reports
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Wim Lewi
- Jacob Mekhael
- Michiel Declercq
- Wim Lewi
- Wim Lewi
Shurgard Big add-on acquisition in Germany
Shurgard announced the acquisition of Prime Self-Storage in Germany for EUR 100.0m (asset deal) that will add 24 kSqm at 7% yield. In our recent company note, we highlighted that additional M&A would continue during the Lock'nStore integration period till 2026. However, we counted on NL and FR for additions as GE already absorbed the Top Box's (Oct. 23) and the Pickens portfolio (Mar. 24). Now, SHUR reinforces its nr2 position in GE and will achieve the top spot by 2026 at the latest. Myplace...
- Jacob Mekhael
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Wim Lewi
Shurgard Model update as LnS integration kicks off
One can't bake an omelette without breaking eggs. Shurgard aims to be a market leader in each of its markets and cracking the UK will take some pain. We believe the relative high valuation in the past was justified as SHUR delivered consistent above market growth from its platform through its development pipeline. Market share and occupancy% are 2 important levers for a platform's profitability. In this note, we integrated the Lock'nStore (LnS) pipeline into our model. The own developments and ...
- Hilde Van Boxstael
- Thomas Couvreur
- Thomas Vranken
- Thomas Vranken
Hyloris FIRST LOOK: Pipeline extends into veterinary medicine
Hyloris adds a new asset to the pipeline that is geared toward veterinary medicine. HY-095 is long-acting injectable formulation of a well-known proton pump inhibitor for the treatment of equine gastric ulcer syndrome, allowing more reliable drug delivery and lower dosing frequency vs. existing orals. Together with its partner, Hyloris will fund development costs and manage clinical trials in exchange for a 90%/10% profit sharing. We reiterate our € 5 TP and Hold rating.
- Oliver Metzger
- Roy Külter
- Florent Laroche-Joubert
- Gerardo Ibanez
- Roy Külter
Shurgard : A brisk H1 operating performance in line, and a very good S...
>Adjusted EPRA earnings/share at € 0.80 (-1.4% y-o-y CER) vs consensus at € 0.83e - Shurgard’s H1 24 publication (revenues at € 189.3m, giving growth at current scope and constant forex at +8.2%) reflects the maintained operating performance and solid current and future growth.Shurgard continues to benefit overall from good rental pressure with a same-store occupancy rate at 89.5% (-500bp decline y-o-y) in H1 24, above Q2 at 89.8% vs 89.2% in Q1 and average in-pl...
- Oliver Metzger
- Roy Külter
- Guy Sips
- Lynn Hautekeete
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- Florent Laroche-Joubert
- Gerardo Ibanez
- Roy Külter
Shurgard : Performance opérationnelle S1 soutenue et en ligne et très ...
>Adjusted EPRA Earnings / action à 0.80 € (-1.4% yoy CER) vs consensus à 0.83 € - La publication semestrielle S1 24 de Shurgard (i.e. revenus à 189.3 M€ soit une croissance à périmètre courant et à taux de change constant à +8.2%) traduit le maintien d’une performance opérationnelle et croissance présente et future solide :Shurgard continue de bénéficier globalement d’une bonne tension locative avec un taux d’occupation « same stores » à 89.5% (-50 pb yoy) sur l...
- Wim Lewi
Shurgard 1H24 Results, all eyes on the LnS deal, no pressure to raise ...
Shurgard 1H24 results came only slightly below our estimates, but all eyes are on the Lok'nStore deal and its financing. The 4.5% lfl operating revenue growth came close to our 4.7% exp. UK lfl rent per sqm rose 10.2%. EPRA Earnings grew 8.9% yoy to EUR 78.2m vs. our exp. of 80.8m. Guidance FY24 revenue growth (excl. LnS) increased from 7.5% to 8.0%. The balance sheet offers ample headroom with LTV at 15.4% and expected LTV at 24% post LnS. SHUR also achieved a BBB+ rating, which might indicate...
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- Wim Lewi
- Wim Lewi
Shurgard Model Update, short term pain for long term gain
The LnS acquisition scheme became effective on 1/8/24. We adjust our model to reflect the acquisition costs. This is not new information. The transaction costs, bridge loan and integration efforts weigh down our previous EPS estimates for FY24-26. The deal changed our perception of the company from a gentle developer/consolidator to an integrator for the next 12-18 months. However, we believe there is significant LT upside potential as Shurgard benefits from economies of scale on its platform a...
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- Wim Lewi
- Jacob Mekhael
Hyloris Governance overhang weighs down the case
Following the FSMA statements and outcome of the independent forensic investigation of the QliniQ transactions, Hyloris will initiate a transition process to a new CEO, and the CFO and CLO will step down. Last week, the stock resumed trading (-75% intraday) following publication of the 2023 annual report, which included a qualified opinion regarding the Pleco agreement. Additionally, the QliniQ transactions case has been referred to the public prosecutor's office. We took a step back to evaluate...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Hilde Van Boxstael
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
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