reports
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Hoste
DSM-Firmenich Lowering target price on vitamin normalization and peers...
After BASF has gradually lifted Force Majeure status on its vitamin operations in the past few months, vitamin prices have normalized quickly and the temporary pricing benefit dsm-firmenich enjoyed is now about to come to an end. As we were previously still banking on a more gradual normalization and still a bit of benefit in 2026, we have now adjusted our forecasts. We expect dsm-firmenich to still announce an ANH divestment in the near term and bank on a deal value of c. € 4bn. Taking into acc...
- Michiel Declercq
Colruyt Reiterates outlook, but improvement will be weighed towards 2H
During the AGM, Colruyt reiterated its outlook, aiming to match the EBIT and net result of last year. This translates into an EBIT of € 470m and net profit of € 350m as the French activities will be classified as discontinued operations. Note that the outlook excludes any potential one-offs (France restructuring and Foodbag). However, Colruyt added that it expects an EBIT decline in 1H, which will be offset in 2H. While the group reiterated that the environment remains challenging, Colruyt menti...
- Wim Lewi
CTP CMD comments from the management presentation
The CMD started in a brownfield in Wuppertal with management presentations after the Press Release. A lot of attention was given on explaining the increase of the 2030 GLA target from 20m to 30m. This drew some scepticism in the Q&A. It is largely explained by compounding 10-15% growth, adding 2-3m sqm in acquisitions and opening up new regions like Italy or Vietnam. After the opening remarks, the dust has settled in this old industrial production hall and more presentations follow. We are inte...
- Jacob Mekhael
- Mathijs Geerts Danau
Life Sciences Conference 25 Sep 2025
KBC Securities will host its annual life sciences conference on 25 September in Brussels. The event will include 14 exciting companies, both public and private, from the BeNeLux ecosystem and beyond. In this conference note, we provide an overview of the attending companies, as well as an outlook on KBC Securities' life sciences broader coverage.
- Kristof Samoy
- Livio Luyten
- Wim Lewi
- Livio Luyten
Sofina Sofina launches €545 rights offering
This morning Sofina announced a rights offering of up to €545.6m, issuing a maximum of 2,446,428 new shares at €223.00 per share. This represents a 12.1% discount to the TERP of €253.61 (based on the 23 September 2025 closing price of €255.80). The subscription ratio is 1 new share for 14 preferential rights. The proceeds aim to enhance Sofina's investment platform, enabling increased capital deployment, larger investment tickets, and flexibility in exit timing. Sofina's reference shareholder (c...
- Guy Sips
Miko 1H25 saw significant price increases next to a 7% y/y volume incr...
The significant price increases next to a 7% y/y volume increase helped to protect its 1H25 results. We updated our model incorporating that coffee prices remain high and volatile. Also Miko indicated that thanks to these price evolutions it is very difficult to make any predictions about the future. We also incorporated that recently Miko has secured a €6.75m settlement in a dispute over the earn-out following the sale of the plastics processing division in 2021. The result of this settlement ...
- Wim Lewi
CTP Update from CMD in Germany NRW region
CTP kicked off its 2-day CMD that started with a management presentations in Wuppertal. A press release at 8h00 increased its 2030 GLA ambition to 30m sqm (was 20m). That implies an average addition of about 3m sqm annually. The statement refers to a 10-15% organic growth mainly from existing parks. CTP also narrowed the range of completions for FY25 from 1.2-1.7m sqm to 1.3-1.6m. The completions range for FY26 was set at 1.4-1.7m sqm. The EPRA EPS25 guidance was confirmed at 0.86 to 0.88 range....
- Kristof Samoy
Fugro Trouble comes in threes
Past Monday, Fugro surprised the market with another profit warning. While the long-term outlook remains fundamentally positive, this new warning further undermines investor confidence, especially as the updated FY25 guidance was issued only seven weeks ago. In our view, the lack of visibility and the potential for further disappointments are balanced by attractive long-term demand dynamics, a solid balance sheet, and ongoing cost and capex reductions. As a result, we rate the stock Hold. Our ne...
- Jacob Mekhael
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
UCB Bimzelx 3-year HS data R&D call takeaways
Yesterday, UCB hosted an R&D call to dive into the 3-year data for Bimzelx in hidradenitis suppurativa (HS), presented last week at EADV 2025, which showed sustained or deepening HiSCR responses. Draining tunnel count continued to decline, improving quality of life, with DLQI 0/1 responses continuing to increase up to 148 weeks. KOLs John Ingram and Amit Garg favoured Bimzelx over other therapies incl. IL-17, citing its depth of response and real-world efficacy, and highlighted the need for earl...
- Wim Hoste
Cementir Holding Solid as a rock
We initiate coverage on Cementir with a BUY rating and € 18 target price. Cementir's diversified footprint with some key regional strongholds like Denmark and Belgium along with a deeply vertically integrated model in those regions allows to realize solid profitability, as witnessed by a 24% group EBITDA margin and 17% ROCE in 2024. A sizeable net cash position gives Cementir significant firepower for acquisitions in a still fragmented cement industry whilst the presence of a reference sharehold...
- Wim Lewi
Xior Harvesting the Dutch Landbank with an eye on LTV
Years before its BaseCamp bid (May'22), Xior invested in a bold Dutch residential pipeline. It acquired mainly old offices for conversion. These projects were iced as its LTV hit emergency levels in 2023. With LTV now below 50%, these non-yielding assets can be developed at a very gradual pace. Despite the dire shortage in the Dutch residential market, the political situation and regulations delay and limit returns on these investments. However, the cost-to-come for some of these projects is rel...
- Hilde Van Boxstael
- Kristof Samoy
- Wim Lewi
- Livio Luyten
Whitestone Group ECP becomes the first successful portfolio exit
Whitestone Group achieved its first portfolio exit. It sold its 20% stake in Luxembourg-based European Capital Partners for €2.2m, realizing a €1.2m capital gain and a 22% IRR (2.7x MOIC). This sale of ECP amounted to €2m, while the stake in ECP Participations (offices) was sold for €157k. The exit supports ongoing collaboration on a Multi-Assets fund while enabling external growth at ECP via a new shareholder. This transaction aligns with the strategic goal to divest 50% of assets by 2030 to un...
- Kristof Samoy
Fugro Third time not lucky - third profit warning in 12 months time
Following a profit warning last November and last April Fugro now issued a third one. This morning it updated its financial guidance for 2025, following significant changes in market conditions in recent weeks. While the company still expects 2H25 to show a notable improvement compared to the first half, the previously guided 20% revenue growth in 2H25 is deemed no longer realistic. A wide range of projects is said to have been affected – with most experiencing postponements into 2026 and some b...
- Livio Luyten
Brederode Currency headwinds weigh on the private equity portfolio
In 1H25, Brederode's NAV per share declined 4.4% to €135.2 (vs. €141.4 at FY24-end). The decline was driven by a €164.7m loss in the Private Equity portfolio, now valued at €2.7bn. The primary cause was the USD's depreciation of over 14% during the period. With ~66% of the Private Equity portfolio exposed to USD, currency risk remains a concern. The listed securities portfolio partially offset the loss with a €24.9m gain, led by strong performances in electricity and healthcare sectors. Cash flo...
- Guy Sips
- Hilde Van Boxstael
- Livio Luyten
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
Onward Medical Publishes ARCIM data on blood pressure regulation in Na...
Onward announced two publications of detailed results from the clinical feasibility studies of ARC-IM therapy in blood pressure regulation in Nature and Nature Medicine. The publications build on the previously reported interim results, and continue to highlight the benefit of the ARC-IM system for SCI patients that have blood pressure instability. Note that ARC-IM for blood pressure instability is the next in line indication for Onward, where a pivotal (Empower BP) study is due to start by YE25...
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