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Lynn Hautekeete
- Lynn Hautekeete
Cofinimmo FY24 divestment plan completed, all office periphery assets ...
Yesterday Cofinimmo announced the completion of its EUR 215.0m FY24 divestment target. 2 offices are divested and 5 healthcare assets in Belgium and The Netherlands. This comes after Cofinimmo announced 85% of its divestment target was completed last week. At the time, the exact projects were however unknown and the share price did not move on the back of the positive news. All 3 Belgian elderly care assets were leased to Armonea and so it could be a package deal. The Parklane campus was the la...
Hilde Van Boxstael ... (+6)
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Wim Hoste
- Wim Hoste
Tessenderlo Tough end markets hurt earnings momentum
We have lowered our adjusted EBITDA forecasts for FY24-26 by a 12-15% range following the FY24 adjusted EBITDA guidance reduction from a 5-10% decline to a 15-20% drop. Whilst business conditions in a number of end markets are clearly challenging, Tessenderlo is still generating a sizeable free cash flow, which we estimate at c. 120m for FY24 and which represents a FCF yield of c 10%. The company is using its solid balance sheet and FCF to buy back own shares. Despite the disappointing earnings ...
Thomas Vranken
- Thomas Vranken
Onward Medical A long-awaited present underneath the Christmas tree
Right in line with its YE24 guidance, Onward has successfully obtained FDA approval for its non-invasive ARC-EX device. We see the approval as an important inflection point and expect a phased, relatively de-risked launch given the concentrated patient population and Onward's partnership with Lovell. Although home use is not yet included in the label, we believe this could be addressed in 2025 without additional clinical study requirements. We adjust our TP from € 8.7 to € 10.4 and reiterate a B...
Jacob Mekhael
- Jacob Mekhael
Zealand Pharma FDA issues rejection letter for glepaglutide in SBS
Zealand announced that the FDA has issued a complete response letter (CRL) for the company's NDA for glepaglutide (long acting GLP-2 analog) in SBS, and recommended an additional confirmatory phase 3 trial. We are keen to learn more about what the additional study will look like, which should become clearer following the company's type A meeting with the FDA expected in 1Q25. We expect some pressure on the shares today, though note that glepaglutide represents just ~4% in our SOTP, with the majo...
Alan Vandenberghe ... (+2)
- Alan Vandenberghe
- Thomas Couvreur
RISING INTEREST RATES: FEAR OR PRAISE? Thematic Report
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.
BFIT
BASIC-FIT NV
SBMO SBM OFFSHORE NV
MTLS MATERIALISE ADS
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
AKA AKKA TECHNOLOGIES SE
BAR BARCO NV
PNL POSTNL NV
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
AGFB AGFA-GEVAERT NV
ONTEX ONTEX GROUP N.V.
BREB BREDERODE S.A.
INGA ING GROEP NV
ASML ASML HOLDING NV
1PG 1-PAGE LIMITED
ADYEN ADYEN NV
XFAB X FAB SILICON FOUNDRIES SE
SBMO SBM OFFSHORE NV
MTLS MATERIALISE ADS
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
AKA AKKA TECHNOLOGIES SE
BAR BARCO NV
PNL POSTNL NV
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
AGFB AGFA-GEVAERT NV
ONTEX ONTEX GROUP N.V.
BREB BREDERODE S.A.
INGA ING GROEP NV
ASML ASML HOLDING NV
1PG 1-PAGE LIMITED
ADYEN ADYEN NV
XFAB X FAB SILICON FOUNDRIES SE