reports
- ING Helpdesk
- ING Helpdesk
- Hilde Van Boxstael
- Thibault Leneeuw
- Wim Lewi
- Wim Lewi
Warehouses De Pauw Add-on Acquisition in France
WDP acquires 6 cross-dock warehouses of 43k sqm GLA on 182k sqm of land for EUR 50m. This investment lifts the French exposure to around 4.5% of the total portfolio. Developments in France are a slow process. We expected 35k sqm in acquisitions over 2H24. This deal fits nicely in their expansion strategy in FR and GE. The deal is expected to be immediately earnings enhancing. WDP is selectively putting cash to work. Acquisitions do not generate development gains, but WDP expects to realise rever...
- Quirijn Mulder
- Stijn Demeester
Azelis/Bottoming out/BUY
Azelis' 2Q24 results confirmed early green shoots amidst a still patchy economic backdrop. We make minor changes to our estimates and raise our target price to €29, mainly driven by higher peer multiples. We reiterate our BUY, as we believe Azelis' business model is intact as the industry recovers from an extended downcycle, with our positive stance supported by Azelis' attractive discount of 35% to key peer IMCD.
- ING Helpdesk
Benelux Morning Notes
ING Benelux Conference London: Aalberts, Arcadis, Azelis, Barco, Basic-Fit, Brunel International, DEME Group, Euronext, Fagron, Heijmans, Kinepolis, Lotus Bakeries, Melexis, Ontex, Randstad, Recticel, SBM Offshore, TKH Group, Van Lanschot Kempen Other company stories - OCI: Divestment of Methanol to Methanex for US$2.05bn, Staffing: US August temp volumes marginally better trend; NFP jobs miss
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
FAGR FAGRON SA
RAND RANDSTAD NV
LOTB LOTUS BAKERIES NV
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
OCI AALBERTS N.V.
BRNL OCI NV
ONTEX BRUNEL INTERNATIONAL N.V.
MELE ONTEX GROUP N.V.
TWEKA MELEXIS NV
KIN TKH GROUP N.V. CERT
BAR KINEPOLIS GROUP NV
AZE BARCO NV
DEME AZELIS GROUP NV
DEME GROUP NV
- Hilde Van Boxstael
- Lynn Hautekeete
- Wim Lewi
- Lynn Hautekeete
- Wim Lewi
- Roy Külter
- Steven Boumans
INTO INTERVEST OFFICES & WAREHOUSES SA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
MONT MONTEA SCA
AED AEDIFICA SA
CPINV CARE PROPERTY INVEST SA
VGP VGP NV
NSI NSI N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
EBUS EBUSCO HLDG NV
CTPNV CTP NV
- Roy Külter
- Steven Boumans
INTO INTERVEST OFFICES & WAREHOUSES SA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
MONT MONTEA SCA
AED AEDIFICA SA
CPINV CARE PROPERTY INVEST SA
VGP VGP NV
NSI NSI N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
EBUS EBUSCO HLDG NV
CTPNV CTP NV
- Gerardo Ibanez
- Roy Külter
- Steven Boumans
ODDO : Dutch transfer tax to be reduced to 8%, supporting NAV and LTVs...
>Dutch real estate transfer tax to be reduced from 10.4% to 8% - The Dutch government will reduce the transfer tax for commercial buyers to 8%, according to leaked documents that newspaper De Telegraaf released. This is still more than the 6% it was before 2021, but less than the current 10.4%. The budget has now been sent to the Council of State. On “Prinsjesdag”, September 17, the House of Representatives will officially receive the plans, and the budget will be mad...
- Olfa Taamallah
- Yan Derocles
DHL DHL GROUP
V1S ARKEMA
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
COV COVIVIO SA
MTX MTU AERO ENGINES AG
QIA QIAGEN NV
LSEG LONDON STOCK EXCHANGE GROUP PLC
ALV ALLIANZ SE
MRK MERCK KGAA
VNA VONOVIA SE
SAF SAFRAN S.A.
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
NEM NEMETSCHEK SE
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
CABK CAIXABANK SA
WLN WORLDLINE SA
CLNX CELLNEX TELECOM S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
NEXI NEXI S.P.A.
JDEP JDE PEET'S NV
AZE AZELIS GROUP NV
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
SYENS SYENSQO
UN0 UNIPER SE
- Olfa Taamallah
- Yan Derocles
DHL DHL GROUP
V1S ARKEMA
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
COV COVIVIO SA
MTX MTU AERO ENGINES AG
QIA QIAGEN NV
LSEG LONDON STOCK EXCHANGE GROUP PLC
ALV ALLIANZ SE
MRK MERCK KGAA
VNA VONOVIA SE
SAF SAFRAN S.A.
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
NEM NEMETSCHEK SE
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
CABK CAIXABANK SA
WLN WORLDLINE SA
CLNX CELLNEX TELECOM S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
NEXI NEXI S.P.A.
JDEP JDE PEET'S NV
AZE AZELIS GROUP NV
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
SYENS SYENSQO
UN0 UNIPER SE
- ING Helpdesk
Benelux Morning Notes
ABN Amro: CEO leaving in 1H 25, another management change AB InBev: Does what it says on the can AMG: Solid 2Q24 beat and guidance raise, Brazil on track for full capacity by 4Q24 Aperam: Good quarter on EBITDA and FCF, 3Q24 guide in-line Ayvens: Mixed bag Azelis: In-line 2Q24, cautious return to organic growth in Americas yet outlook remains fragile Fagron: Nice 2Q24 beat and guidance raise, higher capex to support growth Fugro: 15% beat but missing balance in its results GBL: Lackluster NAV pe...
- Salome Charamalet
- Stefano Toffano
Azelis Group NV : Improving yoy growth on easier comps
>Signs of end market stabilisation - Azelis’ end-markets are showing signs of a sustained recovery in volumes, albeit still (partly) offset by continuing pricing pressures in many of its markets. The company generated Q2 24 revenues of € 1,095m, +4% yoy and +3% vs our estimates. Operating EBITA for the quarter was c. € 130m, stable yoy (+2% vs. AAOBe). Profitability remained relatively high despite the cyclical weakness, but the group’s conversion margin decreased yoy...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Thibault Leneeuw
Azelis Recovery in America offsets slightly weaker EMEA and APAC
Azelis revenues were slightly above expectations given a recovery in the US CASE and LatAm market, supported by FX dynamics. This partially offset by lower organic growth in APAC and EMEA. The shift towards more Industrial Chemicals resulted in a slightly lower Gross profit margin compared to our estimates, yet in line with CSS. This resulted in an EBITA of € 130m and was slightly better than our and CSS expectations, both at € 128m. Overall decent results in line with what we expected. Given th...
- Francesca Ferragina
WDP/€500m new investments to secure growth/BUY
1H results were consistent with the FY guidance and our forecast. What we like the most was the strong investment acceleration: €500m YTD of which €450m was in 2Q at an interesting 7% yield. Investments are key to secure future growth and the message shared by the CEO about the French and German markets that start to be more open in terms of transactions is important. It means that more is to come. We fine-tune our estimates to include the 1H results but have no major changes. Thus, we reconfirm...
- Jerôme Bodin
FME FRESENIUS MEDICAL CARE AG
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
WCH WACKER CHEMIE AG
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
ROG ROCHE HOLDING LTD
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
G ASSICURAZIONI GENERALI S.P.A.
ENI ENI S.P.A.
BAS BASF SE
VER VERBUND AG CLASS A
CAP CAPGEMINI SE
UCB UCB S.A.
ENEL ENEL SPA
EDW EDP RENOVAVEIS SA
UCG UNICREDIT S.P.A.
STM STMICROELECTRONICS NV
DWS DWS GROUP GMBH & CO. KGAA
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
RMV RIGHTMOVE PLC
FDJ LA FRANCAISE DES JEUX SA
8TRA TRATON SE
WDP WAREHOUSES DE PAUW SCA
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
FER FERROVIAL SA
- Bruno Cavalier
- Jerôme Bodin
FME FRESENIUS MEDICAL CARE AG
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
WCH WACKER CHEMIE AG
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
ROG ROCHE HOLDING LTD
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
G ASSICURAZIONI GENERALI S.P.A.
ENI ENI S.P.A.
BAS BASF SE
VER VERBUND AG CLASS A
CAP CAPGEMINI SE
UCB UCB S.A.
ENEL ENEL SPA
EDW EDP RENOVAVEIS SA
UCG UNICREDIT S.P.A.
STM STMICROELECTRONICS NV
DWS DWS GROUP GMBH & CO. KGAA
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
RMV RIGHTMOVE PLC
FDJ LA FRANCAISE DES JEUX SA
8TRA TRATON SE
WDP WAREHOUSES DE PAUW SCA
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
FER FERROVIAL SA
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