some upside, and revised FY26 revenue guidance to €36–40bn (from €34...
- Jacob Mekhael
UCB Presents real world data in epilepsy at AAN
UCB presented new global, real-world, patient-centric data that highlighted quality of life impacts for epilepsy patients and caregivers at the American Academy of Neurology (AAN) conference, being held 18-22 April. The data shows the impact of sleep disturbances on activities of daily living (ADL) and communication, the negative impact of prolonged seizures on daily activities including work productivity, and the benefit of treatment persistence with Fintepla, which led to reduced healthcare re...
- Lynn Hautekeete
Basic-Fit 1Q26 and CMD as key catalysts
We update our model ahead of the 1Q26 (16/04) results and CMD (21-22/04) The shift towards a franchise model fundamentally changes our thesis. It allows Basic-Fit to deploy strong free cash flow from its mature owned clubs towards faster deleveraging and potential shareholder returns in the near to medium term, addressing our previous key concern around prolonged high leverage. With the stock currently trading at a 6.9% FCF yield, expected to rise to 10.0% in FY27 and 11.8% in FY28, and a path t...
- Wim Hoste
Ontex Buckle up for the next inflation cycle
Raw materials inflation is back on the agenda with polypropylene and polyethylene up c. 30% YTD. The previous raw materials inflation cycles have learned that Ontex cannot pass such a sizable inflation swiftly to its customers but will need at least a few quarters to do so. We believe the FY26 guidance of 10% adjusted EBITDA growth is no longer achievable and have lowered our forecasts to now include a 3% y/y drop. Lowered forecasts also imply that the headroom vs debt covenants is shrinking, al...
- Guy Sips
- Michiel Declercq
- Guy Sips
Amoéba Brazil: an attractive growth market for biocontrol – AXPERA sho...
Amoéba has conducted, in partnership with Koppert, an extensive programme of field trials in Brazil to assess the potential of its AXPERA biofungicide technology on several key crops, such as soya and orange trees, of which Brazil is the world's leading producer. We maintain our Buy and € 1.4 Target Price.
- Hilde Van Boxstael
- Thibault Leneeuw
- Wim Lewi
- Thibault Leneeuw
ASML Strong AI momentum, memory cyclicality and market share risks
Over the past months, the strength of the AI cycle has been remarkably strong, reflected in significant increases in hyperscalers' CapEx, which have supported higher revenues for semiconductor manufacturers and driven incremental investments. Memory, in particular, benefitted from the strong increase in demand. We expect a strong year for ASML in 2026, but remain cautious on 2027 and beyond, mainly due to revenue and CapEx cyclicality at memory players and market-share expectations for ASML post...
- 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 ...
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