Wereldhave : Why Wereldhave’s external growth is not well understood and how it will navigating the fiscal forest in the Netherlands
>FY2023 report message not well understood - Wereldhave reported its FY 2023 results last week, where we hosted the company’s management roadshow after. At the day of the results, Wereldhave’s stock reacted negatively. Although results were broadly in line, we think the market was spooked by 1) removal of the 2023-2027 4% EPS CAGR replaced by a 1% EPS growth for FY2024 and flat for FY 2025: 2) the message of external growth, while the stock trades at low multiples inc...Wereldhave is an independent international property investment company. Co. is principally involved in leasing out investment property under operating leases. Co.'s activities are spread over four property sectors and across six European countries - the Netherlands, Belgium, Finland, France, Spain and the United Kingdom - and three regions in the United States. Co. creates value by actively managing shopping centres, through sound timing in the purchase and sale of offices and residential property, and by developing its own property at cost. Co. is a closed-end investment company with variable capital.
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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