Akzo Nobel Feedback 4Q results conference call

Below are the highlights from the conference call. We remind that Akzo's 4Q adjusted EBITDA increased by 3% and came in c. 2% below our forecast and c. 1% below consensus, with a better than expected result of Performance Coatings offset by a weaker result of Deco Paints. Net debt/EBITDA came in weaker than expected at 3x on the back of incidentals and higher than expected working capital. FY25 adj EBITDA guidance calls for at least 5% growth which is in line with our forecast with consensus at +7%, whilst most of the predicted growth comes from self help measures. Taking into account the vola...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/29/2025

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/01/2025

KPN Conference call feedback and outlook make us slightly lower our estimates

KPN reported a solid set of FY24 results, with adjusted service revenue growth of 3.4% (CSS: 3.5%), adjusted EBITDAal of €2,508m (CSS: €2,508m), and FCF of €900m (CSS: €894m), broadly in line expectations and slightly above the FY24 guidance. For FY25, KPN expects the positive trend to continue and is forecasting adjusted service revenue growth of approximately 3% (CSS: 2.7%), adjusted EBITDAal of €2,580m (CSS: €2,589m), and FCF of approximately €910m (CSS: €920m), slightly below consensus expectations but in line with its 2027 ambitions. In line with the CMD targets, KPN expects to pay out a ...

Warehouses De Pauw Conference Call Feedback

The call started with a pre-recorded message from the CEO and also added a section on the macro situation. At the 3Q24, the company explained that reletting had slowed. Now this situation has stabilised and the retention rate has returned to normal levels. The rental market is recovering, but mainly for smaller units. The conference call also zoomed in on the lease break in Timisoara (ROM) that added 11m to the GRI, but also cut the pre-let level significantly. The project is still in development, but Ericsson apparently decided to pay a lease break-up fee of EUR 17m on a 30m investment. WDP i...

Warehouses De Pauw FY24 Results, Macro worries and noise overdone, FY27 outlook intact

EPRA EPS FY24 came above our expectation at EUR 1.50 vs. 1.45 exp. and guidance of 1.47. The difference is largely explained by a +0.03 impact from a lease-break fee in Romania. Also higher capitalised interest as the pipeline grew. The 7.1% EPRA EPS yoy growth is still impressive as its average share count increased by 8%. WDP guided EPRA EPS25 to 1.53, slightly above our 1.52 estimate. The “Blend27” strategy was repeated with a guidance of 1.70 EPRA EPS by FY27. Current development pipeline stands at 331m of which 60% is pre-let with a GIY of 6.8%. The decline in pre-let is related to some B...