KBC Securities - KONINKLIJKE DSM N.V. (DSFIR) ... Morning Notes : DSFIR NA, WDP BB

Report

KBC Securities

Hilde Van Boxstael ...

Thomas Couvreur
Wim Hoste

Morning Notes : DSFIR NA, WDP BB

: DSFIR NA, WDP BB

19/07/2024 1 EN

Underlyings

KONINKLIJKE DSM N.V.

See profile

CH1216478797 Euronext Amsterdam Netherlands

Warehouses De Pauw SCA

Warehouses De Pauw and its subsidiaries are engaged in investment in the Belgian semi-industrial property market. Co. is a closed-end property investment company which specializes in: development of storage and distribution premises; customized projects in line with the user's request; acquiring premises for customers who wish to engage in sale and leaseback transactions.

See profile

BE0974349814 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

See profile

Analysts

Hilde Van Boxstael

Thomas Couvreur

Wim Hoste

Other Reports on these Companies

ING Financial Markets

Benelux Morning Notes

ABN AMRO: Dutch state stake at c.40%, end of programme (for now). WDP: Small acquisitions in France

September 12, 2024 September 12, 2024 1 EN

KBC Securities

Morning Notes : WDPb BB, AZE BB

: WDPb BB, AZE BB

September 12, 2024 September 12, 2024 1 EN

KBC Securities

Warehouses De Pauw Add-on Acquisition in France

WDP acquires 6 cross-dock warehouses of 43k sqm GLA on 182k sqm of land for EUR 50m. This investment lifts the French exposure to around 4.5% of the total portfolio. Developments in France are a slow process. We expected 35k sqm in acquisitions over 2H24. This deal fits nicely in their expansion strategy in FR and GE. The deal is expected to be immediately earnings enhancing. WDP is selectively putting cash to work. Acquisitions do not generate development gains, but WDP expects to realise reversionary rent gains as leases expire (WALT 11 years). Also the additional land could be developed ove...

September 12, 2024 September 12, 2024 1 EN

VGP EPRA property tour to Berlin Ludwigsfelde

We visited Lidl and Zalando warehouse on the VGP Berlin park Ludwigsfelde (216k sqm). These are standard buildings of 12m high and 7 ton floor. Interestingly, there is a lot of manual labour, with an estimated 80% of labour coming out of Poland. The Polish border is 100km away and workers stay the week nearby in local housing to go back home for the weekend. The Ludwigsfelde site is about 20km out of Berlin on the A10, a big industrial artery (Tesla, etc…). VGP bought the land in 2014 and is still developing land there. See map of the VGP Berlin park below. Most tenants appear e-commerce rela...

9h / 26m 9h / 26m 1 EN

Jacob Mekhael

Jacob Mekhael

MaaT Pharma 1H24 update extends runway into 2Q25, MaaT013 phase 3 topline in 4Q24

MaaT reported 1H24 results, which come with an extension of the company's cash runway into 2Q25 (from 1Q25) through prioritisation of resources on the key programs for MaaT013 and MaaT033, while management confirmed they are exploring all options for additional funding. In addition, the company reiterates the timeline for the topline results from the phase 3 (ARES) trial of MaaT013 in aGvHD in Europe, which continue to be expected in mid-4Q24 – we view this as an important trigger for the company with a high probability of success based on the solid phase 2 results and early access program dat...

9h / 36m 9h / 36m 1 EN

Guy Sips ... (+5)

Guy Sips
Hilde Van Boxstael
Jacob Mekhael
Michiel Declercq
Wim Lewi

Morning Notes : BARb BB, OPTI BB, GIMBb BB, VGP BB, MAAT FP

: BARb BB, OPTI BB, GIMBb BB, VGP BB, MAAT FP

9h / 38m 9h / 38m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Morning Notes : DSFIR NA, WDP BB

We are a financial services provider for several types of professional clients, each with distinct needs.

Benelux Morning Notes

Morning Notes : WDPb BB, AZE BB

Warehouses De Pauw Add-on Acquisition in France

VGP EPRA property tour to Berlin Ludwigsfelde

MaaT Pharma 1H24 update extends runway into 2Q25, MaaT013 phase 3 topline in 4Q24

Morning Notes : BARb BB, OPTI BB, GIMBb BB, VGP BB, MAAT FP

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe