reports
- Wim Hoste
Tessenderlo FIRST LOOK: Creating a global leader in gelatin/collagen w...
Tessenderlo and Darling Ingredients announced the intention to combine their gelatin & collagen businesses in a joint venture, in which Tessenderlo would have a 15% stake. In light of the difficult market conditions, we welcome the combination which will lead to a gelatin & collagen powerhouse with a global market share of 35-40%. We still appreciate Tessenderlo for the sizeable free cash flow generation and maintain our Accumulate rating for now.
- Hilde Van Boxstael
- Jacob Mekhael
- Wim Lewi
- Jacob Mekhael
MaaT Pharma FIRST LOOK: MaaT033 slows disease progression in phase 1 A...
MaaT reported additional results from the exploratory single arm phase 1b trial of MaaT033 in ALS, and we view the slower disease progression observed with MaaT033 as encouraging, though we also note the small patient numbers and single arm nature of the trial. ALS is a difficult condition, where many drugs have failed to show slowing of disease progression. As such, MaaT033's early results are promising, and the company is seeking partners focussed on ALS to progress this program. We reiterate ...
- Jacob Mekhael
Autolus 1Q25 shows higher than expected Aucatzyl sales in r/r adult AL...
Yesterday before US market open, Autolus reported 1Q25 results with the highlight being the first Aucatzyl (CD19 CAR-T) sales in r/r adult ALL in the US ($ 9m), coming in above our expectations (1Q25 KBCSe $ 5m) and sending the stock up +10%. We see the stronger than expected initial demand as a good sign for the remainder of the launch. Seasonality remains to be seen, but if this momentum continues for the rest of FY25, our sales estimate of $ 43m will be within reach (BBG CSS $ 37m). We reiter...
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Thomas Vranken
UCB FIRST LOOK: Rystiggo self-administration also approved in Japan
UCB received Japanese approval for two self-administration methods for Rystiggo (anti-FcRn) in generalised myasthenia gravis (gMG), allowing patients to use an infusion pump or manual syringe at home after training. To support the label expansion, UCB also launched a home delivery service in Japan to enhance patient convenience and satisfaction. The move aligns with Rystiggo's self-administration approval in the EU earlier this year and could support its positioning amid growing competition. We ...
- Wim Hoste
Ontex US key to the growth but limited visibility – target price lower...
Ontex is a mix of two tales, ie a mature European business which is a private label market leader in most of its activities whilst its US activities have growth potential on the back of its challenger status and much lower private label penetration. A weak start of the year, intensified competition from A-label brands and limited visibility on the mid term upside from the US business prompt us to become a bit more cautious and lower our target price from € 12 to € 10. Given the significant upsid...
- Wim Lewi
VGP 4m25 Trading Update, solid leasing activity
VGP reported strong leasing activity with €39.5m in new and extended leases for an annual contracted rental income of €431.8m, up 4.7% ytd and 14.8% YoY. The statement mentions a good spread of smaller new leases over different regions, but some significant new leases are being negotiated. The current pipeline with 837k sqm in development falls in line with our estimates of cautious selective growth. The important data point of pre-let% in the pipeline stands at 75%. The occupancy rate in the st...
- Lynn Hautekeete
- Wim Lewi
Montea 1Q25 Results, tariffs do not derail Track27
Montea reported strong 1Q25 results, with EPRA earnings rising 25% to €24.6 million and a 9% increase in EPRA earnings per share to €1.07 vs. 1.05 expected (KBCS). The portfolio maintained a high occupancy of 99.9% and achieved like-for-like rental growth of 3.6% (mainly indexing). The cost of debt declined to 2.1% vs. 2.3% FY24. Montea's financial position remains solid, with LTV at 34.9% and a net debt/EBITDA of 6.9x. Montea repeated its outlook EPRA EPS25 of € 4.90 per share, excluding the wi...
- Sharad Kumar S.P
Titan Cement 1Q FY25: US Tariff Impact Could Be Muted
During 1Q FY25, Sales came in at €638.4m, up 2.4% YoY thanks to sustained volumes and pricing. EBITDA came in at €122.6m, up 11.7% YoY thanks to strong performance across the US, Greece and Egypt and as a result of Capex driven incremental op. efficiencies. However, net result was down -16.6% and came in at €46.7m due to incremental taxes of €7.0m and €4.2m attributable to minorities at Titan America. We remind that Titan America was listed on the NYSE during Feb'25 which yielded in $393.0m of g...
- Thomas Vranken
Merus FIRST LOOK: 1Q25 results as expected, looking out toward ASCO up...
Merus announced its 1Q25 results, highlighting ongoing clinical trials and financial performance. The Ph2 trial of Peto in combination with Keytruda for head and neck cancer is progressing, with an update expected at ASCO 2025. The two Ph3 trials for head and neck cancer continue enrolling, with substantial enrolment expected by year-end 2025. With $ 638m in cash, Merus reiterates its cash runway into 2028. We reiterate our $ 59 TP/Buy.
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Lewi
CTP 1Q25 results show good progress despite tariff war
Gross Rental income grew 15.9% yoy to EUR 182.5m vs. 178.6m expected (KBCS) and benefited from strong 4.2% like-for-like growth. The EPRA EPS of 0.21 came slightly above our expectation of 0.20. New leases signed increased 24% yoy at 3% higher rent. The FY25 EPS outlook is maintained at 0.86-0.88. The LTV% was flat at 45.3% vs. FY24 end. The Cost of Debt declined to 2.94% vs. 3.09% at FY24-end. The occupancy on standing assets was flat at 93% vs. FY24 end. CTP maintained its development pipeline...
- Jacob Mekhael
Zealand Pharma Uneventful 1Q25 results, dapi phase 1 higher dose data ...
Zealand reported uneventful 1Q25 results with a cash position of DKK 8,545m to be supplemented with a $1.4b (approx. DKK 9.24b) upfront from Roche in 2Q25. Pipeline timelines were reiterated, and while the later stage datasets are expected in 1H26, we look forward to results from the higher dose cohort from the phase 1b trial of dapiglutide (GLP-1/GLP-2 analog) in overweight/obese patients in 2Q25. In addition, we expect read-through from cagrisema's (GLP-1/amylin analog) full dataset potentiall...
- Wim Hoste
AB InBev FIRST LOOK: 1Q EBITDA +7.9%, FY guidance of 4-8% growth maint...
Despite (expected) 1Q top line weakness, ABI delivered a better than expected organic EBITDA performance, up 7.9% y/y. ABI reiterated FY25 guidance of 4-8% organic EBITDA growth which is in line with mid term guidance. We still see ABI as the undisputed leader in the beer space, with leading market shares in many markets, ongoing digitization and premiumization trends allowing to generate healthy free cash flows. Valuation remains attractive with EV/EBITDA25e at 9.2x and FCF yield25e at 7.7% and...
- Thomas Vranken
argenx FIRST LOOK: 1Q25 results confirm CIDP momentum
argenx reported a strong quarter with Vyvgart sales coming in at $ 790m, in line with CSS, showcasing the robustness of the commercial engine. We note that the company again reached operating profitability for the quarter. Pipeline timelines are reiterated and we look ahead to the upcoming readout in seronegative gMG (2H25), as well as PoC results in lupus nephritis (Vyvgart, 4Q25), delayed graft function (empa, 2H25) and congenital myasthenic syndrome (‘119, 2H25). Accumulate/ € 670 TP reiterat...
- Wim Hoste
Solvay FIRST LOOK: 1Q uEBITDA -6%, FY uEBITDA now at lower end of rang...
1Q uEBITDA dropped by 6% to € 250m and was roughly in line with market consensus and close to our forecast, although supported by a € 10m one-off. Solvay guides for a sequentially weaker 2Q uEBITDA and expects to come in at the lower end of the €1.0-1.1bn range for the full year. Solvay is a base chemicals group with leading market and technology positions in the vast majority of its businesses. The company favours dividends over aggressive growth (c. 7% dividend yield). We maintain our Accumula...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update May 2025: Removing Fugro – Adding Merus
The ongoing tariff war continues to create uncertainty for investors, with a trade embargo between the US and China. Although Europe has received a temporary reprieve, the prolonged situation could result in significant economic damage. We are maintaining a defensive stance in our Benelux Dynamic Top Pick List, as the Federal Reserve holds steady and the European Central Bank may continue lowering rates. Pessimism regarding the European industry has increased, though some US-based European compa...
- Kristof Samoy
Arcadis 1Q25 performance in line with consensus
Arcadis 1Q25 trading update was broadly in line. Revenues were flat organically and landed at €972m (vs. our €968m and CSS of €973m). Operating EBITA stood at €106m in line with consensus of €105m and somewhat below our €112mE. Posted margins are up 20bps in spite of flat revenue evolution. Some €21m non operating costs hit the P&L linked to restructurings and right sizing in the UK & Australian market. BtB of 1.11x (from 1.17x 1Q24) and BL of €3699m up 14% y/y and 2.8% q/q.
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