Shurgard : FY2025 results: an ok print, outlook in-line with expectations

Morning Notes : ARGX BB, BEKB BB, CRBN NA, CMBT BB, SEQUA BB, SOF BB, UCB BB, SHUR BB, CTPNV NA, DEME BB, SYENS BB

: ARGX BB, BEKB BB, CRBN NA, CMBT BB, SEQUA BB, SOF BB, UCB BB, SHUR BB, CTPNV NA, DEME BB, SYENS BB

Shurgard FY25 Results slightly ahead, growth returns in FY27

Shurgard FY25 EPRA net came ahead of our estimates at €173.1m versus €168.6m expected. The NTA per share rose an impressive 10% year-on-year to €53.30, driven by €519.5m fair-value gains in the portfolio. These gains are largely attributed to operational improvements rather than cap-rate compression. The FY25 same-store operating revenue grew 3.2%, a strong performance that indicates the organic growth remains on track. The EPRA EPS outlook for FY26 gives a range of €1.70 to €1.81 vs. €1.80 expected (KBCS). We believe that the cautious outlook is related to new developments from the LNS acquis...

Sequana Medical Reports 5 centres with alfapump implants since launch

Sequana announces progress in the commercial uptake of the alfapump. We estimate at least 8 implants across 5 hospitals since launch in 2H25. The soft-launch target was 70 implants by end of 1Q26. However, we view this target as challenging to reach. We therefore await FY25 results for greater visibility on definitive sales figures and launch metrics. We reiterate our BUY and € 2.7 TP.

Aalberts Good results & WC mgmt, higher DPS but lower SBB, no quantified outlook

FY25 release was a mixed bag. Over FY25 Aalberts' topline came in above our expectations organically declining by only -2.5% vs. our -3.8% expectation. Topline stood at €3091m compared to our €3064mE and consensus of €3073mE. Adjusted EBITA of €410m was in line with our €405mE and CSS of €403mE. Overall EBITA margin was in line with earlier guidance at 13.3% (vs. 13.1% CSS, 13.2% KBC). The FCF & NWC management was solid. Declared DPS of €1.15 exceeded expectations but the announced SBB of €75m comes in a tad below our €90m expectations. The issued outlook for ‘unquantified' improvements in org...

Corbion FIRST LOOK: FY25 EBITDA +27% organ., FY26 margin guidance of 17%

FY25 adj EBITDA increased by 27% organically and was close to our and consensus forecasts. FY26 guidance of a c. 100bps adj EBITDA margin improvement to around 17% is no surprise (KBCS 16.7%, CSS 16.9%). We remind that Corbion is conducting a strategic review on PLA which we believe will most likely result in an exit of Corbion, while still remaining the lactic acid supplier to the buyer. Biochemicals will be de-emphasized, which will put the growth focus on food preservation and formulation, algal oils and Biomedical Polymers/Pharma. We continue to appreciate Corbion for its market leadership...