INVEST SECURITIES – ICADE :Pas de signes d'amélioration sur les fondam...

ODDO : Olympic Games and Euro 2024: a limited economic impact but an o...

In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Som...

ODDO : Jeux Olympiques et Euro 2024 : un impact économique limité mais...

En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier  : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être l...

ODDO BHF Small & MIDCAP MORNING NEWS - 04/22/2024 Date Performance sin...

EPS growth prospects are brighter in the US than in Europe, which is justified given the differential in the growth and inflation outlook between the two regions. However, the adjustment that has taken place on EPS in Europe is a positive factor: we are now "at the price" ahead of the cyclical recovery that is taking shape for the rest of 2024. Sector-wise, the ongoing upward revision of EPS in travel & leisure, banks and media is expected to continue apace and provide support for sec...

ODDO BHF Small & MIDCAP MORNING NEWS - 22/04/2024 Date Performance dep...

Les perspectives de croissance des BPA sont supérieures aux Etats-Unis qu’en Europe, ce qui est justifié étant donné le différentiel de perspectives de croissance et d’inflation entre les deux zones. L’ajustement qui a eu lieu sur les BPA en Europe est toutefois un facteur positif : nous sommes désormais « au prix » avant la reprise cyclique qui se dessine pour la suite de 2024. Sectoriellement, la révision à la hausse en cours des BPA sur le Travel & Leisure, les banques et les Media...

Coffee, Croissants & Credit/Akelius, Aroundtown, Covivio and Icade

Akelius 1Q24 results are solid with improved leverage. Aroundtown launches new exchange and tender options on hybrid notes. Covivio increases stake in Covivio Hotels. Icade 1Q Trading Update points to further uncertainty in 2024

Icade : An encouraging publication for well-positioned office property...

>Performances in line but mixed between the different segments - This morning, Icade published consolidated sales for Q1 2024 of € 322m (€ 303m est.) up 12.3% y-o-y. This trend includes dynamic activity in the well-positioned office property segment and a decline in property development segment, as expected:Commercial real estate (29% of revenue in Q1 2024): the trend for rental income at constant scope was +1.7% (i.e +5.1% of well-positioned offices and +7.1% of...

Icade : Publication encourageante sur les bureaux well-positioned mais...

>Performances en ligne mais contrastées entre les différents segments - Icade a publié ce matin un chiffre d’affaires consolidé sur le T1 2024 de 322 M€ (303 M€e) en hausse de 12.3% y-o-y. Cette évolution inclut une bonne dynamique sur les bureaux well positioned et une baisse des réservations sur la Promotion immobilière comme attendu :Foncière Tertiaire (29% des revenus T1 24): l’évolution à pc des revenus locatifs s’établit à +1.7% (i.e soit +5.1% des burea...

Icade - Challenging start of the year

Gross rental income totaled EUR 93.7 m, up 1.7% on an LfL basis and up 3.8% year-on-year. Average occupancy stood at 87.8%, slightly down (-10bps) on December 2023.Economic revenues from the property development business amounted to EUR 259.3m, up 14.4% due to the sale of residential units and a low comparative base in Q1 2023. The company maintains its guidance for net current cash flow from strategic operations between EUR 2.75 and EUR 2.90 per share.

Icade: 1 director

A director at Icade bought 2,850 shares at 24.420EUR and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing ...

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...

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...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/18/2024

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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 ...

INVEST SECURITIES - ICADE : Une feuille de route insuffisante pour att...

ODDO BHF Small & MIDCAP MORNING NEWS - 02/26/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 26/02/2024

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Icade : Our different scenarios for the new strategic plan which must ...

>We see Icade’s NCCF/share coming in between € 3.18 and € 4.11 in 2028e - Following Icade’s Investor Day, we largely revised our model and now expect net current cash flow (NCCF) per share of € 3.65 on a pro-forma basis in 2028e (i.e. a 2024-2028e CAGR of 3.5%) and an EPRA NTE 2028e of € 63.2 (vs € 67.2 at end-2023):Our estimate for NCCF/share 2024e pro-forma of € 2.91€ is broadly in line with the conservative guidance of “€ 2.75-2.90”. After factoring in the fin...

Icade : Nos différents scénarios pour le nouveau plan stratégique qui ...

>Nous voyons le CFNC / action d’Icade atterrir entre 3.18 € et 4.11 € en 2028e - Suite à l’Investor Day d’Icade, nous avons largement revu notre modèle et tablons dorénavant sur un cash-flow net courant (CFNC) / action pro forma de 3.65 € en 2028e (i.e. TMVA 24/28e +3.5%) ainsi qu’un EPRA NTA 28e suite à 63.2 € (vs 67.2 € à fin 2023) :Notre CFNC / action 24e pro forma à 2.91€ est globalement en ligne avec la guidance conservatrice « 2.75 - 2.90 € ». Après prise e...

ODDO BHF Small & MIDCAP MORNING NEWS - 02/20/2024 Date Performance sin...

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