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Lynn Hautekeete
  • Lynn Hautekeete
PREMIUM
COFB COFINIMMO SA

Cofinimmo Feedback analyst call

Cofinimmo had its analyst call after the dividend cut announced this morning.

8h / 12m 8h / 12m 1 EN
Sharad Kumar S.P
  • Sharad Kumar S.P
PREMIUM
COMB Compagnie du Bo...
GBLB Groupe Bruxelle... ... (+17)

Holdings Report - January 2025 KBCS Holdings Universe Returns 3.1% Dur...

1M Performance - Absolute: During Jan'25 (1M period), the KBCS Holdings Universe posted a return of +3.1% which was mainly driven by multi-asset holdings (+3.3%) while single-asset holdings posted a slightly lower return of +2.7%. The 3 top performers during the period were Sofina (+10.6%), Financière de Tubize (+7.5%) and Whitestone Group (+6.4%) while the 3 worst performers were Gimv (-2.0%), The Infrastructure Company (TINC; -3.4%) and Texaf (-5.1%). YTD Performance - Relative: On a YTD bas...

COMB COMPAGNIE DU BOIS SAUVAGE SA
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
11h / 58m 11h / 58m 1 EN
Lynn Hautekeete
  • Lynn Hautekeete
PREMIUM
QRF QRF COMM

Qrf City Retail FY24 results slightly above expectations

QRF reports FY24 slightly above our expectations. The difference is driven by a larger than expected return from the JV participations. The FY25 rental income will be driven by the Veldstraat redevelopment. The offices are 100% pre-let and will be delivered in 1H25. The like-for-like rental growth is 1.7% which would indicate negative rent reversion. Likely this is driven by the renegotiation of the Inno contracts (mid-summer 2023). There is also a hint to isolated cases of tenant solvency where...

12h / 15m 12h / 15m 1 EN
Lynn Hautekeete
  • Lynn Hautekeete
PREMIUM
COFB COFINIMMO SA

Cofinimmo Finally the long awaited dividend cut to 5.20

Cofinimmo reports FY24 results above our estimates at EUR 6.50 EPRA EPS vs 6.43 KBCSe. The difference is driven by lower corporate taxes (EUR 3m). Over FY25, Cofinimmo guides EUR 6.20 EPRA EPS and EUR 5.20 DPS slightly above our estimates but below CSS (EUR 6.28, EUR 5.37). We brought our estimates down after the successful completion of the EUR 235.0m divestment plan which made the previous dividend no longer viable. Cofinimmo has a limited committed cost-to-come of approx. EUR 120.0m to delive...

12h / 18m 12h / 18m 1 EN
Guy Sips ... (+8)
  • Guy Sips
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Lynn Hautekeete
  • Michiel Declercq
  • Thomas Couvreur
  • Thomas Vranken
  • Wim Hoste
MTLS MATERIALISE ADS
PNL POSTNL NV
COFB COFINIMMO SA
ONTEX ONTEX GROUP N.V.
IVA INVENTIVA SA
DSFIR KONINKLIJKE DSM N.V.
12h / 25m 12h / 25m 1 EN
Alan Vandenberghe ... (+2)
  • Alan Vandenberghe
  • Thomas Couvreur
PREMIUM
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV ... (+19)

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
03/31/21 March 31, 2021 1 EN

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