ODDO : From caution to confidence, feedback from EPRA Conference in Stockholm

Last week’s EPRA conference provided cautious optimism on listed European real estate. The segment offers a mix of risks and opportunities, with discounted valuations presenting attractive entry points. We downgrade Care Property Invest (Underperform vs Neutral, TP €12 vs €13.5); we lower our TPs for British Land, Landsec, Shurgard, and Xior Student Housing; we raise our TPs for URW, Wereldhave and VGP. In conclusion we favour logistics, retail, Spain, and CEE for growth, and Switzerland remains a safe haven. Our top picks are CTP, Merlin Properties, Swiss Prime Site, URW, and Vonovia.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 09/23/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 09/23/2025

Stada Arzneimittel : Refinancing of SS FRNs; apparently high demand given the material upsizing

Stada offered initially 7NC1 EUR 550m SS FRNs to refinance non-portable SS FRNs and amounts drawn under the RCF and later materially upsized the transaction in a unique move to address the EUR 600m SS FRNs due 2030. Closing of the CapVest/Stada transaction (a very large one for CapVest with reportedly EUR 10bn AuM) is expected for Q1 26. We do not expect regulatory headwinds. We change our Credit Opinion to Stable (vs. Positive) as Stada left the IPO route. The refinancing is a leverage-neutral transaction. Starting net leverage is at 5.7x. Note the EUR 1.4bn of PIK debt outside the restricted...

Stada Arzneimittel : Refinancing of SS FRNs; apparently high demand given the material upsizing

Stada offered initially 7NC1 EUR 550m SS FRNs to refinance non-portable SS FRNs and amounts drawn under the RCF and later materially upsized the transaction in a unique move to address the EUR 600m SS FRNs due 2030. Closing of the CapVest/Stada transaction (a very large one for CapVest with reportedly EUR 10bn AuM) is expected for Q1 26. We do not expect regulatory headwinds. We change our Credit Opinion to Stable (vs. Positive) as Stada left the IPO route. The refinancing is a leverage-neutral transaction. Starting net leverage is at 5.7x. Note the EUR 1.4bn of PIK debt outside the restricted...

ODDO : Une hiérarchie défensive dans un cycle négatif

Les 3 acteurs évoluent dans un environnement sous contrainte, à l’origine de résultats en fort repli et d’incertitudes sur le timing de la reprise de cycle. Nous révisons en baisse nos estimations (-8% sur le ROC 2025/27 en moyenne). Notre hiérarchie privilégie la qualité des bilans, l’exposition à l’Europe et la communication transparente. Cela nous amène à mettre en avant Manitou (Surperformance ; OC 25 €) vs Exel Industries (Neutre ; OC 40 €) et Haulotte (Sous-performance, OC 1.15 € vs 2 €).