NX Filtration : Sales warning as full year sales guidance lowered

Morning Notes : COFB BB, ELI BB, MAAT FP, NXFIL NA

: COFB BB, ELI BB, MAAT FP, NXFIL NA

Cofinimmo FY24 divestment plan completed, all office periphery assets sold

Yesterday Cofinimmo announced the completion of its EUR 215.0m FY24 divestment target. 2 offices are divested and 5 healthcare assets in Belgium and The Netherlands. This comes after Cofinimmo announced 85% of its divestment target was completed last week. At the time, the exact projects were however unknown and the share price did not move on the back of the positive news. All 3 Belgian elderly care assets were leased to Armonea and so it could be a package deal. The Parklane campus was the last office building of Cofinimmo in Brussels periphery. With the updated investment plan given last w...

Morning Notes : AED BB, COFB BB, TESB BB, ONWD BB, ZEAL DC

: AED BB, COFB BB, TESB BB, ONWD BB, ZEAL DC

Tessenderlo Tough end markets hurt earnings momentum

We have lowered our adjusted EBITDA forecasts for FY24-26 by a 12-15% range following the FY24 adjusted EBITDA guidance reduction from a 5-10% decline to a 15-20% drop. Whilst business conditions in a number of end markets are clearly challenging, Tessenderlo is still generating a sizeable free cash flow, which we estimate at c. 120m for FY24 and which represents a FCF yield of c 10%. The company is using its solid balance sheet and FCF to buy back own shares. Despite the disappointing earnings momentum, we consider valuation to be attractive enough from maintaining our Accumulate rating with ...