reports
- Wim Hoste
Cementir Holding Closing of sale of Turkish Kars plant
The closing of the earlier announced sale of the Turkish Kars cement plant streamlines Cementir's Turkish operations with the remaining part being the activities in Western & Central Türkiye. We remind that at the time of the recent 3Q results release Cementir confirmed its FY25 guidance which calls for a Non-GAAP EBITDA of € 415m (+4% y/y) and which implies a strong 4Q. Cementir's diversified footprint with some key regional strongholds like Denmark and Belgium along with a deeply vertically in...
- Guy Sips
- Jacob Mekhael
- Wim Lewi
- Wim Lewi
Montea Montea announces 19.2m Contribution in Kind in Beringen
Montea announced the acquisition via contribution in kind (CiK) of the former Euro-Shoe site in Beringen for €19.2m. The multifunctional site spans 53.5k sqm with a 20k sqm warehouse and 2.5k sqm offices from 2005 (renovated 2023). Thanks to the spacious parking, Montea believes there is expansion capacity and it expect a NOI yield of at least 7%. The site is vacant at the moment (offered by CBRE), but Montea is in negotiation with a tenant. The location is close to the E313 highway connecting A...
- Guy Sips
Biotalys Received regulatory approval for Evoca
Biotalys announces it has received regulatory approval for Evoca (its first Biofungicide) from EPA, the US Environmental Protection Agency. We maintain our Buy rating. Recall we already upped our TP from €6.1 to €7.5 end October 2025 when EPA issued proposed registration decision for Evoca. At that moment, the EPA also posted a final rule exempting Evoca's active ingredient residues on treated crops from tolerance requirements. Positive is that no maximum residue limits will apply given Evoca's ...
- Kristof Samoy
Aalberts Divestment announcements as per strategic plan of last Decemb...
Aalberts updated the market on its divestment programme as announced at last December's CMD. We appreciate the execution of the strategic plan which so far resulted in the July acquisition of the South-Asian semicon player GVT and today's disposals of some European Industrial and Building operations. As the disposal of Metalis (Industry) and equity dilution in KAN (Building) will only result in a modest book profit we estimate the transaction will not trigger a large SBB, especially as the dilut...
- Wim Hoste
Recticel FIRST LOOK: Acquisition of Miclar Group, upgrade to Accumulat...
With the acquisition of a 76% stake in Miclar Group, Recticel further strengthens its insulated panels business, which today consists of the businesses acquired via Rex and Trimo. The deal value looks very reasonable at 5.7x EV/EBITDA24. We have updated our forecasts resulting in a 7% increase in our 2026 EBITDA estimate. Recticel still has significant firepower for additional acquisitions and we would expect the company to continue to hunt for mid-sized acquisitions that further enlarge positio...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Wim Hoste
- Wim Lewi
- Guy Sips
DEME Another record year is taking shape
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 nearly 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. A major milestone in 2025 was DEME's acquisition of Havfram, an international offshore wind contractor based in Norway with around 50 employees. The deal carried an...
- Hilde Van Boxstael
- Livio Luyten
- Thomas Couvreur
- Wim Lewi
- Hilde Van Boxstael
- Livio Luyten
- Thomas Couvreur
- Wim Hoste
- Lynn Hautekeete
Ascencio FY25 results: +3.5% dividend per share
Ascencio reports FY25 results slightly below our expectations at € 5.56 EPRA EPS vs € 5.66 KBCSe. The difference comes from slightly lower rental income at € 53.9m vs € 54.4m KBCSe. Even though, the occupancy rate recovered 120bps versus 3Q25, the like-for-like rental income at 1.5% was still negatively impacted by rent reversion on two large Belgian leases. The property charges came in higher than expected on higher lawyer and agency fees due to FY25 bankruptcies. Combined with the overall lowe...
- Wim Hoste
Corbion Strategy update shows increased focus, upgrade to BUY
Corbion's BRIGHT 2030 strategy update revealed an increasing focus on clean label Food Ingredients, Nutrition and Biomedical Polymers/Pharma. Biochemicals are being de-prioritized and the strategic ownership review on PLA will most likely result in an exit. Financial targets include a 3-6% annual organic sales growth target and a c 2pp increase in the adjusted EBITDA margin by 2028. A disciplined approach on capex is expected to result in an average 8% FCF yield in the coming years with a streng...
- Kristof Samoy
CMB.Tech First look - 3Q25 release and 4Q to date fixtures confirm sce...
CMB.TECH already provided the market with a 3Q25 business update on October 20th in which it disclosed TCE rates and 4Q fixtures. Since then the company has been able to further lock in its crude and dry bulk tankers at rates well above break-even (fixtures going from ca. 44% to ca. 80% in 4Q to date). Over 3Q25, CMB.TECH reported a net profit of $17m ($0.07 p.s.). Corrected for $39m capital gains on vessel disposals, the adjusted EBITDA was $199m above our $189m forecast. The contract backlog r...
- Jacob Mekhael
Autolus NICE recommends Aucatzyl for r/r adult B-ALL in England and Wa...
Autolus announced that the National Institute for Health and Care Excellence (NICE) has published draft guidance recommending Aucatzyl (obe-cel, CD19 CAR-T) for use in the National Health Service (NHS) in England and Wales as a treatment option for adult patients (=26 years) with relapsed or refractory B-cell precursor acute lymphoblastic leukaemia (r/r B-ALL). Aucatzyl will be available through routine commissioning by the NHS, and Autolus intends to launch the product in England and Wales immi...
- Jacob Mekhael
- Kristof Samoy
- Thibault Leneeuw
- Wim Hoste
Bekaert Model update – Cash is king
We lowered our forecasts following the FY25 underlying EBIT margin guidance adjustment (from an 8-8.5% range to c. 8%), whilst welcoming the return to positive volume growth in 3Q. Bekaert has been struggling to grow recently as many of its important end markets (like automotive & construction) are inherently mature whilst some of the growth areas have not been living up to expectations (e.g. green hydrogen). Management is also looking at M&A to accelerate growth, but sizeable M&A is having a to...
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Lynn Hautekeete
Basic-Fit VAT from 6% to 12% on sports in Belgium
Yesterday, the Belgian federal government announced an agreement on the federal budget, which includes raising VAT on sports subscriptions from 6.0% to 12.0%. The BeNeLux region remains Basic-Fit's key profit driver, delivering a 46.5% EBITDA less rent margin in 1H25 compared to 12.0% across its other markets. For Belgium, we forecast FY25 revenue of approximately €250 million and underlying EBITDA less rent of €115 million. If the additional 6.0% VAT is absorbed without price adjustments, this ...
- Jacob Mekhael
Autolus Upping our Aucatzyl sales estimates in r/r ALL
Last week, Autolus reported 3Q25 results. Autolus reported 3Q25 sales of $21.1m, bringing the total for 9M25 to $51m. In our launch preview published in January 2025, we estimated Aucatzyl could generate $43m in FY25 sales vs. $37m CSS estimate. Ours and CSS initial estimates turned out to be conservative given that Aucatzyl generated $51m in 9M25. As such, we increase our Aucatzyl FY25 sales estimate in the US to $72.5m, and increase our peak market share to 50% (from 40%) supported by strong i...
- Wim Lewi
VGP Model update, recurrent EPS increases with pipeline acceleration
At the 10m25 update, VGP gave optimistic guidance on its pipeline and JV closings as it completes projects over 2H25 and 1H26. VGP differs from most REITS due to its JV-structure. Initially it develops for its own portfolio and recycles the capital afterwards by selling into a JV. Hence, VGP realises valuation gains in 2 stages. First, at the start of the asset construction as an unrealised gain estimated by experts (not included in EPRA EPS). Secondly, as the asset is transferred to a JV on the...
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