ODDO BHF Small & MIDCAP MORNING NEWS – 11/26/2024

ODDO BHF Small & MIDCAP MORNING NEWS – 26/11/2024

(Sponsored) NEPI Rockcastle - Solid 9M business update

9M net operating income stood at EUR 411m, up 12.3% YoY.9M tenant sales remained strong at +9% YoY (LfL, excl. hypermarkets).Occupancy increased 40bps vs June end to 97.7%.LTV is down to a comfortable 30.7%, down 170bps vs June end, following the EUR 300m capital increase.NEPI has reaffirmed its guidance updated in August 2024 based on an expected DEPS for the year to be approximately 5.5% higher than the DEPS of 56.98 cents per share in 2024 and a payout ratio of 90%.

(Sponsored) Whitestone Group - H1-24: Very active first half and ready to invest

Whitestone's NAV almost tripled in size over H1 from EUR 34.4m to EUR 99.7m at June 30.The majority of the immense growth is thanks to two capital raises with in total EUR 59.7m raised.The remainder of the growth comes from the solid performance in the portfolio (+EUR 6m).The company still has more than EUR 20m in cash available to deploy, even after its most recent investment in Lambda X Ophtalmics.We estimate today's NAV at EUR 14.5 p/s implying a discount of 16.5%. Our TP moves to EUR 13.4 (was EUR 13.9) and we reiterate our Hold rating.