reports
Eurocommercial Prop. - Solid Q1
Q1 direct investment result landed at EUR 33.2m, up 1.5% YoY, on the back of higher rents, lower expenses and tax, offsetting an increase in net interest expenses. LfL rental growth stood at 3.6%. LTV increased slightly to 42.8%. Interestingly, the company communicated on the termination of discussions on the acquisition of Westland Shopping in Belgium (see our Morning dd. 3 May).Eurocommercial posts a decent update, with LfL rental growth remaining at high levels which contributes to the offset...
- Francesca Ferragina
- Javier Campos Unda
Eurocommercial Properties/Model update/BUY
We update our estimates (unchanged for 2024F and -3.9% in 2025F) and roll over our model by one year; we confirm our BUY rating and €29 TP. After the strong organic performance seen in FY23, we expect a normalisation of the trend and a gradual increase of financial charges. Balance sheet is solid and leaves €150-170m firepower for extension of existing assets or some new deals. We would welcome the announcement of a JV or an acquisition (at a proper price) or extensions project for existing asse...
- ING Helpdesk
Eurocommercial Prop. - FY23 in line as portfolio continues to deliver
Direct investment result increased 3% YoY to EUR 123.1m driven by the higher rental income which compensated an increase in interest costs. On a per share basis, the result stood at EUR 2.32 (+1.1% YoY), fully in line with our estimate and within the company guidance range. LfL rents were up 9.7%, primarily driven by the indexation (7.9%). For 2024, Eurocommercial expects to secure a 3.3% indexation across its portfolio.OCR stood at 9.5%, increasing 30bps YoY. Vacancy remains at 1.5%.Portfolio v...
- Francesca Ferragina
- Javier Campos Unda
Benelux Real Estate update/Different environment, new opportunities
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...
- ING Helpdesk
Benelux Morning Notes
Ageas: Debt issue by YE23 boosts China Solvency. Eurocommercial Properties: Unsurprising Woluwe Shopping Center expansion issues. Fugro: Two more geotechnical vessels acquired. IBA: Nice new Proteus One contract in Poland. NN Group: Longevity deals (+8%) vs Mortgage spreads (-8%). Philips: Another recall hurts sentiment. Recticel: Breaking into PIR Insulated Panels with the acquisition of REX. Van Lanschot Kempen: Accuro acquisition, bolt-ons in Belgium to accelerate
- ING Helpdesk
Benelux Morning Notes
Atenor: Q3 trading update – capital increase to be finalized soon. Ayvens: Dirty numbers. Brunel International: 3Q23 in line with strong revenue trends, warns on 4Q23/FY24. Eurocommercial Properties: Strong numbers, guidance now at upper end of the range. ForFarmers: 3Q trading update. GBL: NAV underperforms but new share buybacks supportive. Solvay: 3Q23 sales miss, EBITDA in-line and strong FCF, guidance confirmed
Eurocommercial Prop. - Sound Q3 and operations to date result in a mar...
Direct result at EUR 96m, up 3.6% YoY or EUR 1.81/share (+2.2%) on the back of higher rents but partly offset by higher interest expenses.LfL rental growth remained high at 8.3%.Renewals and relettings for 11% of MGR were achieved, with an average rental uplift of 2.1%.Direct EPS lower end of the guidance increased to EUR 2.30-2.35 (vs EUR 2.25-2.35 previously). DPe at EUR 2.27.A sound set of results, with the indexation continuing to remain at high levels and helping the company offset higher i...
- Francesca Ferragina
- Javier Campos Unda
Eurocommercial Properties/Solid operational momentum/BUY
ECP posted a strong 1H that underlined solid operational trends with an 8.2% LFL rental growth driven by both the indexation of the contracts and strong rents renewals. LTV is on a safe 41.8% level; portfolio write-offs were negligible, mainly related to Sweden while Italy and France showed a small but positive revaluation. Guidance is confirmed and in light of this strong set of results, we fine-tune our estimates and position our adj. EPS close to the high end of the range (€2.25-2.35). We con...
- ING Helpdesk
Eurocommercial Prop. - Sound H1, witnessing strong rental growth but o...
Direct result increased 2.9% YoY to EUR 64.5m supported by stronger rental performance and the absence of Covid-related concessions but offset by higher interest payments. LfL rental growth stood at 8.2%.LfL retail sales were up 9.2% YoY and 11.7% above the H1 2019 figures.Portfolio value saw a -0.2% decline YTD to EUR 3.79bn. EPRA NIY increased 20bps to 5.7% vs December end.Woluwe extension – planning permit suspended following an appeal by the municipality, a step anticipated by the management...
- ING Helpdesk
Benelux Morning Notes
BE Semiconductor Industries: CMD preview – upside risk in the guidance. Colruyt: Transfer of DATS 24 Belgium to Virya Energy for EV €56m. D'Ieteren: Belgian May car registrations up 42.5%, VW up 36%. Eurocommercial Properties: Property tour reinforced our positive stance. Results Calendar
- ING Helpdesk
Benelux Morning Notes
Air France-KLM: Improvement as expected, but nothing more. bpost: Slight beat on 1Q23, including impact related to services to the Belgian State. Brunel International: Beats on 1Q23 by 4%, ongoing strong trends into 2Q23. Eurocommercial Properties: Impressive LFL, stronger bottom line, Milan listing soon
- ING Helpdesk
- Francesca Ferragina
Eurocommercial Properties/Further room to re-rate/BUY (initiation of c...
We initiate coverage on Eurocommercial Properties with a BUY rating and a €29 target price. The group has a shopping centre portfolio worth €3.9bn in Belgium, France, Italy and Sweden. With a best-in-class c.9% occupancy cost ratio, we are confident about our strong 6% 2023F organic growth. Financials are solid and with a c.40% LTV the group can afford some renewals and expansions but also some write-offs. We model a 60bp yield expansion which we think is cautious in light of the yield movement ...
- Aurelien Sivignon
PROX PROXIMUS SA DE DROIT PUBLIC
APAML APERAM SA
KPN ROYAL KPN NV
ORA ORANGE SA
EURN EURONAV NV
EN BOUYGUES SA
UTDI UNITED INTERNET AG
LXS LANXESS AG
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
LNA LNA SANTE SA
AF AIR FRANCE-KLM SA
GLB GLANBIA PLC
ECMPA EUROCOMMERCIAL PROPERTIES NV
TIETO TIETOEVRY OYJ
KRN KRONES AG
AED AEDIFICA SA
BPOST BPOST SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
JUN3 JUNGHEINRICH AG PREF
RUI RUBIS SCA
ALD ALD SA
OBEL ORANGE BELGIUM SA
DRI 1&1 DRILLISCH AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
TCH TECHNICOLOR SA
- Gerardo Ibanez
- Steven Boumans
EuroCommercial : Q1 2022 results: positive results; rent uplifts for r...
>Q1 2022 results were better than our estimates; rent uplifts from renewals still positive but declining - Q1 2022 results were better than our estimates and beat on both revenue and earnings. Underlying metrics remain strong, but we highlight that uplifts from renewals are declining. We remain positive on the valuation, where we have seen fair value gains and divestments around book value.Highlights are:Gross rental income was €51.7m (vs €52.2 Q1 2021), sli...
- Emira Sagaama
ODDO BHF Small & MIDCAP MORNING NEWS - 03/25/2022
As a key German defence electronics specialist, Hensoldt will be one of the main beneficiaries of the new defence sector paradigm in Europe, with a projected EBIT CAGR for 2021-2025 of 21.8%. With a premium of over 10% to the leading players, the stock looks to largely price in this new context. We are initiating coverage with a Neutral rating and a target price of €31.5. - ...
ALLIX WALLIX GROUP SA
ZIL2 ELRINGKLINGER AG
POM PLASTIC OMNIUM SE
TNET TELENET GROUP HOLDING NV
CGM CEGEDIM SA
NRG NRJ GROUP SA
ISP INTESA SANPAOLO S.P.A.
ECMPA EUROCOMMERCIAL PROPERTIES NV
BKT BANKINTER SA
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
VLTSA VOLTALIA
LFDE LA FRANCAISE DE L'ENERGIE SA
SAN BANCO SANTANDER S.A.
JUN3 JUNGHEINRICH AG PREF
UNI UNICAJA BANCO S.A.
AVTX AVANTIUM NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
MVC METROVACESA SA
SAB BANCO DE SABADELL SA
C0M COMPLEO CHARGING SOLUTIONS
ALAFY AFYREN
HGEA HGEARS AG
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