reports
- Maissa Keskes
- Stephane Houri
TEMN TEMENOS AG
LEI LEIFHEIT AG
ITP INTERPARFUMS
IPH INNATE PHARMA SA CLASS A
VOE VOESTALPINE AG
TPE PVA TEPLA AG
SIX2 SIXT SE
WIE WIENERBERGER AG
TEG TAG IMMOBILIEN AG
DLG DE'LONGHI S.P.A.
JUN3 JUNGHEINRICH AG PREF
TKWY JUST EAT TAKEAWAY.COM N.V.
BSGR B&S GROUP S.A.
AG1 AUTO1 GROUP
SPAC 468 SPAC I SE
IOS IONOS GROUP SE
R3NK RENK GROUP AG
- Maissa Keskes
- Stephane Houri
TEMN TEMENOS AG
LEI LEIFHEIT AG
ITP INTERPARFUMS
IPH INNATE PHARMA SA CLASS A
VOE VOESTALPINE AG
TPE PVA TEPLA AG
SIX2 SIXT SE
WIE WIENERBERGER AG
TEG TAG IMMOBILIEN AG
DLG DE'LONGHI S.P.A.
JUN3 JUNGHEINRICH AG PREF
TKWY JUST EAT TAKEAWAY.COM N.V.
BSGR B&S GROUP S.A.
AG1 AUTO1 GROUP
SPAC 468 SPAC I SE
IOS IONOS GROUP SE
R3NK RENK GROUP AG
- Carole Braudeau
- 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
- Carole Braudeau
- Manuel Martin
- CEFA
- CREA
TAG Immobilien AG : Q3 2024 results broadly in line –dividend payments...
>FY 2024e outlook confirmed and initial FY 2025e outlook broadly in line - This morning, TAG reported Q3 2024 figures that were broadly in line with our estimates and confirmed its FFO I guidance for FY 2024e of € 170-174m, translating into FFO I per share of € 0.98. Moreover, TAG has provided initial FFO I guidance for FY 2025e of € 172-176m, with our estimate of € 175.4m and FactSet consensus of € 176.8m being at the top-end of the guidance range. TAG has also annou...
- 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
EQS-News: TAG Immobilien AG: Strong operating performance as at 30 Sep...
EQS-News: TAG Immobilien AG / Key word(s): 9 Month figures TAG Immobilien AG: Strong operating performance as at 30 September 2024; growing results expected for 2025; dividend payment to be resumed 13.11.2024 / 06:57 CET/CEST The issuer is solely responsible for the content of this announcement. PRESS RELEASE Strong operating performance as at 30 September 2024; growing results expected for 2025; dividend payment to be resumed FFO I of EUR 130.5m as at 30 September 2024 almost at prior-year level (-2%); significant increase of adjusted net income from sales in Poland to...
EQS-News: TAG Immobilien AG: Starke operative Entwicklung zum 30. Sept...
EQS-News: TAG Immobilien AG / Schlagwort(e): 9-Monatszahlen TAG Immobilien AG: Starke operative Entwicklung zum 30. September 2024; wachsende Ergebnisse für 2025 erwartet; Dividendenzahlung wird wiederaufgenommen 13.11.2024 / 06:57 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. PRESSEMITTEILUNG Starke operative Entwicklung zum 30. September 2024; wachsende Ergebnisse für 2025 erwartet; Dividendenzahlung wird wiederaufgenommen FFO I zum 30. September 2024 mit EUR 130,5 Mio. in etwa auf Vorjahresniveau (-2%); deutlicher Anstieg des V...
- Christophe Chaput
- Florent Laroche-Joubert
- Steven Boumans
ODDO : The recovery is only beginning and the best is yet to come
The rate cut carried out and yet to come (ECB: -125bp to -150bp to come by end-2025e) is a real driver for listed real estate and creates the conditions enabling it to outperform. In this context, we are lifting 23 target prices for the 42 stocks covered. Covivio, CTP, Merlin Properties, URW, Vonovia and Xior Student Housing are now our Top Picks. Aedifica (Outperform vs Neutral) should also benefit. Lastly, we are lowering Care Property to Neutral and SFL to Underperform. - >...
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
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
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
- Christophe Chaput
- Florent Laroche-Joubert
- Steven Boumans
ODDO : La reprise ne fait que commencer et le meilleur est à venir
La baisse de taux actée et à venir (BCE : -125 à 150 pb à venir d’ici fin 2025e) agit comme un véritable catalyseur pour l’immobilier côté et crée les conditions lui permettant de surperformer. Dans ce cadre, nous relevons 23 objectifs de cours sur 42 valeurs suivies. Covivio, CTP, Merlin Properties, URW, Vonovia et Xior Student Housing constituent désormais nos top picks. Aedifica (Surperformance vs Neutre) devrait également en bénéficier. Enfin, nous abaissons Care Property à N...
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
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
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
Moody's Ratings assigns Baa3 instrument rating to TAG's proposed bond
Moody's Ratings (Moody's) has today assigned a Baa3 rating to the proposed €500 million senior unsecured notes issued by TAG Immobilien AG (TAG or the company). The upcoming bond issuance has no impact on the short-term and long-term issuer ratings of TAG and its commercial paper programme rating. T...
- Carole Braudeau
- Carole Braudeau
EQS-News: TAG Immobilien AG begibt erfolgreich Benchmark-Anleihe mit 5...
EQS-News: TAG Immobilien AG / Schlagwort(e): Anleiheemission TAG Immobilien AG begibt erfolgreich Benchmark-Anleihe mit 5,5 Jahren Laufzeit 28.08.2024 / 17:46 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. NICHT ZUR VERBREITUNG, VERÖFFENTLICHUNG ODER WEITERGABE, DIREKT ODER INDIREKT, IN ODER INNERHALB DER VEREINIGTEN STAATEN VON AMERIKA, KANADA, JAPAN, AUSTRALIEN ODER ANDEREN LÄNDERN, IN DENEN DIE VERBREITUNG ODER VERÖFFENTLICHUNG RECHTSWIDRIG SEIN KÖNNTE. ES GELTEN WEITERE BESCHRÄNKUNGEN. BITTE BEACHTEN SIE DIE WICHTIGEN HINWEISE AM...
EQS-News: TAG Immobilien AG successfully issues 5.5-year benchmark bon...
EQS-News: TAG Immobilien AG / Key word(s): Issue of Debt TAG Immobilien AG successfully issues 5.5-year benchmark bond 28.08.2024 / 17:46 CET/CEST The issuer is solely responsible for the content of this announcement. NOT FOR DISTRIBUTION, PUBLICATION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN, AUSTRALIA OR ANY OTHER COUNTRY IN WHICH THE DISTRIBUTION OR PUBLICATION MAY BE UNLAWFUL. FURTHER RESTRICTIONS APPLY. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT. TAG Immobilien AG successfully issues 5.5-ye...
- Carole Braudeau
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