ODDO BHF Small & MIDCAP MORNING NEWS – 16/01/2025

Fastned : Lower operational EBITDA margin needs explanation

Benelux Morning Notes

ABN AMRO: 4Q Pre-close statement points to a good quarter. Fastned: 4Q24 trading update – 2025 downgrade. KPN: ACM digs into backbook difference with frontbook, will try to encourage churn

Fastned 4Q24 Results, utilization trend positive, slightly lower guidance FY25

4Q24 results confirmed the trends from 1H24. Sales growth of 39.1% came slightly below our expectation, but gross margin came above our expectation at 76.6%. The GM% acceleration should be a relief as competition remains fierce, but their focus on high traffic locations shows pricing power. The Kwh per station are also increasing nicely in its core regions, which also helps margins. With 346 operational stations, Fastned realised its outlook of 335-350 stations FY24-end. That is just below our 352 expectation. Fastned lowered its expectation to 400-420 stations by FY25-end form 420-450 vs. ou...

Eurocommercial Properties Let's go to the mall everybody

In this note we initiate coverage on Eurocommercial with a EUR 25.0 target price and an accumulate recommendation. Eurocommercial will have positive rent reversion and a flat cost of debt which results in a 2.5% EPS 3y CAGR. Eurocommercial trades at 9.1x spot EPRA EPS and 8.0% dividend yield while outperforming peers in terms of real estate KPI's. Therefore the current share price is undemanding.