Warehouses Estates Belgium 3Q24 trading update: results in line

Warehouses Estates Belgium reported yesterday evening its 3Q24 trading update. The trading update is in line with our increased estimates. As a reminder we increased our FY24 and FY25 estimates by 2% and 6% respectively on the back of higher operational efficiency and positive rental reversion reported in the 1H24 results. The 3Q24 trading update contains little new information. The occupancy rate is flat vs 2Q24. There is a small fair value uplift in 3Q24 of EUR 3.0m indicating fair value corrections have bottomed out in line with other BE-REITS active in the same industries. The trading upda...

Warehouses Estates Belgium 1H24 results: strong operations, increased TP

Yesterday evening Warehouses Estates Belgium reported 1H24 results slightly above our expectations. Rental income was 3.4% higher than initially expected due to a recovery in occupancy rate and further divergence of contractual rents vs ERV's (Estimated Rental Value). WEB demonstrates cost control despite new expenses related to the EUR 15.5m acquisitions in 1H24 and improved (EPRA+ESG) reporting. Its operating margin increased from 65.3% to 69.8%. The EPRA earnings came in in line with our expectations at EUR 5.9m. The higher rental income and cost savings were offset by higher than expected ...

Warehouses Estates Belgium 1Q24 results reporting in line

Warehouses Estates Belgium reported 1Q24 results last night in line with our expectations. Gross rental income came in at EUR 5.9m vs EUR 5.8m KBCSe, +7.8% YoY. EPRA earnings increased to EUR 2.7m vs EUR 2.8m exp. The occupancy rate increased by 150 bps which underlies the strong fundamentals of out-of-town retail real estate. In 1Q24 WEB announced a CiK at EUR 41.48 per share. It concerns 2 buildings for which a total of 336.5m new shares have been issued (approval in 2Q24). Hence this transaction has not been included in the 1Q24 reporting but is part of our model (see our update on 29/02/20...

Accor : Test first take

AXA : TEST

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VINCI : Trees can reach to the sky

>Ambitious but realistic targets for VINCI Energies - Today, VINCI is to host a CMD in Paris dedicated to its Energies division, during which it will present its targets out to 2030. VINCI Energies notably forecasts: Annual revenue growth in the mid- to high single digits on average between 2024 and 2030 (consensus at low to mid-single digits for the time being). International revenue up to 65% of total revenue in 2030 (vs 58% in 2023) An operating mar...