We take a fresh look at Cofinimmo, raising our target price to €76.5 (from €71.0) and upgrading from Hold to BUY. We think the strong effort on disposals and the firm stance on dividend over the last 2 years are both shareholder friendly and epitomise “self-help”. We expect LTV to be at c.43-44% by year-end - newsflow on sales will accelerate until December, with many deals currently under negotiation, and the c.€270m disposals ambition has been recently reiterated. Deleveraging is expected to ...
argenx Announces Publication in The Lancet Neurology of Pivotal ADHERE Study Data in Chronic Inflammatory Demyelinating Polyneuropathy ADHERE was largest and most innovative clinical trial of CIDP patients to date VYVGART® Hytrulo (efgartigimod alfa and hyaluronidase-qvfc) demonstrated reduction in disease progression, reduced risk of relapse and rapid onset of action VYVGART Hytrulo is first and only neonatal Fc receptor (FcRn) blocker FDA-approved to treat CIDP September 19, 2024 – 7:00 am CET Amsterdam, the Netherlands – argenx SE (Euronext & Nasdaq: ARGX), a global immunology co...
A director at Argen X SE sold 924 shares at 495.250EUR and the significance rating of the trade was 84/100. 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 clearly showin...
1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 0.5% which was mainly driven by multi-asset holdings (+1.7%) while single-asset holdings posted a negative return of -1.3%. The 3 top performers during the period were HAL Trust (+5.1%), Texaf (+2.9%), and The Infrastructure Company (TINC, +9.6%) while the 3 worst performers were Brederode (-2.8%), Solvac (-5.3%), and Whitestone Group (-7.2%). YTD Performance - Relative: On a YTD basis (as of A...
In this September update of our Dynamic Top Pick List we make 4 changes. •We include Cofinimmo in our Dynamic Top Pick List after our recent upgrade from Accumulate to Buy. We expect the name to outperform in a decreasing interest rate environment given its relatively high leverage and cheap valuation. We also believe the risk of a dilutive equity raise eased when the FY24 capex decreased from € 320m to € 250m. The management stays disciplined in its capex program and continues to focus on asse...
In this company note we upgrade Cofinimmo from Accumulate to Buy. We expect the name to outperform in a decreasing interest rate environment given its relatively high leverage and cheap valuation. We also believe the risk of a dilutive equity raise eased when the FY24 capex decreased from EUR 320m to EUR 250m. The management stays disciplined in its capex program and continues to focus on asset rotation. By taking into account similar fair value corrections as 1H24, we forecast the YE24 debt rat...
>Dutch real estate transfer tax to be reduced from 10.4% to 8% - The Dutch government will reduce the transfer tax for commercial buyers to 8%, according to leaked documents that newspaper De Telegraaf released. This is still more than the 6% it was before 2021, but less than the current 10.4%. The budget has now been sent to the Council of State. On “Prinsjesdag”, September 17, the House of Representatives will officially receive the plans, and the budget will be mad...
>Strong core versus weak non-core results - H1 results up 17%. AvH has improved its 24H1 reported net result by 17% y-o-y to € 200.4m (AAOB € 218m post results listed subsidiaries), equivalent to an EPS of € 6.13 per share, and up from € 5.16 per share in 23H1. Key drivers: DEME and Private Banking. The Contribution from AvH’s core segments rose by 50% to € 224.2m (AAOB € 215.0m post results listed subsidiaries), with DEME yesterday clearly beating all analyst e...
Ackermans & van Haaren: Indian participation casts shadow over excellent result of core segments. ASML: Spotlight on export restrictions again. Basic-Fit: Dutch parliament persists in plans to raise VAT for oa Sports to 21%. CFE: Earnings quality improved in challenging markets. Eurocommercial Properties: Better numbers, guidance moved toward the higher end of the range. OCI: IFCO sale successfully closed, cash return unlocked Recticel: Solid 1H24 beat, FY guidance may disappoint. SIF Grou...
During 1H FY24, net result before capital gains/losses rose by 38% to €224.2 thanks to the strong performances of both the marine & private banking, which together make up 92% (€206.6). Compared to 1H FY23, the private banking division posted impressive results across the board with op. income rising 27% YoY to €420m, net result rising by 22.5% YoY to €147m, ROE at 14.2%, AuM reaching a record level of ~€71b while managing to further lower cost-income ratio to 48%. High activity levels and stron...
Ackermans & van Haaren: Outstanding results in core participations result in a strong increase of AvH's net profit for 1H2024 to EUR 200 million (+17%) Dear shareholder, Dear Madam, Dear Sir, Please find attached our Half-Year Report 2024. Best regards Ackermans & van Haaren Attachment
Ackermans & van Haaren : Des résultats exceptionnels dans les participations principales entraînent une forte augmentation du bénéfice net qui atteint € 200 millions (+17%) Cher actionnaire, Monsieur, Madame, veuillez trouver ci-joint notre communiqué. Meilleures salutations, Ackermans & van Haaren Pièce jointe
Ackermans & van Haaren: Uitstekende resultaten van kernparticipaties zorg voor sterke stijging van nettowinst van AvH in 1H2024 tot 200 miljoen euro (+17%) Geachte aandeelhouder, Geachte mevrouw, geachte heer, gelieve bijgevoegd ons halfjaarverslag 2024 te vinden. Met vriendelijke groeten, Ackermans & van Haaren Bijlage
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