After changing color several times on Tuesday, the index Bel 20 had to show a little more conviction at the end of the session. It thus managed to conclude with an increase of 0.12% by registering at 4,315.69 points with 13 of its elements in the green. Syensqo (73.44) and Umicore (10.61) weighed on the BEL 20 by falling by 2.97 and 2.30% in the company of Melexis (69.55) which fell by 3.13% for a decline reduced to 1.35% taking into account its coupon detachment. AB InBev (60.48) on the other hand led the increases with a gain of 1.48% while Lotus Bakeries (12,340) gained 1.15% after a new record at 12,400 euros in the morning.
The Brokers’ opinion on AB Inbev, Fagron and D’Ieteren:
AB Inbev (+ 1.5% to 60.48 euros) was confirmed to “buy” at Degroof Petercam, the target rising from 64 to 68 euros. On the occasion of the quarterly results forecast at the end of October, the analyst expects autonomous growth in operating profit at the top of the range of objectives given by management. “After six years of contraction, we believe margins should finally start to recover,” underlines the analyst, “But we do not expect an increase in the objectives for the current financial year.”
Fagron (+ 0.2% to 18.74 euros) saw its target rise slightly towards 19.5 euros at Kepler Cheuvreux, which confirmed its “keep” rating. The analyst highlights the better-than-expected growth recorded during the third quarter, with good performances recorded in all regions. The target increase is also linked to the various acquisitions (in Brazil, Germany and North America) announced in recent days.
D’Ieteren (+0.1% to 194.9 euros) was maintained as “buy” at KBC Securities, the target being adjusted from 260 to 252 euros following the drop in profit expectations for the holding company. This revision is linked in particular to the changes made to the shareholding structure and the refinancing conditions for Belron. “We believe, however, that the group’s debt should rapidly decline thanks to the strong cash flows from Belron and the operational performance in the other holdings.”
Sales down 4.4%
The world number one in luxury LVMH announced on Tuesday that it had achieved 19 billion euros in sales in the third quarter, a drop of 4.4%, in a context of global slowdown in the luxury market.
European luxury will no longer find happiness in China, despite the billions injected into the economy by Beijing
“In the third quarter, the slight decline in sales is mainly linked to lower growth observed in Japan, mainly due to the rise in the yen”according to the press release. Over the first nine months, the group’s turnover was down 2% to 60.75 billion euros.
According to a consensus cited by Barclays, analysts expected organic growth of 2% in the third quarter.
ASML kick
ASML’s stock tumbled on Tuesday afternoon, after a leak of the quarterly results of the European equipment manufacturer for the semiconductor industry, linked to a technical problem.
The ASML share price closed down 15.64% on the Amsterdam Stock Exchange, at 668.1 euros.
Based in Veldhoven, in the south of the Netherlands, the group finally published its results, showing net orders at 2.6 billion euros in the third quarter, a significant drop compared to 5.56 billion euros in the second quarter.
“We anticipate an increase in our total turnover for 2025 of between 30 and 35 billion euros, which corresponds to the lower half of the range communicated during our 2022 Investor Day,” said Christophe Fouquet, Chairman- CEO of the group in a press release.
Mr. Fouquet also announced a lowering of the gross margin outlook, between 51% and 53%, “mainly due to the delay in EUV demand.”
The official release of ASML results was initially scheduled for Wednesday.
Dutch business media BNR said “it was likely that ASML published the figures prematurely on its own.”
