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Investing.com -- Kepler Cheuvreux has identified several standout performers in the Benelux region for 2026, with companies spanning sectors from private banking to semiconductor manufacturing.
Kepler Cheuvreux’s top Benelux picks show a mix of established market leaders and undervalued opportunities. Here’s a closer look at their highest-rated selections:
1. Ackermans & van Haaren: With a price target of EUR315 representing 46% upside, this family-controlled investment group offers a diversified portfolio across private banking (35%), marine engineering (31%), energy (8%), real estate (10%), and growth capital (17%).
Analysts highlight it as a rare opportunity to purchase one of Europe’s premier private banking franchises at a discount, with additional upside from its industrial assets.
2. Arcadis: Despite recent share price correction due to disappointing organic growth, Kepler Cheuvreux sees 68% upside potential to their EUR61 target price.
The firm views Arcadis as a solid company in attractive growth markets with ongoing margin expansion and an undemanding valuation of approximately 10x adjusted P/E for 2026. An ongoing EUR175m share buyback program provides additional support.
3. ASML: As a near-monopolist in semiconductor lithography systems, ASML earned a Buy rating with a EUR970 price target (2% upside).
The company’s structural outlook is supported by AI compute build-outs and HBM-driven DRAM expansion expected to drive demand during 2026-29. Recent bookings show strong EUV demand, indicating investments in advanced-node technology.
In recent developments, ASML reported third-quarter bookings of €5.4 billion, exceeding analyst expectations, driven by strong EUV demand for DRAM.
Moody’s also upgraded the company’s senior unsecured rating to A1 from A2, citing its strong market position and technological leadership.
4. Corbion: With a EUR31 price target representing 70% upside, Corbion has shown strong earnings momentum in 2025 despite share underperformance.
Trading at approximately 10x P/E and 6x EV/EBITDA, Kepler Cheuvreux considers the stock undervalued with management forecasting over 10% annual EPS growth for 2026-28.
Corbion’s third-quarter EBITDA of €49.7 million was in line with consensus forecasts. The company also presented its new strategy, targeting organic sales growth of 3-6% for 2026-2028 and an EBITDA margin of approximately 18% by 2028.
5. Elia: This fully regulated utility has an 18% upside potential to Kepler’s EUR120 target price. The company benefits from good regulatory visibility in both Germany and Belgium through 2027/28, with EUR21bn of capital expenditure expected over the next three years.
Most supplies have already been contracted, reducing execution risk.
6. EXOR: Trading at a 55% discount to NAV, EXOR has a price target of EUR106 (48% upside).
The group’s largest asset is Ferrari (42% of NAV), with additional significant holdings in Stellantis and Philips.
Kepler notes substantial investment capacity, estimating EXOR could deploy up to EUR4.6bn of capital by 2027.
7. Heijmans: With solid underlying growth drivers and a price target of EUR68 (7% upside), Heijmans benefits from peak government infrastructure budgets expected in 2027-28 and accelerating investments in the Dutch electricity grid, analysts said.
8. KBC: Considered one of Europe’s better banks, KBC has a price target of EUR133.5 (24% upside).
The firm is expected to show strong operating leverage in 2025 with anticipated guidance for 2026 pointing to continued growth in total income and operating leverage.
9. Recticel: Trading at 7.5x 2-year forward EV/EBITDA, Recticel has a EUR14.5 price target (54% upside).
Beyond the expected recovery in European residential construction, the company’s US expansion and build-out of high-performance insulation solutions offer additional growth potential.
10. SBM Offshore: With a EUR28.5 price target (17% upside), SBM Offshore has increased its guidance multiple times in 2025.
The company offers infrastructure-like cash flows with high contract visibility and attractive shareholder returns, trading at 6.2x P/E for 2027 estimates.
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