Last week’s EPRA conference provided cautious optimism on listed European real estate. The segment offers a mix of risks and opportunities, with discounted valuations presenting attractive entry points. We downgrade Care Property Invest (Underperform vs Neutral, TP €12 vs €13.5); we lower our TPs for British Land, Landsec, Shurgard, and Xior Student Housing; we raise our TPs for URW, Wereldhave and VGP. In conclusion we favour logistics, retail, Spain, and CEE for growth, and Switzerland remains...
A director at Atos SE bought 500 shares at 47.476EUR and the significance rating of the trade was 52/100. 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 showing ...
Comme l’an dernier, Accor s’est positionné parmi les premiers émetteurs à faire sa rentrée sur le marché obligataire. Fin août, le groupe a ainsi émis une nouvelle souche de 500 m EUR à 7 ans, qui sera utilisée pour rembourser la prochaine tombée début 2026. Nous profitons de l’occasion pour refaire un point sur la signature et ajuster nos recommandations. Nous conservons un Avis Crédit Stable sur Accor. La page du covid étant tournée depuis longtemps, Accor a retrouvé des niveaux d’endettement ...
Like last year, Accor was among the first issuers to tap the bond market after the summer break. Late August, the group issued a new € 500m seven-year bond, which will be used to meet the next bond repayment due in early 2026. We avail ourselves of this opportunity to review the issuer and fine-tune our recommendations on the bonds. We reiterate our Stable credit opinion on the issuer. Now that the covid crisis is long behind it, Accor's debt has moved back to levels consistent with its financi...
A director at Accor sold 86,000 shares at 41.022EUR and the significance rating of the trade was 100/100. 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 showing ...
Odigeo's Q1/25-26 numbers were strong, with the company registering y-o-y revenue, earnings and profitability growth. However, cash-flow generation worsened due to working-capital movements, as well as higher cash interest and taxes. Reported net leverage was broadly flat sequentially, while liquidity remained at a comfortable level. Odigeo maintained its FY 2025-26 guidance for the addition of 1 mn Prime subscribers and cash EBITDA of EUR 215-220 mn, although the company reduced its FCF (e...
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