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Manuel Martin ... (+4)
  • Manuel Martin
  • CEFA
  • CREA
  • Nour El Houda Hammami

Deutsche Euroshop AG : Final FY 2023 figures confirmed preliminary key...

>Dividend proposal of € 0.80 for FY 2023 below expectations - On Friday (26 April) evening after market close, Deutsche Euroshop (DES) reported its final FY 2023 figures which confirmed its preliminary key figures released on 19 March (revenues, NOI, FFO I and EPRA NTA, amongst others) and which were mainly driven by the acquisition of minority interests in some of its shopping centre limited partnerships beginning of 2023 and some one-off items. Management reiterated...

Fehmi Ben Naamane ... (+2)
  • Fehmi Ben Naamane
  • Thomas Zlowodzki

ODDO BHF Small & MIDCAP MORNING NEWS - 03/20/2024

We are upgrading the energy sector to Overweight vs Neutral (excluding Oil Services, already on Overweight). The recent rebound in oil prices is set to continue, driven by short, medium and long-term factors: value, cyclical, little debt and good shareholder returns. Technical analysis reveals a strong trend that is only just beginning. GALP enters our Large Caps list; CellNex exits it. - ...

Fehmi Ben Naamane ... (+2)
  • Fehmi Ben Naamane
  • Thomas Zlowodzki

ODDO BHF Small & MIDCAP MORNING NEWS - 20/03/2024

Nous upgradons le secteur énergie à Surpondérer vs Neutre (hors Oil Services déjà à Surpondérer). Le rebond récent des prix du pétrole va se poursuivre, soutenu par des facteurs à court, moyen et long terme. Le secteur dispose en outre de 4 atouts dans la configuration de marché actuelle : value, cyclique, peu endetté et bon retour à l’actionnaire. L’analyse technique révèle une tendance forte qui ne fait que commencer. GALP fait son entrée dans notre liste Large Caps ; CellNex en so...

Manuel Martin ... (+4)
  • Manuel Martin
  • CEFA
  • CREA
  • Nour El Houda Hammami

Deutsche Euroshop AG : Preliminary FY 2023 key figures overall above o...

>FY 2023 FFO I p/s exceeding the company´s guidance - Deutsche Euroshop (DES) reported yesterday after market closing preliminary FY 2023 results which were overall above our estimates. Revenues of € 273.3m (+28.4% y-o-y), were slightly above our estimate of € 271.8m. Furthermore, net operating income of € 214.9 m (+28.3 % y-o-y) marginally exceeded our forecast of € 210.6m. FFO I has increased significantly by 31.7 % y-o-y to € 171.3m, translating into € 2.28p/s (jus...

 PRESS RELEASE

EQS-News: Deutsche EuroShop: Operating business picks up in financial ...

EQS-News: Deutsche EuroShop AG / Key word(s): Preliminary Results/Annual Results Deutsche EuroShop: Operating business picks up in financial year 2023 19.03.2024 / 18:00 CET/CEST The issuer is solely responsible for the content of this announcement. Deutsche EuroShop: Operating business picks up in financial year 2023 Increasing customer footfall and rising tenant sales Share acquisitions prop up growth in earnings Positive non-recurring effects from the operating business Valuation losses in the real estate portfolio due to higher interest rates Reintroduction of f...

 PRESS RELEASE

EQS-News: Deutsche EuroShop: Wiederaufschwung des operativen Geschäfts...

EQS-News: Deutsche EuroShop AG / Schlagwort(e): Vorläufiges Ergebnis/Jahresergebnis Deutsche EuroShop: Wiederaufschwung des operativen Geschäfts im Geschäftsjahr 2023 19.03.2024 / 18:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Deutsche EuroShop: Wiederaufschwung des operativen Geschäfts im Geschäftsjahr 2023 Steigende Kundenzahlen und Mieterumsätze Anteilserwerbe fördern das Ergebniswachstum Positive Einmaleffekte aus dem operativen Geschäft Abwertungen des Immobilienportfolios durch gestiegene Zinsen Wiedereinführung ein...

Baptiste Salaville ... (+3)
  • Baptiste Salaville
  • Jerôme Bodin
  • Steven Boumans

ODDO BHF Small & MIDCAP MORNING NEWS - 18/03/2024

We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...

Baptiste Salaville ... (+3)
  • Baptiste Salaville
  • Jerôme Bodin
  • Steven Boumans

ODDO BHF Small & MIDCAP MORNING NEWS - 03/18/2024 Date Performance sin...

We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...

Baptiste Salaville ... (+4)
  • Baptiste Salaville
  • Bruno Cavalier
  • Gerardo Ibanez
  • Steven Boumans
Florent Laroche-Joubert ... (+5)
  • Florent Laroche-Joubert
  • Manuel Martin
  • CEFA
  • CREA
  • Steven Boumans

ODDO : Shifting sands at La Croisette: A recap from MIPIM 2024

>The direct investment market is still muted today, but we think real estate markets could reignite after seeing the first interest rate cuts - We visited the annual real estate conference MIPIM in Cannes last week. Although the weather was great, the mood in the investment market was still a bit muted. The changes in the real estate market leaves many investor uncertain today. It is still too early to see transactions to go up materially and pricing recovery in the ...

Florent Laroche-Joubert ... (+5)
  • Florent Laroche-Joubert
  • Manuel Martin
  • CEFA
  • CREA
  • Steven Boumans

ODDO : The horizon is clearing with a stabilisation, and even decline,...

The stabilisation and even slight decline of interest rates in 2024 represents a catalyst for the sector, and leads us to now favour the players that are the best positioned to execute their growth and/or debt reduction strategy. In this context, we prefer Gecina, URW, CTP, Xior and Aedas Homes. We are making 10 rating changes: we upgrade Covivio, NSI, VGP, Patrizia and Xior to Outperform and Altarea, Deutsche Euroshop and SFL to Neutral. We are downgrading Icade and Mercialys to...

Florent Laroche-Joubert ... (+5)
  • Florent Laroche-Joubert
  • Manuel Martin
  • CEFA
  • CREA
  • Steven Boumans

ODDO : L’horizon s’éclaircit avec la stabilisation des taux d’intérêt,...

La stabilisation des taux d’intérêt, voire éventuellement leur légère baisse courant 2024, constituent un catalyseur pour le secteur et nous amènent à privilégier désormais les acteurs les mieux positionnés pour exécuter leur stratégie de croissance et/ou de désendettement. Dans ce cadre, nous privilégions Gecina, URW, CTP, Xior et Aedas Homes. Nous effectuons 10 changements de recommandation : nous relevons Covivio, NSI, VGP, Patrizia et Xior à Surperformance ainsi que Altarea, ...

Manuel Martin ... (+4)
  • Manuel Martin
  • CEFA
  • CREA
  • Nour El Houda Hammami

Deutsche Euroshop AG : Q3 2023 key figures overall in line with our es...

>Key figures overall in line with our estimates, 2023 e FFO I p/s guidance confirmed - Deutsche Euroshop (DES) reported yesterday after market close its Q3 2023 figures which were overall in line with our estimates. Management has confirmed its 2023e FFO I p/s guidance which was raised to between € 2.08 and € 2.18 per share in August.Revenues of € 67.8m (+28% y-o-y) were in line with our estimate of € 67.3m. Furthermore, net operating income of € 52.7m (+32.6 % y...

 PRESS RELEASE

EQS-News: Deutsche EuroShop continues its growth trajectory in the fir...

EQS-News: Deutsche EuroShop AG / Key word(s): 9 Month figures/Quarterly / Interim Statement Deutsche EuroShop continues its growth trajectory in the first nine months of 2023 14.11.2023 / 18:00 CET/CEST The issuer is solely responsible for the content of this announcement. Deutsche EuroShop continues its growth trajectory in the first nine months of 2023 Hamburg, 14 November 2023 - Shopping center investor Deutsche EuroShop AG (DES) recorded solid growth in both its operating business and its investment portfolio in the first nine months of financial year 2023. The cont...

 PRESS RELEASE

EQS-News: Deutsche EuroShop setzt Wachstumskurs in den ersten neun Mon...

EQS-News: Deutsche EuroShop AG / Schlagwort(e): 9-Monatszahlen/Quartals-/Zwischenmitteilung Deutsche EuroShop setzt Wachstumskurs in den ersten neun Monaten 2023 fort 14.11.2023 / 18:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Deutsche EuroShop setzt Wachstumskurs in den ersten neun Monaten 2023 fort Hamburg, 14. November 2023 – Die Shoppingcenter-Investorin Deutsche EuroShop AG (DES) hat in den ersten neun Monaten des Geschäftsjahres 2023 ein solides Wachstum sowohl im operativen Geschäft als auch in ihrem Investmentportfoli...

Jean-François Granjon ... (+2)
  • Jean-François Granjon
  • Steven Boumans

ODDO BHF Small & MIDCAP MORNING NEWS - 09/12/2023

Bad news on the macroeconomic front and a lacklustre earnings season this summer lend weight to our blended sector allocation, a group of defensive and cyclical sectors with little debt: healthcare, personal care and grocery stores, specialist retail, insurance, travel & leisure, semiconductors, tobacco, auto components & tyres, oil services, defence & aerospace. We are returning to a positive stance on the US vs Europe, as the US economy is looking more solid in the slowdown that is ...

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