A director at PSP Swiss Property AG sold 5,000 shares at 126.961CHF 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 ...
At the 15th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic environment and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Germany in particular is seen as sluggish. Hence, we observed a mixed picture across the 89 companies presenting at our conference. We were positively surprised by statements from a...
At the 15th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic environment and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Germany in particular is seen as sluggish. Hence, we observed a mixed picture across the 89 companies presenting at our conference. We were positively surprised by statements from a...
>Good H1 2024 results, declining rates support EPRA EPS estimates long term - PSP Swiss property (“PSP”) showed strong H1 2024 results, in our view, and is furthermore successfully continuing its asset rotation strategy, with profitable sales of assets in secondary cities. We reduce our longer-term financial expenses forecasts, owing to reduced Swiss rates. The Swiss economy and real estate markets are doing well - Demand for office spaces in Switzerl...
>Unchanged outlook, flat yields lead to FV gains, net disposals of CHF 27m ytd - FY2024 outlook unchanged: EBITDA excl. gains/losses on RE investments CHF 300mLike-for-like growth: 5.0% (Q1 2024: 6.6%, adj. for one-offs 3.3%)Positive revaluations: CHF 44.7m or +0.45% gross and +0.25% net of investments (Q1 2024: CHF 31.2m from property-specific changes and FY2023 CHF -161m or -1.7%). CHF 33.4m from the investment portfolio and CHF 11.3 million to development...
PSP Swiss Property AG / Schlagwort(e): Sonstiges Kauf Geschäftsliegenschaft 01.07.2024 / 18:00 CET/CEST Property News 1. Juli 2024 PSP Swiss Property kauft attraktive Geschäftsliegenschaft mit Entwicklungspotential im Genfer «Quartier des Banques». Per 28. Juni 2024 hat PSP Swiss Property an sehr guter Innenstadtlage im Genfer «Quartier des Banques» für CHF 58 Mio. eine Geschäftsimmobilie erworben. Die Liegenschaft verfügt über eine Nutzfläche von rund 4’150 m2 (Büro 3’700 m2 und Lager 450 m2). Die Verkäuferin, die Bank Edmond de Rothschild, verkauft damit ihren Haupt...
PSP Swiss Property AG / Key word(s): Miscellaneous Acquisition commercial property 01.07.2024 / 18:00 CET/CEST PSP Swiss Property buys an attractive commercial property with development potential in the Geneva "Quartier des Banques". As of 28 June 2024, PSP Swiss Property has acquired a commercial property in a very good city centre location in Geneva's "Quartier des Banques" for CHF 58 million. The property has a leasable floor space of approximately 4,150 m2 (office 3,700 m2 and storage 450 m2). The Bank Edmond de Rothschild is thus selling its head office and will rent it...
Peu de secteurs polarisent autant que le luxe automobile sportif. A la pointe de l’innovation technologique et artistique pour les uns, il est le reflet d’inégalités excessives pour les autres. Nous estimons que le secteur a un rôle prépondérant à jouer sur l’atténuation du changement climatique, mais aussi l’économie circulaire ou la transition juste. Considérant les impacts, risques et opportunités matériels, nous plaçons Ferrari en Best-in-Class ESG, Porsche en Neutre ESG, et Aston...
Few sectors are as polarising as luxury sports cars. At the cutting edge of technological and artistic innovation for some, they reflect excessive inequality for others. We believe the sector has a key role to play in climate change mitigation, as well as in the circular economy and just transition. Taking into account material impacts, risks and opportunities, we see Ferrari as ESG Best-in-Class, Porsche as ESG Neutral and Aston-Martin Lagonda as ESG Not Recommended. - ...
>Retail REITs broadly the best positioned - The announcement of the dissolution of parliament created a stock market shock or French real estate stocks leading to a negative performance of 10.6% since 7 June vs -4.2% for our other real estate stocks, notably in line with the increase in the 10-year OAT yield (c.+5bp) and its difference with the German 10-year yield (+c.23bp).The outcome of the legislative elections is still uncertain. Based on the sc...
>Les foncières de commerce globalement les mieux positionnées - L’annonce de la dissolution de l’Assemblée Nationale a créé un choc boursier sur les valeurs immobilières françaises engendrant une performance négative de 10.6% depuis le 7 juin vs -4.2% sur nos autres valeurs immobilières, en ligne notamment avec la hausse du rendement de l’OAT 10 ans (+c.+5 pb) et son écartement avec le 10 ans allemand (+c. 23 pb).L’issue des élections législatives est encore inc...
>Beat in rental income and earnings driven by positive one-offs FY2024 outlook: EBITDA excl. gains/losses on RE investments increased to CHF 300m (was CHF 295m before), for a large extend due to one-off benefits.Like-for-like growth 6.6%, adjusted for two one-off effects 3.3% (FY2023 5.1%). Positive revaluations CHF 31.2m (FY2023 -161.3m or -1.7%). Regular revaluations are done semi-annually and changes in Q1 are due to property-specific changes.PSP d...
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
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