reports
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Wim Lewi
- Roy Külter
- Steven Boumans
INTO INTERVEST OFFICES & WAREHOUSES SA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
MONT MONTEA SCA
AED AEDIFICA SA
CPINV CARE PROPERTY INVEST SA
VGP VGP NV
NSI NSI N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
EBUS EBUSCO HLDG NV
CTPNV CTP NV
- Roy Külter
- Steven Boumans
INTO INTERVEST OFFICES & WAREHOUSES SA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
MONT MONTEA SCA
AED AEDIFICA SA
CPINV CARE PROPERTY INVEST SA
VGP VGP NV
NSI NSI N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
EBUS EBUSCO HLDG NV
CTPNV CTP NV
- Gerardo Ibanez
- Roy Külter
- Steven Boumans
ODDO : Dutch transfer tax to be reduced to 8%, supporting NAV and LTVs...
>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...
- Kristof Samoy
NX Filtration 1H24 results & analyst call key take-aways
Mid July NXFIL already informed the markets on its 1H24 revenues when it communicated the appointment of a new CEO. 1H24 revenues landed at €5.9m growing 56% with gross margins maintained at a high 59%. FTE's were flat vs. year end 2023. EBITDA stood at €-6.4m (vs. €-5.3m in 1H23). Guidance remained unchanged calling for revenues >€16m.
- Martijn Den Drijver
ODDO BHF Small & MIDCAP MORNING NEWS - 08/28/2024
We initiate the coverage of Ypsomed with a target price of CHF 495 and an Outperform rating. As a leading developer and manufacturer of a broad portfolio of injection systems for the self-medication of liquid drugs, Ypsomed will benefit from major trends in the healthcare industry. The company is currently in a transformation process to exit non-core activities and to focus on the fast-growing and highly profitable Delivery Systems business. This is expected to lead on our estimates t...
- Martijn Den Drijver
ODDO BHF Small & MIDCAP MORNING NEWS - 28/08/2024
We initiate the coverage of Ypsomed with a target price of CHF 495 and an Outperform rating. As a leading developer and manufacturer of a broad portfolio of injection systems for the self-medication of liquid drugs, Ypsomed will benefit from major trends in the healthcare industry. The company is currently in a transformation process to exit non-core activities and to focus on the fast-growing and highly profitable Delivery Systems business. This is expected to lead on our estimates t...
- Guy Sips
- Kristof Samoy
- Thomas Couvreur
- Usama Tariq
- Wim Gille
NX Filtration : No surprises as NX Filtration reports H1 results
>H1 results in line with previous indication - As indicated before in July 2024, NX Filtration reported its official half-year 2024 revenues which came at €5.9m, an increase of 57% year on year (yoy) and around 21% below our estimate of €7.1m, largely driven by conversion of pilots into full scale projects, repeat orders and new clients. On a segment level, Clean Municipal Water grew sales 90% yoy to €2.71m (we had at €3.7m) whereas Sustainable Industrial Water sales ...
- Francesca Ferragina
Aedifica/Better guidance and valuations stabilising/BUY
1H results were in line with our top-line forecasts while better at the bottom-line level. Aedifica has raised its bottom-line forecasts by c.3% and we are updating our model in a consistent manner: 2024F EPRA earnings are up 3%. Our estimates point to a 2.8% 2024-26F CAGR and an LTV at c.41% by the end of FY24F, which will give room to finance the investment pipeline with no issue. We confirm our positive stance that is reinforced by the appealing valuation, as the share price is trading at a c...
- Lynn Hautekeete
Aedifica Model update after new guidance
Aedifica reported results 1.8% above our EPRA earnings expectations and increased the FY24 guidance from EUR 223m EPRA earnings to EUR 231m (+3%) or EUR 4.85 vs EUR 4.70 EPRA EPS previously. The difference comes from higher rental income and lower than expected financial costs and taxes. In 1H24, the rental income is driven by 3.2% like-for-like growth, above our expectations, of which +0.5% positive exchange rate differences. Active management of the investment program led to EUR 22.0m projects...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Charlotte Vaisse
- Juan Ros-Padilla
NK IMERYS SA
NXI NEXITY SA CLASS A
NTG NETGEM SA
NRG NRJ GROUP SA
MRN MERSEN SA
MTU MANITOU BF SA
ALTA ALTAREA SCA
MBB MBB INDUSTRIES SE
BIG BIGBEN INTERACTIVE SA
FAE FAES FARMA S.A.
ECV ENCAVIS AG
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AED AEDIFICA SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
TLGO TALGO SA
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
TKO TIKEHAU CAPITAL SCA
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
CGG CGG
TKWY JUST EAT TAKEAWAY.COM N.V.
TMV TEAMVIEWER AG
VRLA VERALLIA SAS
NACON NACON SASU
ZEL PHARMA MAR SA
AG1 AUTO1 GROUP
EBUS EBUSCO HLDG NV
AELIS AELIS FARMA SA
EAPI EUROAPI
BRE BREMBO S.P.A.
- Charlotte Vaisse
- Juan Ros-Padilla
NK IMERYS SA
NXI NEXITY SA CLASS A
NTG NETGEM SA
NRG NRJ GROUP SA
MRN MERSEN SA
MTU MANITOU BF SA
ALTA ALTAREA SCA
ATE ALTEN SA
MBB MBB INDUSTRIES SE
BIG BIGBEN INTERACTIVE SA
FAE FAES FARMA S.A.
ECV ENCAVIS AG
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AED AEDIFICA SA
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
TLGO TALGO SA
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
TKO TIKEHAU CAPITAL SCA
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
CGG CGG
TKWY JUST EAT TAKEAWAY.COM N.V.
TMV TEAMVIEWER AG
VRLA VERALLIA SAS
NACON NACON SASU
ZEL PHARMA MAR SA
AG1 AUTO1 GROUP
EBUS EBUSCO HLDG NV
AELIS AELIS FARMA SA
EAPI EUROAPI
BRE BREMBO S.P.A.
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
Coffee, Croissants & Credit/Swisscom, Telefonica, Wolters Kluwer, Klep...
Telecom: Swisscom 1H24 results point to a though domestic market. Telefonica reports soft 2Q24 results. Technology: Wolters Kluwer reports strong 1H24 results. Real Estate: Klepierre boosts 2024 guidance after strong first half results. Colonial reports mixed first half results. Public storage reports weaker results, cuts FY guidance. WP Carey lowers FY guidance on lagging deal volumes Aedifica reports good numbers and upgrades FY guidance
- Roy Külter
- Steven Boumans
Aedifica SA : H1 2024 results: strong set of results with positive rev...
>Earnings outlook +3.6%; like-for-like growth +3.2%, positive revaluation +0.1% - FY2024 EPRA EPS outlook +3.2% increased to €4.85 (previously €4.70); EPRA earnings outlook +3.6% to €231m (previously €223m); and a reconfirmed DPS guidance of €3.90.Rental income +3.2% on a like-for-like basis (Q1 2024: 3.3% and 3% in FY2024 budget) broken down by +3.1% indexation, -0.4% rent negotiations and +0.5% fx changes.Fair value of investment portfolio increased +0.12%...
- Lynn Hautekeete
Aedifica Increases guidance to EUR 4.85 EPRA EPS
Aedifica reports results 1.8% above our EPRA earnings expectations and increases the FY24 guidance from EUR 223m EPRA earnings to EUR 231m (+3%) or EUR 4.85 EPRA EPS vs EUR 4.70 EPRA EPS previously. The difference in our model comes from slightly higher gross rental income and lower than expected financial costs. The gross rental income is driven by 3.2% like-for-like growth, above our expectations, of which +0.5% positive exchange rate differences. Active management of the investment program le...
- ING Helpdesk
Benelux Morning Notes
Aedifica: Small guidance increase Just Eat Takeaway: Better EBITDA in 1H24 and more cash returns Lotus Bakeries: Mondelez 2Q24 results Melexis: 2Q24 results, holding up well Ontex: Onwards and upwards Solvay: 2Q24 EBITDA beats by 4%, profit and FCF guidance upped Wolters Kluwer: 1H24 results, no surprises Events Calendar
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Aedifica NV/SA: 2024 half year financial report
Aedifica NV/SA: 2024 half year financial report Please find below Aedifica’s 2024 half year financial report. Robust operational performance driving strong results above budget EPRA Earnings* amounted to €118.8 million (+8% compared to 30 June 2023), or €2.50/shareRental income increased to €165.8 million (+7% compared to 30 June 2023)3.2% increase in rental income on a like-for-like basis in the first half of the yearWeighted average unexpired lease term of 19 years and occupancy rate of 100% Real estate portfolio* of over €6 billion as at 30 June 2024 630 healthcare properties for nea...
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