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

Bekaert FIRST LOOK: FY25 results in line with expectations, cautious guidance

FY25 uEBIT was in line with earlier guidance and our and consensus forecasts. The FY26 guidance of a flat uEBIT margin is more cautious than our (+0.4pp) and consensus (+0.5pp) forecasts. The healthy free cash flow generation and solid balance sheet allow Bekaert to work on both M&A and share buybacks, and the current share buyback pace (c. €100m/y) in combination with the dividend imply a yearly attractive return to shareholders of c. 9%. With valuation still attractive, we maintain our BUY rating and € 55 TP.

Shurgard FY25 Results slightly ahead, growth returns in FY27

Shurgard FY25 EPRA net came ahead of our estimates at €173.1m versus €168.6m expected. The NTA per share rose an impressive 10% year-on-year to €53.30, driven by €519.5m fair-value gains in the portfolio. These gains are largely attributed to operational improvements rather than cap-rate compression. The FY25 same-store operating revenue grew 3.2%, a strong performance that indicates the organic growth remains on track. The EPRA EPS outlook for FY26 gives a range of €1.70 to €1.81 vs. €1.80 expected (KBCS). We believe that the cautious outlook is related to new developments from the LNS acquis...

DEME Top-line in line, EBITDA-margin 22.4% vs our 20.8% (CSS 21.0%)

DEME posted a very solid FY25 with turnover of €4.2bn, broadly in line with expectations, supported by 4% y/y growth in Offshore Energy. Dredging & Infra maintained its record FY24 level at just under €2bn, while Environmental declined 19% y/y to €272m. The order book increased to €7.6bn, benefitting from new awards and the integration of Havfram. FY25 EBITDA rose 22% y/y to a very nice €9 30.5m (KBCSe €871.6m), lifting the margin to 22.4% on strong Offshore Energy performance. Dredging & Infra recovered in 2H25, while Environmental improved its margin to 14.7% (vs. 12.9% in FY24). We we...