reports
- Lynn Hautekeete
Home Invest Belgium Model update after 3Q24 and Brussels legislation
The 3Q24 results are slightly above our expectations on the back of an improved operating margin. The guidance of EUR 1.15 EPRA EPS is reiterated. Home invest is one of the best performers to date among Belgian REITs. However, in the last month there was profit taking and negative news on regulation. As of 01/11/2024, rent increases in Brussels (66% portfolio) are on hold for 9 consecutive years. This was already the case for the 3-6-9 contracts but now impacts short term contracts and tenant de...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Agfa-Geveart: Material miss on Healthcare activities. ASML: Long-term guidance confirmed. CVC Capital Partners: Comfortably on track. DEME Group: Raises outlook, lowers capex guidance. Proximus: Pressure on CEO from another possible coalition party. SBM Offshore: Again delivering
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thibault Leneeuw
- Wim Lewi
- Guy Sips
Agfa 3Q24 below forecasts & €50m savings program to align the cost bas...
3Q24 numbers were below our and CSS forecasts. We will update our model but we already lower our Target Price from € 2.0 to € 1.4. 3Q24 sales came in at € 277m (KBCSe € 291, CSS 286) and 3Q24 REBIT was €4m (KBCSe € 8.1m, CSS € 7m) with especially a poor performance in Radiology Solutions. Agfa hinted at a strong profitability step up in Digital Printing and Chemicals, and a significant increase in order intake in HealthCare IT, with a high share of cloud-based and net new customer contracts. Thi...
The Agfa-Gevaert Group in Q3 2024: stable sales, adjusted EBITDA at 1...
The Agfa-Gevaert Group in Q3 2024: stable sales, adjusted EBITDA at 15 million euro - regulated information Regulated information November 14, 2024 - 7:45 a.m. CET The Agfa-Gevaert Group in Q3 2024: stable sales, adjusted EBITDA at 15 million euro The Agfa-Gevaert Group posted double-digit revenue growth and a strong profitability step up in Digital Printing and Chemicals, and a significant increase in order intake in HealthCare IT, with a high share of cloud-based and net new customer contracts. This was counterbalanced by an accelerated m...
De Agfa-Gevaert Groep in het derde kwartaal van 2024: stabiele omzet, ...
De Agfa-Gevaert Groep in het derde kwartaal van 2024: stabiele omzet, aangepaste EBITDA van 15 miljoen euro - gereglementeerde informatie Gereglementeerde informatie 14-11-2024 - 7:45 uur CET De Agfa-Gevaert Groep in het derde kwartaal van 2024: stabiele omzet, aangepaste EBITDA van 15 miljoen euro De Agfa-Gevaert Groep noteerde een omzetgroei met dubbele cijfers en een sterke rendabiliteitsverbetering in Digital Printing and Chemicals, alsook een aanzienlijke toename van de order intake in HealthCare IT, met een groo...
Agfa kondigt plan aan om de kostenbasis van zijn traditionele filmacti...
Agfa kondigt plan aan om de kostenbasis van zijn traditionele filmactiviteiten aan te passen aan de realiteit in de markt - gereglementeerde informatie 14 november 2024 – 7:45 uur CET Gereglementeerde informatie Agfa kondigt plan aan om de kostenbasis van zijn traditionele filmactiviteiten aan te passen aan de realiteit in de markt Mortsel, België – 14 november 2024 – 7u45 Agfa kondigde vandaag een plan aan om de kostenbasis van zijn traditionele filmactiviteiten aan te passen aan de realiteit in de markt. De onderneming heeft de intentie om alle aspecten van de filmgerelateerde...
Agfa announces plan to adjust the cost base of its traditional film ac...
Agfa announces plan to adjust the cost base of its traditional film activities to the reality in the market - regulated information November 14, 2024 – 7:45 a.m. CET Regulated information Agfa announces plan to adjust the cost base of its traditional film activities to the reality in the market Mortsel, Belgium – November 14, 2024 – 7:45 a.m. CET Agfa today announced a plan to adjust the cost base of its traditional film activities to the reality in the market. The company has the intention to thoroughly reorganize all aspects of the film-related...
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2024
We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully reflec...
LHN HOLCIM AG
LI KLEPIERRE SA
COV COVIVIO SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
HNR1 HANNOVER RUECK SE
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
YPSN YPSOMED HOLDING AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ENR SIEMENS ENERGY AG
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2024
Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété dans ...
LHN HOLCIM AG
LI KLEPIERRE SA
COV COVIVIO SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
HNR1 HANNOVER RUECK SE
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
YPSN YPSOMED HOLDING AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ENR SIEMENS ENERGY AG
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Florent Laroche-Joubert
- Roy Külter
- Steven Boumans
ODDO : Spain: the PSOE and SUMAR looking to abolish the SOCIMI regime
>PSOE and Sumar spring a surprise in seeking to suddenly abolish the SOCIMI regime - On Monday 11 November, the PSOE reached a tax agreement with its Spanish government ally, “Sumar”, whereby the two parties want to abolish the SOCIMI REIT regime or at least part of its tax advantages. This sudden stance, which surprised Spanish property professionals, is thus different from the position that was presented just last week, namely to “encourage the construction of affor...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Florent Laroche-Joubert
- Roy Külter
- Steven Boumans
ODDO : Espagne : le PSOE et SUMAR souhaiteraient abolir le régime SOCI...
>PSOE et Sumar créent la surprise en voulant supprimer soudainement le régime SOCIMI - Ce lundi 11 novembre, le PSOE sont parvenus à un accord fiscal avec son allié au gouvernement espagnol, « Sumar », par lequel les deux partis veulent supprimer le régime SOCIMI ou au moins une partie de ses avantages fiscaux. Cette prise de position soudaine qui a crée la surprise auprès des professionnels de l’immobilier espagnol, diffère ainsi de la position qui était encore mise ...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Jerôme Bodin
ALLIX WALLIX GROUP SA
APAML APERAM SA
DEC JCDECAUX SA
NRG NRJ GROUP SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
BAMNB KONINKLIJKE BAM GROEP NV
BON BONDUELLE SCA
ADV ADVA AG OPTICAL NETWORKING
AALB AALBERTS N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
VGP VGP NV
SIFG SIF HOLDING NV
FNTN FREENET AG
ALFEN ALFEN NV
COP COMPUGROUP MEDICAL SE & CO. KGAA
TCH TECHNICOLOR SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
IVG IVECO GROUP
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
BRE BREMBO S.P.A.
- Jerôme Bodin
ALLIX WALLIX GROUP SA
APAML APERAM SA
DEC JCDECAUX SA
NRG NRJ GROUP SA
LNA LNA SANTE SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
BAMNB KONINKLIJKE BAM GROEP NV
BON BONDUELLE SCA
ADV ADVA AG OPTICAL NETWORKING
AALB AALBERTS N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
VGP VGP NV
SIFG SIF HOLDING NV
FNTN FREENET AG
ALFEN ALFEN NV
COP COMPUGROUP MEDICAL SE & CO. KGAA
TCH TECHNICOLOR SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
IVG IVECO GROUP
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
BRE BREMBO S.P.A.
- Roy Külter
- Steven Boumans
VGP NV : 10M 2024 trading update: a minor slowdown in leasing; a small...
>Leasing decelerated slightly, projects U/C and pre-letting up slightly - New and renewed leases: € 64.9m (H1 2024: €45.6m) for 10M24, of which €39.6 new leases, €8.1m indexation, €1.1m amendments and 5.4m in termination, bringing the annualised committed leases to €394.3m (H1 2024: € 384.7m), up +12.4% YoY (H1 2024: up +17.3%). In addition, VGP agreed for >€16m in rental income on new leases since 31 October 2024, increasing annualised leases to >€410m to date (+16.8...
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- Wim Lewi
VGP 10m Results, pre-let recovers to 76% in November
The 10m24 statement came in line with our estimates on new developments. The important data point of pre-let% in the pipeline recovered from 70.1% at the 1H24 to 72.5% at 10m24, but already increased to 76.3% after signing additional leases for 16m since. The market recently panicked on negative economic news, mainly on GE. We believe that the market anticipates a further decline in Pre-let, which is not the case. VGP re-accelerated its development activity to new geographies like Spain and Ita...
VGP Trading Update
VGP Trading Update PRESS RELEASERegulated Information – inside information 8 November 2024, 7:00 am, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’) today published its trading update for the first ten months of ‘24, reporting a record of new and renewed leases: € 64.9 million of new and renewed leases signed during the first ten months of ‘24 (a YTD record, of which € 19.2 million was signed during the past 4 months) bringing the annualised committed leases for the first ten months to € 394.3 million1 (+ € 43.5 million compared to 31 December 2023, which is +12.4% YTD). In add...
VGP Trading Update
VGP Trading Update PERSBERICHT Gereguleerde Informatie - Voorwetenschap 8 november 2024, 7:00 uur, Antwerpen, België: VGP NV ('VGP' of 'de Groep') heeft vandaag haar handelsupdate voor de eerste tien maanden van 2024 gepubliceerd, waarin zij een record aan nieuwe en vernieuwde huurovereenkomsten rapporteert: In de eerste 10 maanden werd voor € 64,9 miljoen aan nieuwe en vernieuwde huurovereenkomsten ondertekend (een YTD record, waarvan € 19,2 miljoen in de afgelopen 4 maanden werd getekend), waardoor het jaarlijkse gecontracteerde huurinkomen op € 394,3 miljoen1 komt...
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