reports
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Kristof Samoy
- Wim Hoste
Cementir Holding 9M25 results show acceleration of EBITDA momentum in ...
Cementir saw 9M25 Non-GAAP decrease by 1.8% with a clear acceleration of performance in 3Q25 (+5% y/y or +6.5% excluding some non-recurring charges in Belgium). Importantly, 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 integrated model in those regions allows to realize solid profitability, as witn...
- Thomas Couvreur
ABN Amro CMD expectations sky high, leaving limited room for positive ...
ABN Amro has had a tremendous run this year. There is a very positive story to tell about ABN Amro, underpinned by a number of solid management actions taken this year. Note that we even included the stock in our Dynamic Top Picks List at the start of the year. However, we believe the market is frontloading a lot of the value already in today's share price. Expectations for the November 25th capital markets day are very high, to the extent it will be hard for ABN to positively surprise. Taking i...
- Wim Hoste
Titan Exclusive negotiations to acquire Vracs de L'Estuaire
TITAN entered into exclusive negotiations to acquire Vracs de L'Estuaire, which operates a grinding plant in France and which we roughly value at around € 50m. We remind that TITAN reported strong 3Q results yesterday with 3Q EBITDA up 20%. We look forward to the upcoming CMD (11 November) where we hope to get more clarity on the group's medium term ambitions. We continue to remain optimistic on TITAN's prospects in most geographies, not at least in the US. We remind that only one third of Titan...
- Jacob Mekhael
- Wim Lewi
CTP Conference Call lifts the lid on Vietnam expansion
The conference call explained that the FY25 EPRA EPS range will be at lower end of 0.86-0.88 due the cancellation of a Romanian deal. This deal was baked into the estimates and would have amounted to a €250m deal. Our estimate stands at 0.86 anyway. The cancellation could be linked to Romania's newly enforced Foreign Direct Investment (FDI) screening. CTP now commands a 40% market share in Romania. A lot of attention in the call was spent on the unknown Vietnam potential for CTP. CTP will publis...
- Wim Hoste
Titan Better than expected 3Q results and positive outlook. All eyes o...
TITAN's 3Q EBITDA jumped by 20% and came in 4% above our forecast and 8% above consensus. Importantly, the outlook for the remainder of the year is said to be positive. We look forward to the upcoming CMD (11 November) where we hope to get more clarity on the group's medium term ambitions. We continue to remain optimistic on TITAN's prospects in most geographies, not at least in the US. We remind that only one third of Titan America's sales is imported in the US. Additionally, the US remains a n...
- Wim Hoste
Solvay FIRST LOOK: 3Q underl. EBITDA supported by sale of CO2 emission...
3Q underlying EBITDA was 12% better than our forecast and 14% above consensus but was supported by the sale of CO2 emission rights. Excluding this impact, 3Q underlying EBITDA would have been 8% below our forecast and 5% below consensus. Whilst future sales of CO2 emission rights are a possibility, this will mainly depend on future soda ash production levels in Europe and the overall competitive pressures within the soda ash market. Solvay reiterated the FY25 underlying EBITDA guidance of € 880-...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
Galapagos 9M25 results hold no surprises, new outlook following cell T...
Galapagos reported 9M25 results with a cash position of € 3,050m (YE24: € 3,317.8m) and an updated outlook, where it expects to end FY25 with € 2,975- € 3,025m in cash, and to incur costs of € 250-325m related to the winddown of the cell therapy business. Looking ahead, the company will focus its strategy on building a new pipeline through BD, and more information on BD strategy will be provided during this afternoon's conference call. € 37 TP and ACCUMULATE maintained.
- Wim Lewi
CTP 9m25 results, no change to expected delivery midpoint FY25
Gross Rental income grew 15.1% yoy to EUR 562.0m vs. 557.8m expected (KBCS) and benefited from 4.5% like-for-like growth. The EPRA EPS of 0.64 came slightly ahead on our expectation of 0.63. New leases signed increased 6% yoy to 1.577m sqm. The FY25 EPS outlook is maintained at 0.86-0.88. The LTV% improved to 45.2% from 45.3% at FY24. The Cost of Debt increased to 3.2% vs. 3.09% at FY24-end. The occupancy on standing assets was flat at 93% vs. FY24 end. CTP completed 553k sqm ytd, but maintains ...
- Wim Lewi
Shurgard 9m25 Results, NTA runs away from share price
Shurgard 9m25 EPRA net came ahead of our estimates at €128.0m vs. 124.9m expected, a 3.8% increase yoy. Same store NOI margin increased 0.7pp to 67.3%. The NTA per share rose an impressive 11.0% yoy, driven by €617.2m FV gains in the portfolio. These are largely attributed to operational improvements (not cap rate). The 9m25 same store operating revenue growth of 3.9% beat our expectation by 0.2%. The FY25 NOI growth is confirmed at 11%, in line with our model. This is a strong performance and i...
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update November: Removing Xior; Adding Aedifica
The tariff war has eased, but with Trump, uncertainty has become a guarantee. While the macro-economic impact has been limited so far, the prolonged situation could still result in significant and long-lasting economic damage. We are maintaining a defensive stance in our Benelux Dynamic Top Pick List. The Federal Reserve (FED) has started its easing cycle, but the final amount of interest rate cuts is uncertain. The European Central Bank (ECB) has now largely completed its interest rate cutting ...
- Lynn Hautekeete
Aedifica Better too early than sorry
We upgrade Aedifica from HOLD to BUY and add it to our DTPL (Dynamic Top Pick List), ahead of the competition authorities' approval expected mid-January. As the visibility on the timeline has improved last week, we believe investors will start to take position. On a fundamental basis, factoring in the merger, the stock has 22.4% upside to its fair value of €78.0 at 14x forward EPRA EPS (pro forma 100.0% consolidated, FY26 including synergies, excluding one-offs).
- Wim Hoste
Syensqo FIRST LOOK: 3Q uEBITDA -10% organically, FY guidance slightly ...
3Q underlying EBITDA declined by 10% organically to € 326m, which was 3% below our forecast but 7% above consensus. Syensqo lowered FY25 underlying EBITDA guidance from c. 1.3bn to c. € 1.25bn, which is slightly higher than the current consensus figure of € 1.22bn albeit below our € 1.31bn forecast. Despite the weak current earnings momentum, we believe that cost efficiency measures and portfolio streamlining should eventually be positive for the investment case. We continue to believe valuation...
- Guy Sips
Jensen-Group Recent slowdown in order intake but on track to deliver a...
We updated our model (new € 67.5 Target Price (from €62) after Jensen-Group's 3Q25 revenues came in at a very nice € 134.9m compared to € 107.5m in 3Q24, resulting in a 19% y/y higher 9M25 sales of € 398.0m. We maintain our Accumulate rating. We incorporated in our updated model that Jensen-Group highlighted that after very solid results in the first nine months, they remain on track to deliver a record year with an expected FY25 EBIT range € 66m and € 71m (KBCSe from 64.9m to € 69m). On the ...
- Wim Lewi
VGP 10m25 trading update, gentle acceleration in developments
VGP reported strong leasing activity with €89.0m in new and extended leases for an annual contracted rental income of €461.3m, up 11.8% ytd. A total of €32.9m was signed during the last 4 months. The statement mentions a good spread of smaller new leases over different regions. Completions amounted to 409k sqm, on track for our 650k FY estimate. The current pipeline of 1,123k sqm shows an acceleration with 747k sqm new starts, already ahead of our FY estimate. The important data point of pre-let...
- Livio Luyten
Holdings Report - October Discussing Europe's accelerating PE landscap...
We're excited to share our latest report on Europe's accelerating private equity landscape, our updated Whitestone price target, and the decoupling of Sofina's correlation with the NASDAQ. European PE dealmaking surged 25% QoQ in Q3, fueled by rate cuts and add-on dominance, with mid-market exits proving resilient amid a decade-high backlog. Whitestone delivered a strong 1H25, with NAV up 14% to €17.1/share, led by GFI's gold-driven boom—prompting us to raise our target from €14.0 to €15.0. Mea...
- Michiel Declercq
Ahold Delhaize Conference call feedback
Ahold Delhaize reported a good set of 3Q25 results, with comparable sales growing 2.9% to € 22.49bn, or in line with expectations (css: € 22.48bn, kbcse: € 22.51bn). The underlying EBIT increased by 13.4% at ccy to € 933m, or well above expectations (css: € 866m, kbcse: € 880m). The strong underlying EBIT performance was predominantly driven by a very strong margin improvement of 40bps to 4.6% in the US (css: 4.1%, kbcse: 4.2%). This was however partially driven by one-time non-recurring items, ...
- Kristof Samoy
Vopak Key Take-Aways Analyst Call
This morning Vopak released its 3Q25 earnings. These confirmed with an in line operating performance (see earlier FRN this morning). Amidst all tariff related uncertainty and unfavourable FX dynamics, the report and maintained FY guidance underlines the defensiveness of the business model. Occupancy is holding up well and in the mean time large investments in Gas/Industrial terminals are being taken and properly executed. This bodes well for 2027 EBITDA growth. The analyst call had limited news ...
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