ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 03/06/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 06/03/2025

Dynamic Top Pick List Update March 2025: Removing ABN, Ackermans – Adding Azelis, DEME, Vopak

We made 5 changes in this March update of our KBC Securities Dynamic Top Pick List (DTPL): On 26 February we already removed ABN Amro from our DTPL, after a strong 24.4% return since the announcement of our 2025 Dynamic Top Pick List on 13 December 2024, far outpacing our financial sector coverage. Although we remain positive on the longer term, we believe most of the short-term revaluation is behind us. Today, we remove Ackermans & van Haaren as the stock just hit an all-time high and crossed the € 200 mark this week. We added Ackermans to our DTPL on 17th December 2022 and since then, the ...

Roularta Koinon submits voluntary and conditional public takeover bid at € 15.5

Koinon submits voluntary and conditional public takeover bid on Roularta. We suspend our coverage related to our involvement in the transaction.

Morning Notes : GBLB BB, HYL BB, VPK NA

: GBLB BB, HYL BB, VPK NA

Warehouses Estates Belgium Good operational results, hit on interest costs

Warehousese Estates Belgium reports FY24 results below our and its own expectations. The operational results are in line but the interest costs are higher than expected at 3.6% average CoD vs 3.2% expected. EPRA earnings are up +4.4% YoY. The EPRA EPS is down however at -2.9% due to the CiK done at the beginning of FY24. This dilution effect should be gone in FY25. The dividend stays flat pushing the pay-out ratio to 93.7% which we believe is too high. It is likely the largest part of interest rate increases is behind us as the EURIBOR 3m is at 2.52% and we assume the credit spread at 100 bps....