reports
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Tessenderlo Solid balance sheet and FCF generation create options
We appreciate the efforts to step up investor communication as evidenced by the recent analyst & asset manager day. Whilst business conditions in a number of end markets are still challenging, we still expect Tessenderlo to generate between € 150-200m FCF per annum in the coming years. Starting from a very solid balance sheet, capital allocation is a crucial theme in the equity story. Tessenderlo has recently embarked upon a new € 69m share buyback program and we view share buybacks as an excell...
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Tessenderlo FIRST LOOK: Feedback analyst & asset manager day
At the occasion of its analyst & asset manager day in Ham, Tessenderlo reiterated its FY guidance of a flat adjusted EBITDA in FY24, which is about 32% below the peak year of FY22. The net cash position allows to pursue share buybacks, although management made it clear they would prefer to grow the company via additional investments (both organic and inorganic). Tessenderlo is a very diversified group with limited synergies between the various operations. Despite the limited liquidity and diffic...
Warehouses De Pauw SA: 1 director
A director at Warehouses De Pauw SA bought 16,000 shares at 25.550EUR and the significance rating of the trade was 63/100. 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...
- Inna Maslova
WDP - In-line Q1, portfolio seeing signs of stabilisation
Q1 property result stood at EUR 89.5m, up 9.6% YoY. LfL rental growth stood at 3.5%, driven primarily by lease indexation with -0.5% impact from increased vacancy. The reversionary potential on the existing portfolio stands at ca. 13%.Operating margin declined 290bps since December end to 88.6% as a result of G&A expenses increasing ca. 75% YoY and property charges being up 23.7% (rental income up 11.8%).Portfolio EPRA NIY remained flat at 5.3%, with portfolio witnessing a +EUR 26m revaluation (...
- Gerardo Ibanez
- Steven Boumans
ODDO : From landbanks to goldmines: development pipelines in the logis...
The logistics market is our preferred real estate segment, where the coming growth remains undervalued. We prefer the high growth stock within this segment, CTP. We also have Outperform recommendations on Argan, Montea and VGP. We believe WDP is fully valued, though. - >A favourable environment for industrial and logistics real estate - We think the industrial and logistics (“I&L”) segment is the first major real estate market that has bottomed out. We see strong deman...
- Guy Sips
- Hilde Van Boxstael
- Thomas Vranken
- Wim Lewi
- Guy Sips
Agfa Undergoing a life changing transformation journey
Model update after FY23 as Agfa is undergoing a life-changing transformation to become a future-proof, profitable company with a mission. Agfa aims a) to improve patients' lives by contributing to the quality of diagnosis; b) participate in the development of green hydrogen to help decarbonise the world; c) develop innovative digital printing solutions that reduce the environmental footprint.
- Frank Claassen
Tessenderlo - From tailwind to headwind
• Following the weak H2-23 results and prudent outlook of stable EBITDA for 2024, we have lowered our FY24/FY25 EBITDA estimates by 17-19%. • Most divisions are facing headwinds and H1-24 is expected to be down yoy. • We lower our TP from EUR 33 to EUR 28, based on our 2025E SOTP (was 2024E). Hold maintained.
- Wim Hoste
Tessenderlo Model update post FY23 results
We have lowered our FY24 and FY25 adjusted EBITDA forecasts by respectively 25% and 21% following weaker than expected FY23 results and FY24 guidance. Tessenderlo is a very diversified group with limited synergies between the various operations. Valuation is clearly attractive and we expect the strong balance sheet will prompt the board to decide on an extension of the current share buyback program, allowing the company to benefit from the low share price to catch up additional stock. We maintai...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Hoste
Tessenderlo Conference call feedback
Below are the highlights from the conference call. Tessenderlo posted much weaker than expected FY23 results with adjusted EBITDA down about 32% y/y (on a proforma basis) and c 15% below our and 16% below consensus. Key shortfalls were in BioValorization and the Machines & Technologies divisions. The FY24 calls for flat adjusted EBITDA which is about 27% below our and consensus forecasts. Tessenderlo is a very diversified group with limited synergies between the various operations. We consider v...
- ING Helpdesk
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Tessenderlo FIRST LOOK: disappointing FY23 results and FY24 outlook
Tessenderlo posted much weaker than expected FY23 results with adjusted EBITDA down about 32% y/y (on a proforma basis) and c 15% below our and 16% below consensus. Key shortfalls were in BioValorization and the Machines & Technologies divisions. The FY24 calls for flat adjusted EBITDA which is about 27% below our and consensus forecasts. Tessenderlo is a very diversified group with limited synergies between the various operations. We consider valuation to be attractive but the poor FY23 results...
- 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
- Frank Claassen
Tessenderlo - A clear miss in H2 and no improvement in 2024
• The H2-23 results were a clear miss to our and consensus expectation and the outlook of no improvement in 2024 EBITDA means that a reset in estimates is necessary. • We will have to reduce our FY24/25 EBITDA estimates by more than 20% and consensus even more.• Awaiting more details in today's conference call, we currently put our estimates and TP (was EUR 33) under review.
- Kristof Samoy
- Thomas Vranken
- Wim Lewi
- Wim Lewi
Montea GE Acquisition doubles GE exposure
Montea acquired a logistics park in the Port of Hamburg from Tristan Capital partners. Total site of 89k sqm, leased from the Hamburg Port Authority. It comprises five buildings built in 1993 (Approx. 50%) and the rest in 2018 and 2019. The total investment amounts to ca. EUR 50m, but offers additional redevelopment potential. The older part (50%) can be redeveloped over time. The lease runs another 20 years of 25 and can be renewed of sold back at market value. We estimate the yield between 6.5...
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