reports
- Lynn Hautekeete
Immobel After the through, increase to Buy
Yesterday Immobel issued a trading update that gives comfort in the FY26 bond repayment of EUR 125.0m which was the biggest short term risk of the investment case. This triggered us to increase our TP from EUR 23.0 to EUR 28.0 with a BUY recommendation (prev. accumulate). The reasoning is explained in this new company note. We still don't think the dividend will come back in the next 2 years as the focus remains deleveraging. However, the share price reflected a dilutive capital raise which has ...
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
Roularta Media Group Nv: 2 directors
Two Directors at Roularta Media Group Nv sold/sold after exercising options 14,472 shares at 15.500EUR. The significance rating of the trade was 60/100. 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 dir...
EXMAR NV: 1 director
A director at EXMAR NV bought 35,243 shares at 11.500EUR and the significance rating of the trade was 61/100. 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 show...
- Guy Sips
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Thomas Vranken
- Wim Hoste
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Wim Hoste
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Lynn Hautekeete
- Wim Lewi
Real Asset Conference feedback 19-20 March 2025
This note gathers feedback from the group meetings and the panels. In total 21 companies were presented in group meetings and/or panels. More than 100 guests found their way to the venue either physical or virtual (only panels). The 2 panels made for informative additions to the C-level meetings and a nice platform for discussion. Wednesday afternoon concentrated 4 experts from Logistic companies (CTP, Montea, VGP, WDP) for an interesting discussion on brownfields: " an answer to the scarcity of...
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
ELI ELIA GROUP SA/NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
SHUR SHURGARD SELF STORAGE LIMITED
- Hilde Van Boxstael
- Jacob Mekhael
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Lewi
- Lynn Hautekeete
- Wim Lewi
Real Assets Conference Book 19-20 March 2025
We publish our conference book with info on the panels, the graphs on the market and company profiles. European REITS suffered from macro and geo-political worries (logistics) Also, the European knee-jerk reaction on the bund (+60 bps) had a negative effect. We believe that despite these worries, REITS are a good place to hide, given their high visibility and proven growth potential in a tough environment. Our top-picks are Shurgard, WDP and Xior. SHUR and WDP have ample headroom on their balanc...
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
ARG ARGAN SA
VGP VGP NV
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Guy Sips
- Lynn Hautekeete
Immobel Likely at the trough, but still reliant on bank financing
We revisit our model on Immobel after the FY24 results and the dividend cut. The dividend cut was necessary given the short term debt maturities. We expect 2025 to be a recovery year from the trough in FY24 margins, with slightly lower asset sales versus FY24. A cash recovery from the EUR 18.0m building permit from the Proximus towers could be a short term trigger for the stock. We think it is likely but nothing is confirmed. In FY25, Immobel needs to pay back a EUR 50.0m bond which is covered ...
- Guy Sips
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Guy Sips
- Michiel Declercq
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Deceuninck FIRST LOOK: Taking full ownership of alu JV increases strat...
Taking full ownership of the aluminum profiles JV So Easy – Decalu is a fairly small transaction but gives Deceuninck the strategic flexibility to further grow its presence in aluminum next to the legacy PVC window profiles business. We remind that Deceuninck recently reported a flat FY24 adj. EBITDA whilst market conditions for FY25 are expected to remain challenging. While acknowledging the cyclical character of Deceuninck, we expect support from the EU Green Deal in the coming years while als...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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