Xior Student Housing/Focus on organic growth and developments/BUY

Xior reported solid operational FY25 results. We remain very supportive of the excellent organic trends: LFL rental growth of +5.4% over FY25, which is expected to reach a minimum of +4% over 2026-27F, still outperforming the broader real estate space. The 4% EPS growth guidance for 2026 and 2027 is strong and we think this is a realistic expectation. LTV is at 49.9% and this limits growth options. Over the next two years the group focus will be on rental growth, operational leverage and the execution of its development pipeline. We remain supportive of a story with solid fundamental drivers, ...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 03/02/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/03/2026

Qrf Model update: rental income above expectations, TP increase

QRF reports results above our estimates on higher than expected rental growth, +2,4% like-for-like, + 5,1% YoY. The negative earnings growth (- 6,96%) from the CASA bankruptcy had a € 0,09 EPRA EPS impact. Excluding this impact, EPRA EPS would have grown by 2,2%. The outlook of € 0,84 DPS remains unchanged in line with our expectations. Most impressive are the fair value gains on the recently acquired assets: + €8,4m on Feest and Cultuur Paleis and +€ 4,01 on the City 25 portfolio coming from development gains, ERV growth and even cap rate compression. With these figures QRF demonstrates its e...

Recticel Feedback conference call

Below are the highlights of the conference call. FY25 adjusted EBITDA increased by 12.5% and was in line with our forecasts while being 4% above consensus. Although expecting continued volume growth in 2026, Recticel does not provide a guidance at this stage, citing ao input cost volatility. CEO Jan Vergote will become Executive Chairman, while the current CEO of Recticel's Insulation Boards division, Stefaan Debusschere, will become new group CEO. Recticel still has significant firepower for additional acquisitions and we would expect the company to continue to hunt for mid-sized acquisitions...

Fugro FIRST LOOK: weak 4Q, comforting offshore wind comments, savings upped  /

FY Adj.EBIT landed at €90.9m, below our estimate (€96m) and above consensus (€84m). Resulting margin is at 4.9% (vs. our 5.2% E). Backlog for the next 12m stands at € 1396m (-5.7% comp y/y). Full year revenues were mainly derived from Oil&Gas (45%, -2% y/y) and Renewables (26%, -40% y/y). Leverage remains under control at 1.4x. As foreseen no quantitative guidance on 2026 was issued. Positive is that the savings ambition is revised to the upper end of the previous € 100-120m guidance whilst we also welcome the positive outlook comments on Offshore wind, although this is not yet reflected in th...