reports
- ING Helpdesk
Benelux Morning Notes
Azelis: Bloomberg report citing M&A interest. BE Semiconductor Industries: 1Q24 preview, focus on order intake. Greenyard: Crème de la Crème acquisition. Just Eat Takeaway.com: Deliveroo reports 1Q24 trading. Melexis: 1Q24 Preview, focus on pricing. NSI: Guidance confirmed, LTV improves, small but interesting investments might come. Sligro: 1Q24 results in line with expectations Vastned: Key €100m single asset disposal achieved
- ING Helpdesk
- ING Helpdesk
- 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
Belgian telcos: BIPT open to FTTH cooperation agreements under conditions. Exor: Announces oversubscribed €750m SBB tender offer, strike price at VWAP. Kinepolis: Cineplex Sept box office revenue at 77% of 2019, opens 6 new IMAX screens. NN Group: Share buyback acceleration, 97% complete. NSI: Dividend cut as expected, strategic review on-going. Ordina: Offer declared unconditional, termination of coverage. SBM Offshore: Whiptail FEED. TomTom: In line 3Q23 results, guidance reitera...
- Francesca Ferragina
NSI/Many uncertainties, deep strategic revision ongoing/HOLD
With a structurally different environment and the upcoming abolition of the FBI regime, a strategic review is on-going, and the outcome will be presented during 4Q. Important elements of the “new NSI” will rotate toward: a focus on Amsterdam (with some disposals in other cities), a great effort on sustainability, a deeply revised dividend policy and some JV/third party asset management deals. For the time being, with the major uncertainties around strategy and dividend combined with the importan...
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
Allfunds Group plc: Back in Black. ASM International: 1Q23 Preview. BE Semiconductor Industries: 1Q23 preview. Melexis: 1Q23 Preview. NSI: Results in line, strategic review underway, caution on development projects. Philips: 1Q23 Preview. Sligro: Starting the year ahead of expectations UCB: Peer MoonLake targets market value of $10bn+ for HS
- ING Helpdesk
- Francesca Ferragina
Benelux Real Estate update/Less quantity. Focus on profit and balance ...
We update our estimates for all real estate companies under our coverage to include more cautious assumptions on yields and growth; we reset our valuations on the back of higher WACC (now at c.5% on average). There has been a paradigm shift over recent months on the back of the new interest rate environment combined with high inflation and recession risk. This sets new standards when it comes to indebtedness. While our analysis points to some equity needs, financing costs are well optimised on a...
- ING Helpdesk
Benelux Morning Notes
Basic-Fit: Highlights from corporate roadshow. Belgian telcos: DIGI confirms interest in mobile and fixed. Belgian telcos: Orange Belgium price increase in mobile and fixed, boosts mobile data. Fastned: Small delay in FY22 station roll-out. Kinepolis: Bottom-fishing in France. KPN: Collective labour agreement with at least 6.0% benefit to employees in 2023. NSI: €50m sustainability-linked term loan
- ING Helpdesk
- Francesca Ferragina
NSI/All eyes on the FBI status/HOLD (initiation of cover/change in pri...
NSI is a pure Dutch office play with a €1.4bn portfolio that has undergone a significant reshuffle over the past few years. The portfolio is intrinsically safe: almost fully indexed and very conservatively financed, with a LTV at 28% thanks to the disposals realised. NSI is now entering a “re-investment phase” with three development projects for a c.€400m capex at a 5.5% yield on costs, driving our NAV forecast up 17% by 2026F. The cyclical nature of the office segment, combined with volatility/...
- Albert Ploegh
- CEFA
- David Vagman
- CFA
- Hans D’Haese
- Marc Hesselink
- CFA
- Marc Zwartsenburg
- CEFA
- Maxime Stranart
- Quirijn Mulder
- Reginald Watson
- CFA
- Stijn Demeester
- Tijs Hollestelle
Benelux thematic equity research/Covid-19 scenario analysis
The ING Benelux equity research team has performed a Covid-19 scenario analysis in order to provide a reference point for investors and to test if stocks: (a) have been relatively oversold in comparison to their earnings risk; (b) still provide downside risk; and/or have balance issues in a Covid-19 scenario; and (c) could bounce sharply if a vaccine is found; or (d) benefit relatively from the crisis. Our analysis results in lists of stocks that we consider: (1) low earnings risk, with attracti...
DSM KONINKLIJKE DSM N.V.
HEIA HEINEKEN NV
ENX EURONEXT NV
NVJP UMICORE
PROX PROXIMUS SA DE DROIT PUBLIC
APAML APERAM SA
KPN ROYAL KPN NV
COV COVIVIO SA
GFC GECINA SA
600690 HAIER SMART HOME CO. LTD. CLASS A
TOM2 TOMTOM NV
AKU1 AKZO NOBEL N.V.
GBLB GROUPE BRUXELLES LAMBERT SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
BEFB BEFIMMO SA
AGN AEGON NV
KBC KBC GROUP N.V.
TNET TELENET GROUP HOLDING NV
FUR FUGRO NV CERT OF SHS
WHA WERELDHAVE N.V.
A14V70 FLOW TRADERS NV
PHIA KONINKLIJKE PHILIPS N.V.
FAGR FAGRON SA
WKL WOLTERS KLUWER NV
INTO INTERVEST OFFICES & WAREHOUSES SA
EVS EVS BROADCAST EQUIPMENT SA
BAR BARCO NV
LEAS LEASINVEST REAL ESTATE SCA
HOMI HOME INVEST BELGIUM SA
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
RAND RANDSTAD NV
A2JH5S UNIBAIL-RODAMCO SE
EXM EXMAR N.V.
TESB TESSENDERLO GROUP N.V.
XIOR XIOR STUDENT HOUSING N.V.
BAMNB KONINKLIJKE BAM GROEP NV
BOKA KONINKLIJKE BOSKALIS WESTMINSTER N.V.
SOLB SOLVAY SA
UCB UCB S.A.
AF AIR FRANCE-KLM SA
CLB CORE LABORATORIES NV
ACOMO AMSTERDAM COMMODITIES N.V.
REN RELX NV
COFB COFINIMMO SA
LOTB LOTUS BAKERIES NV
CFEB COMPAGNIE D'ENTREPRISES CFE SA
REC RECTICEL SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
DECB DECEUNINCK S.A.
ECMPA EUROCOMMERCIAL PROPERTIES NV
SIP SIPEF GROUP
VASTN VASTNED RETAIL NV
SIOE SIOEN INDUSTRIES N.V.
ASM ASM INTERNATIONAL N.V.
GIMB GIMV NV
ORDI ORDINA N.V.
NIUWF NSI NV
RET RETAIL ESTATES NV
QFG QUEST FOR GROWTH
AGFB AGFA-GEVAERT NV
IBAB ION BEAM APPLICATIONS SA
WDP WAREHOUSES DE PAUW SCA
ACKB ACKERMANS & VAN HAAREN NV
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
ACCEL ACCELL GROUP N.V.
ELI ELIA GROUP SA/NV
DWNI DEUTSCHE WOHNEN SE
MONT MONTEA SCA
AED AEDIFICA SA
SLIGR SLIGRO FOOD GROUP N.V.
KENDR KENDRION NV
AALB AALBERTS N.V.
KBCA KBC ANCORA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
LEG LEG IMMOBILIEN AG
BPOST BPOST SA
ONTEX ONTEX GROUP N.V.
ADJ ADLER GROUP SA
MITRA N.V. MITHRA PHARMACEUTICALS S.A.
LIGHT SIGNIFY NV
MELE MELEXIS NV
BBED BETER BED HOLDING N.V.
ASC ASCENCIO SCA
TWEKA TKH GROUP N.V. CERT
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
LRE LAR ESPANA REAL ESTATE SOCIMI SA
INX IMCD N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
GVNV GRANDVISION NV
CRES COIMA RES S.P.A.
RDSB ROYAL DUTCH SHELL PLC CLASS B
ABI ANHEUSER-BUSCH INBEV SA/NV
KVW KONINKLIJKE VOLKERWESSELS N.V.
AVTX AVANTIUM NV
OBEL ORANGE BELGIUM SA
BALTA BALTA GROUP
NIBC NIBC HOLDING N.V.
BSGR B&S GROUP S.A.
AC8 AUSCANN GROUP HOLDINGS
MTL ARCELORMITTAL
3NY1 NYRSTAR
VONOVIA SE
FNG FNG NV
53812 AGEAS N.V.
DWS0D2 DWS AKTIEN SCHWEIZ
ARM ARIMA REAL ESTATE SOCIMI SA
AL8 ALDERAN RESOURCES
MARELE INVERSIONES S.A.
- Jaap Kuin
- Pieter Runneboom
Real Estate/Strategy and model update
In this report we update our segment views and estimates for companies under our coverage while changing ratings on six stocks. Berlin rent freeze concerns have driven German resi underperformance. Office property shares appear to have benefited from some of the money leaving German resi, and we see further gains possible with additional QE, offering an overall decent operational performance in European CBD office markets. We continue to see the best forward looking returns in the logistics segm...
GFC GECINA SA
BEFB BEFIMMO SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
LEAS LEASINVEST REAL ESTATE SCA
HOMI HOME INVEST BELGIUM SA
COFB COFINIMMO SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
VASTN VASTNED RETAIL NV
NIUWF NSI NV
RET RETAIL ESTATES NV
WDP WAREHOUSES DE PAUW SCA
MONT MONTEA SCA
LEG LEG IMMOBILIEN AG
ADJ ADLER GROUP SA
ASC ASCENCIO SCA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
Benelux Morning Notes
Intervest Offices & Warehouses: Acquires, builds and terminates. Lotus Bakeries: Acquisition of the BEAR production facility in South Africa. NSI: Update on its largest development. Proximus: Union leaks on staff reduction measures. Vonovia: Its moment in the sun. WDP: Enters Germany in JV with VIB
Benelux Morning Notes
ASML: Comforting 1Q19 update. Barco: Strong start to the year, upside to estimates. NSI: Plan in execution, vacancy down. Staffing sector: Dutch figs; period 3: vol -5%, rev -2% (was -2%, +1%); trend weakens. TomTom: Strong 1Q19 update, nice HD map wins. Vopak: A strong set of results to begin with in FY19
Benelux Morning Notes
Ahold Delhaize: Ending 2018 in style. Air France-KLM: Dutch State stepping into AF-KLM. Colonial: Prime position pays off in 2018. GrandVision: FY18 EBITDA in line with consensus. Heineken: The OXXO gravy train keeps running. NIBC: Delivering on IPO promises – 2019F div yield >8%. NSI: Acquisition in Amsterdam. Signify: CEO sell-side dinner feedback. Solvay: 4Q18 in line, 2019 outlook cautious as anticipated
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.