Research
Click on the research reports below for the latest analysis from any of our analysts across Benelux and Central & Eastern Europe.
BeneluxQUFG, SOLB, THR, UMI, ATEO — 06 sep 2010Contents:
Atenor: Feedback analyst meeting
Banimmo: Feedback analyst meeting
Quest For Growth: August NAV levels out at two-year high
Solvay: Expansion of Chinese hydrogen fluoride production
Thrombogenics: Straight li ...
Read full report BeneluxSR — 03 sep 2010SNS REAAL reported a 1H10 net profit of € 29m which fell short of our forecast (€ 98m) even when stripping out the € 68m goodwill charge at SNS PF. Retail Banking contributed € 79m (+23.4%), REAAL Insurance € 151m, Zwitserlev ...
Read full report BeneluxAGFB — 03 sep 2010Agfa’s 2Q results blew away our and consensus sales and profit forecasts thanks to strong sales growth, FX impacts, lower raw materials costs and some one-offs. 2Q10 was the first quarter since 2006 to show meaningful top lin ...
Read full report BeneluxIBAB, AGFB, AHLN, DEXI, GIMV — 03 sep 2010Contents:
Agfa- Gevaert: FY10 estimates upped – BUY maintained
Ahold: ICA: feedback analyst trip
Dexia: Preparing another restructuring round?
GIMV: € 15m investment in Onedirect
IBA: Carbon project revived, radioisoto ...
Read full report BeneluxUnknown — 02 sep 2010ECB is a little more optimistic but rate increases remain off the agenda. ECB upgrades economic forecasts, but Trichet remains ‘cautious and prudent’. It still sees a very different world than US Federal Reserve or Bank of Ja ...
Read full report BeneluxBCOM — 02 sep 2010BELCACOM: 2Q10: 10% higher sales but stable REBITDA
Recommendation: Hold
Current price: € 28.38
Target price: € 26.30
Belgacom’s 2Q release showed sales and REBITDA slightly ahead of consensus estimates, although EBIT w ...
Read full report BeneluxVOPA, BCOM — 02 sep 2010Please click on link for a text-only version of our Morning Note, more suitable for reading on mobile devices: http://www.kbcsecurities.com/DMN.aspx
Contents:
Banimmo: 1H10 results – uninspiring outlook
Belgacom: Esti ...
Read full report BeneluxUnknown — 01 sep 2010ECB’s Trichet is expected to sound cautious despite favourable developments as the environment is one of unprecedented uncertainty. In this context, the ECB will postpone the exit of its emergence liquidity measures. (Sept 01 ...
Read full report BeneluxRECT — 01 sep 2010RECTICEL: 1H10 results in line, guidance reiterated
Recommendation: Accumulate
Current price: € 7.10
Target price: € 9.00
Recticel’s results were broadly in line with our assumptions if we strip out incidentals, althoug ...
Read full report BeneluxEVSB — 01 sep 2010EVS: Top-of-class 2Q figures
Recommendation: Accumulate
Current price: € 39.80
Target price: € 44.00
Driven by a strong top line, EVS’s 2Q results came in some 10% ahead of our and consensus estimates, while the order b ...
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