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This conference book is your guide to the KBCS Real Assets Conference 2024. It offers a program, an intro to the break-out sessions and company profiles with financial data and some useful info. The break-out sessions aim to educate and contemplate on certain trends. Last year we hosted “Energy as a business”. This year, we offer 4 break-outs on hot topics.
Our Bimzelx launch tracker tool keeps an eye on the ongoing commercialization of Bimzelx in the US by looking at total prescriptions (TRx). Our latest figure for week 16 points to 476 TRx, up 29% versus last week's result affected by incomplete 3rd-party reporting, and up 1% on a 4-week rolling basis. Altogether, we see a smooth ramp-up for Bimzelx in its first months since launch. € 110 TP and Accumulate rating reiterated.
Warehouses Estates Belgium reports FY23 results in line with our expectations. The EPRA earnings are 9.1% higher than the initial outlook given at FY22 results. The EUR 12.7m outlook given for FY24 is 2.4% lower than our expectations but we keep our estimates given the conservative outlook of the previous years. The occupancy rate remains high and the portfolio is resilient for cap rate increases. The debt ratio is high at 47.5% but with a strong reference shareholder this risk is mitigated. Thi...
Onward has successfully completed the electrical update of its ARCEX printed circuit board assembly (PCBA). The company is now well on track to submit its regulatory filing for upper limb function as a next step, boosting confidence in a potential approval toward YE24. While we had anticipated a positive outcome of electric testing, the maintained timelines represent an important confirmation. We reiterate our € 10 TP and Buy rating.
Rising interest rates are becoming a hot topic, triggered by a significant uptick in US 10-year treasury yields through February and March. In this note we revisit this topic from several angles. We dig into the empirical side of what we can reasonably expect from the market as a whole when interest rates start to rise. Secondly we review our coverage, putting forward a number of impacted sectors and stocks.