reports
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update March 2026: Removing Aedifica – Adding Pr...
The tariff war between US and China has eased, but with the Iran conflict and an erratic Trump, uncertainty will continue into 2027. Energy prices have gone ballistic, with gas prices doubling in Europe and has hit the cyclical stocks hard. The highly anticipated AI productivity gains also will have to transpire sooner or later or a US market correction becomes unavoidable. While the macro-economic impact has been limited so far, a prolonged uncertain situation will result in economic damage. We...
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
AED AEDIFICA SA
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
- Thibault Leneeuw
ASM International Upside on FY26 estimates already reflected in the va...
We provide more colour in this note on our change in TP and recommendation following ASMi FY25 results, which were good given the improved outlook. We see upside on the FY26 estimates, yet expectations for FY27 are already high and leave little room for upside, while the valuation is also above the historical average. We derive a fair value of €658 p.s. based on our FY27 diluted EPS of € 22.1 and a PE multiple of 30x. Given the downside we reduced our recommendation this morning from Accumulate ...
- Michiel Declercq
D'Ieteren Sensitivity analysis on IPO rumours and earnings preview
According to Bloomberg, D'Ieteren Group has appointed Rotschild to explore strategic options for its controlling stake in Belron, people familiar with the matter said. Options considered include an IPO in the US or in the EU, with a valuation of upwards of $30bn and close to $40bn. Deliberations are preliminary and D'Ieteren could decide to keep its stake in Belron, people said. Any IPO plan would need to be agreed by the entire ownership of Belron, including CD&R, H&F, GIC and Blackrock. In thi...
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Jacob Mekhael
UCB In-licenses preclinical bispecific TCE for B-cell autoimmune disea...
UCB and Antengene entered into an exclusive worldwide license agreement to further develop, manufacture and commercialize ATG-201, a preclinical CD19/CD3 bispecific T-cell engager. UCB will pay $ 80m in upfront and near-term milestone payments, development and commercial milestones of up to approx. $ 1.1bn, and royalties on future sales. ATG-201, being a bispecific T-cell engager, builds on UCB's autoimmune expertise, and given its potential to address a broad set of B-cell driven autoimmune dis...
- Lynn Hautekeete
Care Property Invest Model update: Apricusa bankruptcy results in outl...
Care Property Invest reports FY25 in line with its 3Q25 guidance. In line with previous quarters there was a negative leasing spread (-1.08%), but the EPRA cost ratio further improved to 15.6% (+110bps). The FY26 outlook of € 1.07 EPRA EPS is below our expectations (€ 1.09) and below the € 1.11 consensus estimates. The difference is driven by the Apricusa bankruptcy announced early January (- € 0.02 EPRA EPS impact), lower than expected indexation forecasts (i.e. 1.3% for BE) and rent cuts/provi...
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Wim Hoste
- Lynn Hautekeete
Care Property Invest FY25 results: Apricusa bankruptcy results in outl...
Care Property Invest reports FY25 in line with its 3Q25 guidance. In line with previous quarters there was a negative leasing spread (-1.08%), but the EPRA cost ratio further improved to 15.6% (+110bps). The FY26 outlook of € 1.07 EPRA EPS is below our expectations (€ 1.09) and below the € 1.11 consensus estimates. The difference is driven by the Apricusa bankruptcy announced early January (- € 0.02 EPRA EPS impact), lower than expected indexation forecasts (i.e. 1.3% for BE) and rent cuts for B...
- Livio Luyten
Ackermans & van Haaren Tempering our expectations for the private bank...
Recently, the AvH stock rose above our €272 target (set 1 year ago), and for good reasons. FY25 results exceeded expectations, with core participations delivering record contributions overall. Entering 2026, we have updated our valuation model for the private banking segment. Recent financials and a noticeable compression in forward peer multiples have led to modestly lower current valuations and a more material reduction in our forward (FY26E) target valuations. Based on our forecasts of €294m ...
- Jacob Mekhael
Pharvaris Presents supportive data for deucrictibant in HAE at AAAAI
Pharvaris presented multiple datasets for deucrictibant in HAE patients in both the on-demand and prophylactic settings at the AAAAI conference. While acknowledging the usual caveats of cross-trial comparison, we believe the data gives deucrictibant a slight edge over Ekterly in the on-demand setting, where a larger proportion of deucrictibant-treated patients achieved onset of symptom relief within 12 hours (90% vs. 76% with Ekterly). In the phase 2 OLE in the prophylactic setting, long term ou...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- Wim Lewi
CTP A more rational development and accounting strategy
CTP shares took a beating after the FY25 results as the consensus probably expected a higher completion number and the capitalisation of interests clouds the outlook comparability. We actually like both trends. Firstly, there is no point for more completions and speculative investments in CEE as it would destroy value for all logistic developers in the market. Capitalising interest also make sense as it increases the comparability with the pure REITS, but EPRA accounting still overlooks the larg...
- Wim Hoste
Syensqo Model reset after disappointing FY26 outlook, downgrade to Acc...
Syensqo negatively surprised the market last week with weaker than expected 4Q results and with a FY26 underlying EBITDA guidance of c. € 1.1bn, which was c. 15% below our and consensus forecasts and represents a c. 7% drop vs 2025 actuals. While part of the earnings pressure in recent years relates to a more difficult macro-economic environment, a number of businesses has seen a more intense competition and also pricing pressure, including in the recently divested Oil & Gas, Aroma Performance a...
- Guy Sips
EVS Broadcast Equipment FIRST LOOK– Good results & Confident to see co...
Despite all the geopolitical and macroeconomic challenges, FY25 order intake increased y/y 7.8% to € 225.0m, incl. € 14.8m for Big Event Rental (BER) and FY25 revenues increased 5.1% y/y to € 208.1m (KBCSe € 198m). Excluding the FY24 Big Event Rental, the growth would be 14.2% and excluding FX it would have been 6.9%. We maintain our positive stance (Buy, € 45 Target Price) as the order intake of 2025 strongly contributed to its longer-term order book with some important longer term deliveries...
- Lynn Hautekeete
Qrf Model update: rental income above expectations, TP increase
QRF reports results above our estimates on higher than expected rental growth, +2,4% like-for-like, + 5,1% YoY. The negative earnings growth (- 6,96%) from the CASA bankruptcy had a € 0,09 EPRA EPS impact. Excluding this impact, EPRA EPS would have grown by 2,2%. The outlook of € 0,84 DPS remains unchanged in line with our expectations. Most impressive are the fair value gains on the recently acquired assets: + €8,4m on Feest and Cultuur Paleis and +€ 4,01 on the City 25 portfolio coming from de...
- Wim Hoste
Recticel Feedback conference call
Below are the highlights of the conference call. FY25 adjusted EBITDA increased by 12.5% and was in line with our forecasts while being 4% above consensus. Although expecting continued volume growth in 2026, Recticel does not provide a guidance at this stage, citing ao input cost volatility. CEO Jan Vergote will become Executive Chairman, while the current CEO of Recticel's Insulation Boards division, Stefaan Debusschere, will become new group CEO. Recticel still has significant firepower for ad...
- Wim Hoste
Fugro FIRST LOOK: weak 4Q, comforting offshore wind comments, savings ...
FY Adj.EBIT landed at €90.9m, below our estimate (€96m) and above consensus (€84m). Resulting margin is at 4.9% (vs. our 5.2% E). Backlog for the next 12m stands at € 1396m (-5.7% comp y/y). Full year revenues were mainly derived from Oil&Gas (45%, -2% y/y) and Renewables (26%, -40% y/y). Leverage remains under control at 1.4x. As foreseen no quantitative guidance on 2026 was issued. Positive is that the savings ambition is revised to the upper end of the previous € 100-120m guidance whilst we a...
- Guy Sips
- Hilde Van Boxstael
- Livio Luyten
- Mathijs Geerts Danau
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- Lynn Hautekeete
Qrf FY25 results: rental income above expectations, TP increase
QRF reports results above our estimates on higher than expected rental growth, +2,4% like-for-like, + 5,1% YoY. The negative earnings growth (-6,96%) from the CASA bankruptcy had a € 0,09 EPRA EPS impact. Excluding this impact, EPRA EPS would have grown by 2,2%. The outlook of € 0,84 DPS remains unchanged in line with our expectations. Most impressive are the fair value gains on the recently acquired assets: + €8,4m on Feest and Cultuur Paleis and +€ 4,01 on the City 25 portfolio coming from de...
- Michiel Declercq
Proximus Targeting € 400m FCF by 2030, dividend cut in FY26
Proximus reported solid 4Q25 results, with the underlying EBITDA of € 437m broadly in line with expectations (kbcse: € 433m, css: € 434m) while the FY25 organic FCF of € 130m came in slightly ahead (kbcse: € 107m, css: € 102m). Although the outlook 2026 was broadly in line, we welcome the lower capex spending of between € 1.20- € 1.25bn (kbcse: € 1.30bn, css: € 1.29bn), resulting in a better than expected FCF guidance for 2026 of up to € 100m (kbcse: € 39m, css: € 24m). By 2030, the group expect...
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