Cofinimmo FY24 divestment plan completed, all office periphery assets ...

Yesterday Cofinimmo announced the completion of its EUR 215.0m FY24 divestment target. 2 offices are divested and 5 healthcare assets in Belgium and The Netherlands. This comes after Cofinimmo announced 85% of its divestment target was completed last week. At the time, the exact projects were however unknown and the share price did not move on the back of the positive news. All 3 Belgian elderly care assets were leased to Armonea and so it could be a package deal. The Parklane campus was the la...

Benelux Morning Notes

ASR: A large €1.6bn buyout to finish the year on a high. Cofinimmo: Yearly disposals target delivered, we are optimistic on the dividend. SBM Offshore: Liza Destiny to Exxon, as announced earlier

Morning Notes : AED BB, COFB BB, TESB BB, ONWD BB, ZEAL DC

: AED BB, COFB BB, TESB BB, ONWD BB, ZEAL DC

Benelux Morning Notes

Cofinimmo: Positive update on disposals

NX Filtration : Sales warning as full year sales guidance lowered

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/12/2024

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/13/2024

Benelux Morning Notes

Elia: New CEO appointed; close to home. Kinepolis: Peer Cineplex November 2024 box office revenue at 94% of 2019, up 41% YoY

NX Filtration Lowering revenue guidance again

This morning NXFIL warned the markets its FY24 revenue guidance has been lowered to €10.5-€11.5m while previous guidance called for revenues in excess of €16m. For 2025 the company now calls for revenue growth of 50% to 70% based on its commercial pipeline. Applying 60% growth on the midpoint of the lowered FY24 guidance yields 17.6m revenues for 2025 well below yesterdays Refinitiv consensus revenues of €37.3m and KBC forecasts of €28.6m for 2025. We reiterate reduce rating and € 3.3 target pri...

Cofinimmo 85% FY24 divestment target signed

Yesterday evening Cofinimmo sent out an update regarding its EUR 215.0m divestment plan. It mentions 3 assets (4 buildings) of which the AMCA buildings in Antwerp were already known to the market via a separate press release. There are 2 new healthcare divestments announced of EUR 12.0m. Additionally, its investment outlook is lowered by EUR 40.0m. This brings the carried out divestments to EUR 102.0m (see our tracker below). Moreover, EUR 80.0m additional divestments are already signed and th...

Morning Notes : COFB BB, ELI BB, MAAT FP, NXFIL NA

: COFB BB, ELI BB, MAAT FP, NXFIL NA

Elia Group : New Group CEO, CFO and Chairman

Elia Group New CEO confirmed and permanent CFO replacement announced

Earlier this week, press speculation emerged that Chairman Bernard Gustin would take the CEO position. Now it also emerges that interim CEO Catherine Vandenborre will not return to the CFO position, but instead leaves the group for a new career path on 30/6/25. Interim-CFO Marco Nix, who was already 10 years CFO of 50Hz will become full-time CFO on 1/4/25. While we regret that a seasoned manager leaves the company, there is now finally a solution for the executive management that will have to ex...

MaaT Pharma We're confident going into MaaT013's phase 3 topline in aG...

With recruitment completed for the phase 3 trial of lead program MaaT013 in aGvHD, topline data with GI-ORR is pinned for January 2025. We preview the upcoming readout and expect 15-20% upside if our base case materialises. We update our model to increase our peak sales expectations for MaaT013 in aGvHD to € 170m (from € 100m), which ups our TP to € 16 (from € 14). While this initial program represents a smaller commercial opportunity for MaaT, we see the results for MaaT013 as key to validate t...

Real Estate Report December 2024

BE-REITS suffer from macro-worries (logistics) and post-Trump knee-jerk reaction. We believe that especially money flows are pushing stocks down as interest rate fears resurfaced in the US. Our top-picks are Shurgard, WDP and Xior. SHUR and WDP have ample headroom on their balance sheet to continue their growth track record. WDP is also very cheap on cash earnings metrics vs. peers. Xior can grow and fix its balance sheet at the same time through contributions in kind.

Morning Notes : AALB NA, ELI BB, IMMO BB, MELE BB, EKOP BB, MAAT FP

: AALB NA, ELI BB, IMMO BB, MELE BB, EKOP BB, MAAT FP

MaaT Pharma MaaT013 EAP data shows continued benefit, phase 3 topline ...

MaaT presented updated results from the early access program (EAP) for lead candidate MaaT013 (microbiome therapy, enema formulation) in aGvHD in Europe during the American Society of Hematology (ASH) conference. We continue to be encouraged by the strong responses observed in the subset of 58 patients resembling the population enrolled in the phase 3 (ARES) trial, which in our view provides comfort ahead of the upcoming topline readout in January 2025. We reiterate our € 14 TP and BUY rating.