KBC Securities

Another year, another set of Euronext awards for KBC Securities! This year again, KBC Securities was awarded by Euronext for: Equity Finance House of the year, Cash Market Belgian Brokerage House of the year, and Cash Market SME Liquidity Provider of the year.

Some @KBCSecurities analysts preparing for @Bolero_BE BENeLux Selectie webinar today at 12am

Bolero werd door Spaargids.be uitgeroepen tot Beste Beleggingsbank 🙌 Onze collega’s van @KBC_BE mochten dan weer voor het tweede jaar op rij de award van Beste Bank en Beste Digitale Bank in ontvangst nemen! Bedankt voor het vertrouwen! 👉 bolero.be/nl/lp/beste-on…

Today we publish our 70+ page “Small & Midcap Conference book” on the occasion of our online “Small & Midcap Conference” of Friday 10 December’21. Next to company notes of the 12 presenting companies, the note includes over 100 questions that could be asked during the conference.

Join us for the annual digital Sustainability Conference hosted by KBC Securities on 29 September 2021. This year’s edition will focus on the importance of CO2 management for your company and the investment decisions to transition into a carbon neutral energy mix!

Tomorrow 27th May 2021, we organize the KBC Securities digital Benelux Flagship Conference #inspiringideas #tailoredopportunities #solidexecution #partofatrustedgroup

We initiate coverage on Shurgard in a note titled “Size matters!” with a € 44 TP and a Buy rating. As a natural consolidator in an undersupplied market, Shurgard’s growth potential is huge. We expect this to result in margin improvements driven by economies of scale.

We’ve investigated the impact of various megatrends that will drive sales of Melexis. Alongside secular growth prospects, we believe that both Melexis and XFAB, are well positioned to seize opportunities arising from the current global chip shortage in Auto. Both upgraded to BUY.

In a note titled “Vivat, crescat, et floreat”, we reinstall coverage on Xior with a BUY rating and a Target Price of € 59. We expect only a limited and temporary impact from COVID, the student housing sector will prove itself to be a valid residential alternative.

Small-caps outperformed large-caps on average 8% p.a.. Most of the outperformance is realized in 1H. Does the January effect still exist? The behavior of the small-cap anomaly in times of recessions. KBC Securities clients are up to speed thanks to our most recent thematic note.

Our last conference of ‘20 started under the loving motto ‘big things come in small packages’. Thanks management teams of #Agfa @Barco #Deceuninck @EVSEquipment @Gimv #Greenyard @Kinepolis @MaterialiseNV @Nedap #Recticel #Sipef and @smartphoto_be and investors from 8 countries.

KBC Securities congratulates Xior Student Housing with the successful placement of 1,093,611 new shares through an accelerated book building procedure. KBC Securities had the honor to serve as Joint Bookrunner in this transaction.

We published a company note on Corbion titled “Bioplastic is fantastic”. We have upgraded our forecasts to incorporate accelerated LA/PLA capacity expansions and raise our TP to € 49, while maintaining an Accumulate rating.

With the world on the verge of a 2nd wave of Covid-19, we present two new lists to guide investors through these uncertain times: a selection of the ‘15 most vulnerable companies in case of a 2nd wave’ and ’15 safest companies in case of a 2nd wave’.

We published a company note on Leasinvest titled “High leverage during COVID” as we updated our Leasinvest model, paying special attention to liquidity and solvency. We rate the shares HOLD with a DCF based target price of € 80 p.s.

This morning, AKKA Technologies announced that the Board of Directors has approved a € 200m capital increase. We have decided to add AKKA to the KBC Securities Dynamic Top Pick List.

We add Telenet to our Dynamic Top Pick List as we believe -heading into what might be a more turbulent trading environment in the next few months- Telco’s are worth another look. Telenet’s Q3 results are scheduled 29 Oct’20. We see scope for an upgrade of adjusted EBITDA guidance

We published a Company Note on @Kinepolis titled “Postponements of blockbusters”. We maintain our Buy but lower our Target Price to € 49 as we think Kinepolis will be able to cope with the Covid-19 impact for a considerable time to come.