reports
- Wim Lewi
Retail Estates Out of Town stands its ground in an online world
In recent decades, OOT stores have become an integral part of the BE/NL retail sector ranging from large supermarkets to specialized retail chains. Traffic congestion around retail parks and the negative impact on inner city retail have become concerns, but OOT stores and retail parks remain a popular shopping destination. They withstood the e-commerce acceleration during COVID. In this note we discuss how the OOT segment adapted to the new online reality and managed to maintain high occupancy r...
- Emmanuel Matot
- Emmanuel Matot
- Robert Jan Vos
Sligro Food Group N.V. : At assumed 7%+ EBITDA profitability in 2025, ...
>Group sales € 13m (2%) lower than our forecast in Q1 2024 - Sligro reported net sales of € 652m, implying an organic increase of 2.7% in Q1 2024. We had forecast € 665m and company-compiled consensus was at € 654m. In the Netherlands, sales rose by 3.8% to € 554m, which, according to Sligro, was in line with the general trend in the market. We had expected growth of 2.7% for the Netherlands in Q1 2024. In Belgium, sales were down by 3.2% to € 98m. On the back of the ...
- Ahmed Ben Salem
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ENI ENI S.P.A.
REP REPSOL SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
VIS VISCOFAN S.A.
SLIGR SLIGRO FOOD GROUP N.V.
CARM CARMILA SAS
INSD VERIMATRIX SA
CSM CORBION NV
BP. BP P.L.C.
NSI NSI N.V.
FPE3 FUCHS PETROLUB SE
ALVGO VOGO SA
SHEL SHELL PLC
CABKA CABKA N.V.
- Ahmed Ben Salem
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ENI ENI S.P.A.
REP REPSOL SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
VIS VISCOFAN S.A.
SLIGR SLIGRO FOOD GROUP N.V.
CARM CARMILA SAS
INSD VERIMATRIX SA
CSM CORBION NV
BP. BP P.L.C.
NSI NSI N.V.
FPE3 FUCHS PETROLUB SE
ALVGO VOGO SA
SHEL SHELL PLC
CABKA CABKA N.V.
- Robert Jan Vos
Sligro Food Group N.V. : Netherlands decent, but Belgium not yet where...
>Q1 revenue 2% below our expectation and in line with consensus - Sligro reported net sales of € 652m, implying an organic increase of 2.7%. We had forecast € 665m and company-compiled consensus was eyeing revenue of € 654m. In the Netherlands, revenue was up 3.8%, and, according to Sligro, in line with the general upward trend in the market. We had expected growth of 2.7% for the Netherlands in Q1 2024. In Belgium, revenue was down 3.2% to € 98m. On the back of furt...
- 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
- Fernand de Boer
Sligro Food Group - Q1 sales in line
Q1 sales came in marginally below our estimates, but stripping out tobacco sales, we consider sales to be in line. Hence, based on the Q1 trading update we do not expect to change our estimates materiallyVolumes were still down, illustrating the challenging market conditions. Hence, we maintain our Hold rating and TP of EUR 16.50
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 04/11/2024
Waga Energy offers an innovative start-up profile in the utilities sector: i/ disruptive technology in biogas treatment, ii/ established competitive advantages, iii/ positioning on a market with strong potential (>20,000 landfills) and iv/ a robust business model based on recurring revenues. At its CMD in February 2024, the company reconfirmed its ambitions for 2026 set out at the IPO (contracts for 4 TWh and recurring revenues of € 200m). The financing secured in Q1 2024 (€ 112m base...
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 11/04/2024
Waga Energy propose un profil de start-up innovante dans le secteur des utilities : i/ une technologie disruptive pour le traitement du biogaz, ii/ des avantages compétitifs établis, iii/ un positionnement sur un marché à fort potentiel (>20 000 décharges) et iv/ un modèle robuste de revenus récurrents. La société a reconfirmé lors du CMD en février 2024 ses ambitions à horizon 2026 annoncées au moment de son IPO (signature de 4 TWh et CA récurrent de 200 M€). Fort des financements ob...
- Robert Jan Vos
Sligro Food Group N.V. : Organic sales growth of 4.8% forecast for Q1 ...
>Growth seen to normalise with strong year-on-year growth expected at Metro - Sligro is set to report its Q1 2024 sales on 18 April (07:30). The company does not host a call or web cast following the Q1 and Q3 trading updates. Whereas last year’s (Q1 2023) growth was still impacted by the aftermath of COVID 19-related closures of premises (in Q1 2022), we expect growth to show a more normal pattern in Q1 2024. We forecast Sligro to report net sales of € 665m, split b...
- Lynn Hautekeete
- Wim Lewi
Real Asset Conference Soundbites 19-20 March 2024
This note gathers feedback from the group meetings and the break-out sessions. In total 23 companies presented in group meetings and/or break-out sessions. More than 100 guests found their way to the venue and some more followed virtual meetings. Physical attendance is clearly on the rise after the COVID disruption. Investing remains a people's business. The 4 break-out sessions made for informative additions to the C-level meetings and a nice platform for discussion. Tuesday morning concentrate...
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO 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.
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Wim Lewi
KBCS Real Assets Conference Book 2024
This conference book is your guide to the KBCS Real Assets Conference 2024. It offers a program, an intro to the break-out sessions and company profiles with financial data and some useful info. The break-out sessions aim to educate and contemplate on certain trends. Last year we hosted “Energy as a business”. This year, we offer 4 break-outs on hot topics.
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO 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
FAST FASTNED
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- ING Helpdesk
Benelux Morning Notes
ASM International: 4Q23 preview, good year ahead. CFE: Preview - focus on quality of order book. CM.com: Preview 2H23/FY23. Just Eat Takeaway.com: Preview FY23, more profits ahead. PostNL: FY23 results, FY24 outlook well below, looks to improve LT performance. Proximus: BICS CEO let go after Telesign tensions, Niel/Iliad invest €1.2bn in Tele2. Retail Estates: Sound operational trends and portfolio valuation
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Wim Lewi
Retail Estates 3Q23/24: Trading update in line with guidance
Retail Estates reports its 3Q23/24 trading update in line with the guidance. NRI over 9 months 23/24 amounts to EUR 103.03m, +11.8% YoY, vs. our expectations of 102.81m. The rental growth benefited from investments and indexation. EPRA EPS came in at EUR 4.68, +4.2% like-for-like vs last year. Corrected for FBI compensation, the average share count also increased by 3% and partly explains the lower EPS vs. NRI growth. The FY23/24 dividend was repeated at EUR 5.00, in line with our estimate. Th...
- Inna Maslova
Retail Estates - In-line Q3 with dividend guidance confirmed
Q3 results closed end December. EPRA Earnings stood at EUR 67.36m, up 2.3% YoY, with per share result at EUR 4.68 (-1.3%, shares outstanding +3% YoY). Excluding the impact of one-off Dutch REIT tax refund received in FY22/23, EPRA EPS was up 4.2% YoY.Occupancy remains stable at 97.9%. Portfolio value reaches EUR 2.01bn (+6.5% YoY) as a result of Alexandrium Megastores acquisition closed in October 2023 (+EUR 81.5m) and positive portfolio revaluation (+EUR 40.4m, unchanged vs H1). EPRA NTA stood ...
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Vranken
- Wim Hoste
- Wim Lewi
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