reports
- Livio Luyten
Holdings Report - June 2025 KBCS Holdings Universe Return -0.4% During...
1M Performance - Absolute Total Return: During Jun'25 (1M period), the KBCS Holdings Universe posted a total return of -0.4% which was mainly driven by the performance of the single-asset holdings (-5.0%), while the multi-asset holdings posted a return of +1.7%. The 3 top performers during the period were Sofina (+9,9%), Financière de Tubize (+5.6%) and Whitestone Group (+5.5%) while the 3 worst performers were Heineken Holding (-7.8%), KBC Ancora (-5.1%) and Ackermans & Van Haaren (-3.1%). YT...
- Hilde Van Boxstael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thomas Vranken
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Jacob Mekhael
MaaT Pharma Partnership with Clinigen secures MaaT013's EU commerciali...
MaaT signed a licensing, distribution, and commercial supply agreement with Clinigen in Europe for Xervyteg (MaaT013, microbiome therapy, enema formulation) in aGvHD for a € 10.5m upfront, € 18m in milestones, and mid-thirties flat royalty on sales. We believe this deal serves as validation of MaaT013's potential, and see the partnership as a de-risking event for MaaT013's commercialisation in Europe, given Clinigen's experience commercialising in haemato-oncology, with 3 products currently on t...
- Wim Lewi
VGP Russelheim permit for Green Campus received
VGP received the final building permit to begin construction of the new Stellantis Germany and global Opel headquarters in Rüsselsheim or “grEEn campus project”. Initial work has already begun, but permitting brownfield construction is more complex. The site spans 100k sqm and is part of a larger 700k sqm area acquired in FY23. A photovoltaic system and green roof will generate energy. A lot of development opportunities remain on the surrounding land. This project is part a large brownfield oppo...
- Guy Sips
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
- Thibault Leneeuw
Alfen Early retirement CEO
Alfen announced last evening that its CEO, Marco Roeleveld, will retire by the end of the year due to health reasons. Roeleveld, who led Alfen through its 2018 IPO and significant growth, emphasized that the decision, though difficult, is necessary to focus on his recovery. The Supervisory Board has initiated the search for a successor and expressed confidence in a smooth leadership transition. Alfen enters a transition phase where the appointment of a new CEO and the definition of a refreshed s...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update July: Removing Fagron and Melexis, Adding...
Since the last publication of our Dynamic Top Pick List on 5 June 2025, our selection has seen again a nice outperformance versus the reverence indices (AEX, Bel20 and Eurostoxx50) of on average 3.3%. Our July update brings 3 adjustments to the list : Since being added to the list in December 2024, Fagron's share price has surged +/-22%, driven by strong Q1 2025 results and robust growth across all regions. Fagron reaffirmed its FY25 guidance and unveiled its “Compounding for Growth” strategy, ...
- Guy Sips
Melexis Shifting Gears, Not Expectations
We are revising our rating on Melexis from Buy to Accumulate, while raising our TP to €78 (from €70), reflecting growing confidence that the inventory correction is nearing its end. We still see structural tailwinds over the medium to long term, supported by rising semiconductor content from the modernization of automotive platforms and the increasing adoption of robotics. We welcome the market's shift in focus beyond near-term challenges, with signs that it is beginning to price in the next upc...
- Michiel Declercq
JDE Peets CMD: Launches new strategy and financial ambitions
Today, JDE Peet's will hold a CMD in Amsterdam where it will unveil its “Reignite the Amazing” strategy. The new strategy focuses on 3 big bets, including Peet's, L'Or and 10 local icons led by Jacobs. Additionally, the group is targeting € 500m in productivity savings, of which 50% is expected to be achieved by 2027. The group further also disclosed new LT targets, including an Adj. EBIT CAGR of 3-4% in FY26/27, 4-5% in FY28/29 and 5-8% between FY30/32. This compares to a mid-single digit organ...
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Jacob Mekhael
argenx FDA FAERS reporting flags Vyvgart Hytrulo in routine update
Yesterday during trading hours, the FDA flagged worsening of CIDP with Vyvgart Hytrulo as a new safety signal via a routine update to the FDA adverse event reporting system (FAERS), which sent the argenx' stock down approx. 8%. While CIDP worsening was also reported in patients switching between treatments from IVig to SCig in the PATH study, physicians navigate treatment switches carefully, and based on argenx' own post-marketing surveillance,
- Thomas Vranken
Onward Medical FIRST LOOK: ARC-EX filed for home use in US and CE mark...
Onward has submitted two key regulatory applications for its ARC-EX system, a non-invasive neurostimulation device designed to improve hand function after spinal cord injury. Following its US clinic-use approval in December 2024 and initial sales of ten units in Q1 2025, the company has now filed a 510(k) with the FDA to enable home use in the US and a CE mark application under MDR for commercialization in the EU. Onward expects both approvals by YE25. The company remains confident in meeting it...
- Thomas Vranken
Biotalys The planned Evoca-tion of a first US approval
Biotalys is a Belgian AgTech company developing protein-based biocontrols through its proprietary Agrobody Foundry platform. The company aims to replace traditional chemical pesticides with safer, sustainable alternatives. The company recently guided for market approval in the US for its lead product Evoca by the end of September 2025, which would reflect an important value inflection point for the company. We have updated our model, and taking into account the expected near-term trigger, raise ...
- Jacob Mekhael
argenx FIRST LOOK: ARGX-119 Ph1b shows POC in CMS, Ph3 in preparation
argenx announced its plan to advance the clinical development of ARGX-119 (muscle-specific kinase [MuSK] agonist antibody) to a registrational study in patients with congenital myasthenic syndromes (CMS) following the analysis of topline data from the phase 1b study, which showed consistent improvements through the 12-week study across multiple efficacy scores. This marks the 3rd candidate to advance to phase 3 from argenx' internal pipeline, which in our view supports the company's future growt...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Thomas Couvreur
- Kristof Samoy
Fugro Securing $340m multi-year subsea inspection contracts with Petro...
Last Friday Fugro reported it has secured four Petrobras contracts for subsea inspection and monitoring in Brazil, valued at approximately $340m over four years starting in 4Q25 with optional one-year extensions. Three contracts are renewals under improved terms, while one is new and incremental. All were already included in Fugro's 12-month backlog as of March 2025. Each contract is vessel-specific, with two operated by Fugro and two by partners, all equipped with ROVs. The scope includes expan...
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Akzo Nobel Sale of 75% Akzo Nobel India stake leads to € 900m net cash...
Unsurprising and in line with earlier announced strategic guidelines, Akzo Nobel announced to have signed an agreement to divest its 75% stake in Akzo Nobel India for net cash proceeds of c. € 900m, with the overall deal valuation roughly in line with current stock market valuation. The EV/EBITDA of the transaction is a very healthy 22x multiple. Akzo will use the proceeds to partly deleverage (€ 500m) while it intends to launch a €400m share buyback program after closing. We expect Akzo to cont...
- Thomas Vranken
UCB FIRST LOOK: Fintepla scores Phase 3 win in third epileptic indicat...
UCB announced positive Phase 3 results for Fintepla in treating CDKL5 deficiency disorder (CDD), a rare and severe early-onset epileptic condition with limited treatment options. The randomized, placebo-controlled study in patients aged 1–35 met its primary and secondary endpoints, showing a significant reduction in countable motor seizures and a favourable safety profile. UCB plans to announce the full dataset at an upcoming conference and seek regulatory approval promptly. This marks Fintepla'...
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