reports
- Lynn Hautekeete
- Wim Lewi
Real Asset Conference feedback 19-20 March 2025
This note gathers feedback from the group meetings and the panels. In total 21 companies were presented in group meetings and/or panels. More than 100 guests found their way to the venue either physical or virtual (only panels). The 2 panels made for informative additions to the C-level meetings and a nice platform for discussion. Wednesday afternoon concentrated 4 experts from Logistic companies (CTP, Montea, VGP, WDP) for an interesting discussion on brownfields: " an answer to the scarcity of...
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE 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.
ASC ASCENCIO SCA
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
SHUR SHURGARD SELF STORAGE LIMITED
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
APAML APERAM SA
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
SZG SALZGITTER AG
TYRES NOKIAN RENKAAT OYJ
VOE VOESTALPINE AG
ACX ACERINOX SA
FR VALEO SE
NXT NEXT PLC
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
NDA AURUBIS AG
HM B H&M HENNES & MAURITZ AB CLASS B
RAA RATIONAL AG
ELI ELIA GROUP SA/NV
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
PRY PRYSMIAN S.P.A.
RACE FERRARI NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PIRC PIRELLI & C. S.P.A.
AMAG AMAG AUSTRIA METALL AG
GEST GESTAMP AUTOMOCION S.A.
EVD CTS EVENTIM AG & CO. KGAA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
DSFIR KONINKLIJKE DSM N.V.
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
APAML APERAM SA
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
SZG SALZGITTER AG
TYRES NOKIAN RENKAAT OYJ
VOE VOESTALPINE AG
ACX ACERINOX SA
FR VALEO SE
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
NDA AURUBIS AG
HM B H&M HENNES & MAURITZ AB CLASS B
RAA RATIONAL AG
ELI ELIA GROUP SA/NV
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
PRY PRYSMIAN S.P.A.
RACE FERRARI NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PIRC PIRELLI & C. S.P.A.
AMAG AMAG AUSTRIA METALL AG
GEST GESTAMP AUTOMOCION S.A.
EVD CTS EVENTIM AG & CO. KGAA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
DSFIR KONINKLIJKE DSM N.V.
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Thijs Berkelder
- ING Helpdesk
Benelux Morning Notes
Avantium: Management team change. Belgian telcos: Extra data on Proximus brand mobile plans at no additional cost. Elia: Launch of €1.35bn rights issue and closing of €850m private placement. Randstad: Preliminary preview of 1Q25F results due 23 April. Shell plc: Very solid CMD, attractive outlook for shareholders. Tessenderlo: 2024 in-line with lowered outlook, soft 2025F guidance
- Hilde Van Boxstael
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Lewi
Elia Group Rights issue for 1.35bn announced, 850m PIPE completed
This morning, Elia Group announced the launch of a rights offering to raise a maximum of EUR 1.35 bn through the issuance of up to 21,8m new ordinary shares at an issue price of EUR 61.88 per share. Elia also announced the closing of its EUR 850m private placement (announced 7/3) with 3 new cornerstone investors (Atlas, Blackstone, CPP) and Publi-T at the same price of 61.88. The rights issue has a 55% commitment including from the new cornerstone investors. In total, Elia will raise 2.2bn in ...
- Dirk Verbiesen
- Quirijn Mulder
Elia/Executing growth with new funding package/BUY (previously Hold)
We upgrade Elia from Hold to BUY. 2024 results exceeded market expectations by more than 12% and 2025 mid-range guidance by 14%, while on the back of raised capex, our forecast 2025-28F RAB CAGR is now 22%. This is supportive of further mid-term earnings growth. Positive also, in our view, is that with the appointment of the new CEO, senior management is now in place, able to tackle issues like Elisabeth Island and the current challenges in US Offshore Wind. Key to support our investment case, w...
- Julian Dobrovolschi
- Thomas Zlowodzki
- Julian Dobrovolschi
- Thomas Zlowodzki
- Thijs Berkelder
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Emira Sagaama
- Margaux van Oerle
- Stephane Houri
- Thomas Zlowodzki
CON CONTINENTAL AKTIENGESELLSCHAFT
IPS IPSOS
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
GET GETLINK SE
RNO RENAULT SA
KPN ROYAL KPN NV
ORA ORANGE SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
GAMA GAMMA COMMUNICATIONS
LSS LECTRA SA
HAL HAL TRUST
G ASSICURAZIONI GENERALI S.P.A.
FR VALEO SE
GEBN GEBERIT AG
VOW3 VOLKSWAGEN AG PREF
WPP WPP PLC
AMP AMPLIFON S.P.A.
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ELI ELIA GROUP SA/NV
CIE CIE AUTOMOTIVE S.A.
KGX KION GROUP AG
OTP OTP BANK NYRT
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
POST OSTERREICHISCHE POST AG
RACE FERRARI NV
IDR INDRA SISTEMAS S.A. CLASS A
BIM BIOMERIEUX SA
PIRC PIRELLI & C. S.P.A.
REY REPLY S.P.A.
VOD VODAFONE GROUP PLC
GEST GESTAMP AUTOMOCION S.A.
WAVE WAVESTONE SA
PRX PROSUS N.V. CLASS N
FDJ LA FRANCAISE DES JEUX SA
DSC1 DUTCH STAR C SHAR
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
AG1 AUTO1 GROUP
NA9 NAGARRO
UMG UNIVERSAL MUSIC GROUP NV
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ARM ARM HOLDINGS PLC
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
EXENS EXOSENS
AMS AMS-OSRAM AG
- Anthony Dick
- Emira Sagaama
- Margaux van Oerle
- Michael Foundoukidis
- Stephane Houri
- Thomas Zlowodzki
CON CONTINENTAL AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
GET GETLINK SE
RNO RENAULT SA
ORA ORANGE SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
HAL HAL TRUST
G ASSICURAZIONI GENERALI S.P.A.
FR VALEO SE
GEBN GEBERIT AG
VOW3 VOLKSWAGEN AG PREF
AMP AMPLIFON S.P.A.
ELI ELIA GROUP SA/NV
CIE CIE AUTOMOTIVE S.A.
KGX KION GROUP AG
OTP OTP BANK NYRT
RACE FERRARI NV
BIM BIOMERIEUX SA
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
FDJ LA FRANCAISE DES JEUX SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Thijs Berkelder
- ING Helpdesk
Benelux Morning Notes
Acomo: A game of two halves. Ahold Delhaize: Peer Kroger FY24 results. Belgian telecoms: Telenet 2.9% price increase. D'Ieteren: FY24 results preview. Elia: Strong results and 2025 outlook, €2.2bn equity financing. Eurocommercial Properties: Sound results, positive revaluations, lighter LTV. Melexis: Attractive bid on direct peer Allegro. Universal Music Group: Much better Q4 - on strong subscription, DSP catch-up payment.
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Lewi
Elia Group Elia raises 850m + 1.35bn rights issue plan, very strong FY...
Elia announced a EUR 2.2bn equity package, which includes 850m through a private placement (PIPE). The private placement involves key investors such as ATLAS Infrastructure, BlackRock, Canada Pension Plan Investment Board and Publi-T/NextGrid. Elia also committed to a 1.35bn rights issue, which is already 55% subscribed. Elia Group reported FY24 Net profit (Elia Share) of EUR 421.3m, +29.8% yoy vs. our 365.3m expected. That is far above Elia guidance of 355-395m. FY24 EPS of 5.73 vs. our estimat...
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Record result from core segment, in line with estimate. Bekaert: In-line 2024, 2025F guidance suggests weak 1H25 momentum. Belgian telecoms: Management/liquidity crisis at DIGI Belgium. bpost: 4Q24 beats but no dividend over FY24, FY25 outlook well below. Elia: Preview FY24, capex and financing in focus. Fugro: After a nice beat, moving into FY25 dynamics. Kendrion: No recovery signals. Proximus: Neutral 4Q24, 2025 guidance. Recticel: UK Deputy PM calls fo...
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