reports
- Francesca Ferragina
Cofinimmo/Just a cloud away/BUY (previously Hold)
We take a fresh look at Cofinimmo, raising our target price to €76.5 (from €71.0) and upgrading from Hold to BUY. We think the strong effort on disposals and the firm stance on dividend over the last 2 years are both shareholder friendly and epitomise “self-help”. We expect LTV to be at c.43-44% by year-end - newsflow on sales will accelerate until December, with many deals currently under negotiation, and the c.€270m disposals ambition has been recently reiterated. Deleveraging is expected to ...
- 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...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update September 2024 –Cofinimmo & Kinepolis in;...
In this September update of our Dynamic Top Pick List we make 4 changes. •We include Cofinimmo in our Dynamic Top Pick List after our recent upgrade from Accumulate to Buy. We expect the name to outperform in a decreasing interest rate environment given its relatively high leverage and cheap valuation. We also believe the risk of a dilutive equity raise eased when the FY24 capex decreased from € 320m to € 250m. The management stays disciplined in its capex program and continues to focus on asse...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
COFB COFINIMMO SA
DIE D'IETEREN SA
SOF SOFINA SA
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
CPINV CARE PROPERTY INVEST SA
KIN KINEPOLIS GROUP NV
TINC TINC COMM. VA
FUR FUGRO NV
SYENS SYENSQO
- Lynn Hautekeete
Cofinimmo An interesting interest rate play
In this company note we upgrade Cofinimmo from Accumulate to Buy. We expect the name to outperform in a decreasing interest rate environment given its relatively high leverage and cheap valuation. We also believe the risk of a dilutive equity raise eased when the FY24 capex decreased from EUR 320m to EUR 250m. The management stays disciplined in its capex program and continues to focus on asset rotation. By taking into account similar fair value corrections as 1H24, we forecast the YE24 debt rat...
- 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...
- Hilde Van Boxstael
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- ING Helpdesk
- 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
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
ELIS ELIS SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
S30 SOLUTIONS 30 SE
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
- Roy Külter
- Steven Boumans
Cofinimmo : H1 2024 results: outlook reiterated; devaluations continue...
>Outlook reiterated, devaluations to continue across the board, healthcare operator health improving and limited new disposals - Outlook FY2024 Net result from core activities reiterated at €6.40 and €6.20 DPS.Gross rental income up +2.1% on a like-for-like basis (vs Q1: +2.2% and 2% in FY2024 budget) from: new leases (+0.8%), indexation (+2.8%), departures (-0.7%) and renegotiations (-0.8%).Like-for-like devaluations of -€91m or -1.4% (Q1: -0.7%; FY 2023: -...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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