This note gathers feedback from the group meetings and the break-out sessions. In total 23 companies presented in group meetings and/or break-out sessions. More than 100 guests found their way to the venue and some more followed virtual meetings. Physical attendance is clearly on the rise after the COVID disruption. Investing remains a people's business. The 4 break-out sessions made for informative additions to the C-level meetings and a nice platform for discussion. Tuesday morning concentrate...
This conference book is your guide to the KBCS Real Assets Conference 2024. It offers a program, an intro to the break-out sessions and company profiles with financial data and some useful info. The break-out sessions aim to educate and contemplate on certain trends. Last year we hosted “Energy as a business”. This year, we offer 4 break-outs on hot topics.
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...
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...
>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 ...
Stock prices of HC REITS are currently driven by the negative sentiment in the market regarding operators and their restructuring processes. We believe the sentiment could persist in 1H24. However, interest rate cuts of the ECB combined with a positive outcome on the planned rights issue of Korian in either June or September could lead to a rerating of the sector. Additionally, margins of operators are bottoming out which will stop the negative news flow and improve sentiment. Fundamentally we b...
>Strong 2023 results, 2024 outlook slightly weaker than consensus - Outlook FY2024 EPRA EPS €6.40 (Bloomberg consensus € 6.50), including €320m investments and €270m divestments, allowing for a €6.20 DPS (payable in 2025)Gross dividend for the FY2023 (payable in 2024) confirmed at € 6.20/shLike-for-like devaluations of €182m or -2.7% (Q3 2023: -1.7%).Healthcare operator performance is improving, with underlying occupancy being strong at >90% for all cou...
Brunel International: 4Q23 results in line, touch weaker FY24 start, mainly in Germany. Coca-Cola Europacific Partners: Done and dusted. Cofinimmo: Resilient FY23 results, investment neutrality reiterated for FY24. EVS: Very strong 2H23 and orders beat, net cash/WCR dampen the mood. Proximus: Q4 in line results, better net adds, guidance in line
Confinimmo reports FY23 results and beats our estimates. EPRA EPS came in at EUR 7.07 ps vs. EUR 6.95 KBCSe (CSS: EUR 6.79 ps). The difference is driven by a higher than expected GRI at 346.2m and lower CoD at 1.4%. Similarly, we will have to increase our EPRA EPS FY24 by 3% to meet guidance expectations. The difference is again linked to the lower than expected CoD vs 3Q23 reporting which has a big impact on our estimates given the large chunk of EUR 787m commercial paper. The fair value corre...
• Cofinimmo published solid results enhanced by a strong indexation while the financing cost remains under control.• Thanks to a sound pace of disposals and to the recent equity raised, Cofinimmo managed to keep a healthy balance sheet.• The portfolio value adjustment accelerated in Q4.• The gloomy guidance for 2024 was expected and due to the dilutive impact of the ABB.• The company will host a conference call today at 10:00 am CET.• We sustain our ‘Hold' rating in the me...
We enter 2024 cautiously optimistic on the real estate sector on the back of the rates outlook and appealing valuations. We are positive on companies that have easy access to capital as this could be a good time to be ambitious and speed up growth with acquisitive deals. For companies with high LTV (and trading at an NTA discount) we expect an accentuated effort on disposals with the aim of being ‘investment neutral' where possible, ahead of taking any potentially painful equity decisions. The c...
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...
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, ...
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