VGP NV : Strong reliance to Allianz exhibit its consequences
>Implicit risk of JV disposals is now fully reflected in share price, although further delays can continue to drag share price - We initiated coverage on VGP back on June 22nd with a Neutral rating, on the back of shrinking development margins, interest rate impact and reliance of disposals to the JV to continue the business model flowing. Now, three months down the line the impact of inflation and interest rates continue to drag VGP valuation and now adds real eviden...VGP NV is a Belgium-based real estate development company that constructs and develops industrial real estate and ancillary offices, which are rented out to clients on long term lease contracts. The Company operates in three business segments: the Development activities segment is focused on the identification and acquisition of the land and development of the infrastructure, the design of buildings, the coordination of architectural and engineering aspects, the administration to obtain the necessary permits, the tendering and coordination of the construction works, including site management, and the facility management of the real estate portfolio; the Property Management and Leasing services segment is responsible for managing the operation of the buildings, and the Facilities Management services segment is responsible for managing the operation of the buildings and performs all actions, such as maintenance services, waste management services and maintenance greenery, among others.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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