Before the bell: What’s Happening in Sports?

Nike Jumps Over 6% as Belgian Live Sports Tech Firm EVS Delivers Strong Results—A Good Day for the “Sporty Investor”

Wall Street kicked off the shortened trading week with modest gains across the indices. Nike (+6.2%) made a sprint forward after announcing a partnership with Skims, the fashion brand founded by influencer Kim Kardashian. Together, they will launch NikeSKIMS, a new sportswear line for women. Meanwhile, UnitedHealth Group lost 4.4% as investors grew concerned about its planned acquisition of home healthcare provider Amedisys. The $3.3 billion deal, first announced in June 2023, has yet to receive regulatory approval. Constellation Brands (+4%) reacted predictably to the news that Warren Buffett’s Berkshire Hathaway had picked up shares of the brewer late last year.

In Europe, stocks gained an average of 0.25%. Novo Nordisk (+3.1%) attracted bargain hunters, as the Danish pharmaceutical giant is still trading 43% below its record high from June last year. Meanwhile, ASML fell 1.6%. Belgium’s Bel20 index performed in line with other European markets, rising by 0.3%.

Asian markets are taking a breather. In Hong Kong, the Hang Seng Index is down 0.2%, while Japanese stocks are slipping by an average of 0.3%. Budweiser Brewing Co. APAC, in which AB InBev holds an 87% stake, gained 3.3% today. Aedifica and Ontex have already published their earnings this morning, both in line with expectations. After the market closes, we’ll see reports from Ascencio, Carrefour, HSBC, Manchester United, and Philips.

On the Podium

EVS, the Belgian specialist in live sports broadcasting technology, reported strong earnings after the market closed yesterday. The Liège-based company saw its revenue rise by 14% last year to 198 million euros, while net profit climbed 16% to 42.9 million euros. This translates to earnings per share of 3.02 euros, up from 2.65 euros in the previous year. With the stock trading at 33.6 euros per share, investors are paying only 11 times earnings. The company is set to distribute a gross dividend of 1.1 euros per share. With 14.33 million shares outstanding, the dividend payout totals 15.8 million euros, though the actual amount is lower as EVS holds 6.2% of its own shares.

At the end of last year, EVS had a net cash position of 74.9 million euros, more than double the 36.6 million euros at the end of 2023. Despite 2025 being an “off year” without major sporting events, the company still expects higher revenue and profit. You can understand why we at Spaarvarkens are such fans of EVS.

Are You Buying Too?

We’re also bullish on Ageas—and we’re not alone. French banking giant BNP Paribas, which already has a strong presence in Belgium through Fortis, has been aggressively buying up shares of the Belgian insurer. In April last year, the bank acquired a 9% stake from Chinese conglomerate Fosun for 730 million euros. Now, the French have increased their stake beyond 15%.

It makes sense—BNP Paribas knows there are bargains to be had in Belgium. There are currently 183.3 million Ageas shares, each trading at 50.7 euros, giving the company a market value of 9.3 billion euros. But in our view, Ageas is worth much more, especially given its strong position in China. In the first half of last year, Ageas posted an operational net profit of 613 million euros, suggesting a full-year profit of around 1.2 billion euros. At this rate, we expect that sooner or later, Ageas will (unfortunately) fall into French hands.

Did You Know That…

Mira Murati, the former Chief Technology Officer of OpenAI, has launched her own startup? The new company, Thinking Machines Lab, aims to make artificial intelligence more accessible and understandable for the general public.