reports
- Lynn Hautekeete
Cofinimmo FY24 divestment plan completed, all office periphery assets ...
Yesterday Cofinimmo announced the completion of its EUR 215.0m FY24 divestment target. 2 offices are divested and 5 healthcare assets in Belgium and The Netherlands. This comes after Cofinimmo announced 85% of its divestment target was completed last week. At the time, the exact projects were however unknown and the share price did not move on the back of the positive news. All 3 Belgian elderly care assets were leased to Armonea and so it could be a package deal. The Parklane campus was the la...
- ING Helpdesk
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Hoste
Tessenderlo Tough end markets hurt earnings momentum
We have lowered our adjusted EBITDA forecasts for FY24-26 by a 12-15% range following the FY24 adjusted EBITDA guidance reduction from a 5-10% decline to a 15-20% drop. Whilst business conditions in a number of end markets are clearly challenging, Tessenderlo is still generating a sizeable free cash flow, which we estimate at c. 120m for FY24 and which represents a FCF yield of c 10%. The company is using its solid balance sheet and FCF to buy back own shares. Despite the disappointing earnings ...
- Thomas Vranken
Onward Medical A long-awaited present underneath the Christmas tree
Right in line with its YE24 guidance, Onward has successfully obtained FDA approval for its non-invasive ARC-EX device. We see the approval as an important inflection point and expect a phased, relatively de-risked launch given the concentrated patient population and Onward's partnership with Lovell. Although home use is not yet included in the label, we believe this could be addressed in 2025 without additional clinical study requirements. We adjust our TP from € 8.7 to € 10.4 and reiterate a B...
- Jacob Mekhael
Zealand Pharma FDA issues rejection letter for glepaglutide in SBS
Zealand announced that the FDA has issued a complete response letter (CRL) for the company's NDA for glepaglutide (long acting GLP-2 analog) in SBS, and recommended an additional confirmatory phase 3 trial. We are keen to learn more about what the additional study will look like, which should become clearer following the company's type A meeting with the FDA expected in 1Q25. We expect some pressure on the shares today, though note that glepaglutide represents just ~4% in our SOTP, with the majo...
U.S. Food and Drug Administration issues Complete Response Letter for ...
U.S. Food and Drug Administration issues Complete Response Letter for the glepaglutide New Drug Application for the treatment of short bowel syndrome Company announcement – No. 51 / 2024 U.S. Food and Drug Administration issues Complete Response Letter for the glepaglutide New Drug Application for the treatment of short bowel syndrome The FDA concluded that Zealand Pharma’s application did not meet the full requirements for substantial evidence to establish the efficacy and safety of the to-be-marketed dose of glepaglutide.Zealand Pharma will continue the dialogue with the FDA to align on...
ONWARD Medical Receives FDA De Novo Classification and US Market Autho...
ONWARD Medical Receives FDA De Novo Classification and US Market Authorization for World’s First Non-Invasive Spinal Cord Stimulation System for People with Chronic Spinal Cord Injury THIS PRESS RELEASE CONTAINS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE (7)(1) OF THE EUROPEAN MARKET ABUSE REGULATION (596/2014) ARC-EX System is the first and only FDA approved technology shown to improve hand strength and sensation after chronic spinal cord injury ARC-EX System is an FDA Breakthrough Device and 2024 TIME Magazine Best Invention EINDHOVEN, the Netherlands, Dec. 19, 2024 (GLOBE NEWS...
ONWARD® Medical reçoit la classification De Novo de la FDA et l'autori...
ONWARD® Medical reçoit la classification De Novo de la FDA et l'autorisation de mise sur le marché américain pour le premier système non invasif au monde de stimulation de la moelle épinière destiné aux personnes atteintes de lésion chronique de la moelle épinière CE COMMUNIQUÉ DE PRESSE CONTIENT DES INFORMATIONS PRIVÉES AU SENS DE L'ARTICLE (7)(1) DU RÈGLEMENT EUROPÉEN SUR LES ABUS DE MARCHÉ (596/2014) Le système ARC-EX® est la première et unique technologie approuvée par la FDA ayant démontré une amélioration de la force et de la sensation des mains après une lésion chronique de la moell...
- Wim Hoste
Tessenderlo FY adjusted EBITDA guidance lowered to -15-20%
Tessenderlo lowered FY adjusted EBITDA guidance from a 5-10% drop to a 15-20% decline, mainly due to weaker than expected performance in Bio-valorization and Agro segments. The new guidance range is at midpoint about 12% below our forecast and 11% below consensus. We will adjust our model accordingly. Whilst business conditions in many of the group's end markets are challenging, Tessenderlo is still generating sizeable FCF (we remind FCF was close to €100m in 1H). The company is using its solid ...
- Hilde Van Boxstael
- Wim Hoste
- Wim Lewi
- ING Helpdesk
- Lynn Hautekeete
Cofinimmo 85% FY24 divestment target signed
Yesterday evening Cofinimmo sent out an update regarding its EUR 215.0m divestment plan. It mentions 3 assets (4 buildings) of which the AMCA buildings in Antwerp were already known to the market via a separate press release. There are 2 new healthcare divestments announced of EUR 12.0m. Additionally, its investment outlook is lowered by EUR 40.0m. This brings the carried out divestments to EUR 102.0m (see our tracker below). Moreover, EUR 80.0m additional divestments are already signed and th...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Wim Lewi
ONWARD Medical Ranks in Top 15 Percent Globally for Corporate Sustaina...
ONWARD Medical Ranks in Top 15 Percent Globally for Corporate Sustainability EcoVadis silver medal recognizes Company's environmental and social impact Demonstrates ongoing commitment to integrating sustainable business practices EINDHOVEN, the Netherlands, Dec. 12, 2024 (GLOBE NEWSWIRE) -- ONWARD Medical N.V. (Euronext: ONWD), the medical technology company creating innovative spinal cord stimulation therapies to restore movement, function, and independence in people with spinal cord injury (SCI), today announces it has been awarded a silver medal by EcoVadis, the world’s largest p...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Wim Lewi
- Lynn Hautekeete
- Wim Lewi
Real Estate Report December 2024
BE-REITS suffer from macro-worries (logistics) and post-Trump knee-jerk reaction. We believe that especially money flows are pushing stocks down as interest rate fears resurfaced in the US. Our top-picks are Shurgard, WDP and Xior. SHUR and WDP have ample headroom on their balance sheet to continue their growth track record. WDP is also very cheap on cash earnings metrics vs. peers. Xior can grow and fix its balance sheet at the same time through contributions in kind.
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
ARG ARGAN SA
VGP VGP NV
WDP WAREHOUSES DE PAUW SCA
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
SHUR SHURGARD SELF STORAGE LIMITED
- Jacob Mekhael
Zealand Pharma FIRST LOOK: Starts petrelintide phase 2b in overweight/...
Zealand announced that the first participant has been enrolled in the randomised, double-blind, placebo-controlled phase 2b trial of petrelintide (long acting amylin analog) in obesity or overweight + co-morbidities. We believe petrelintide is on track to achieve GLP-1-like weight loss in the phase 2b trial (we expect results in 2026), but with a better tolerability profile. In the meantime, we expect some read-through from the phase 3 results of CagriSema (GLP-1/amylin analog) expected in 4Q24...
Zealand Pharma announces first participant enrolled in Phase 2b ZUPREM...
Zealand Pharma announces first participant enrolled in Phase 2b ZUPREME-1 trial of petrelintide in people with overweight or obesity Press Release – No. 12 / 2024 Zealand Pharma announces first participant enrolled in Phase 2b ZUPREME-1 trial of petrelintide in people with overweight or obesity Zealand Pharma announces that the first participant has been enrolled in the Phase 2b ZUPREME-1 trial of petrelintide in people with overweight or obesity.The Phase 2b ZUPREME-1 trial is designed to evaluate five target doses of petrelintide up to 9 mg over 42 weeks of treatment.Completion of enr...
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Wim Hoste
Local Champions Midcap Conference Book 12.12.2024
This conference book is your guide to our annual Local Champions Mid Cap Conference set to take place on Thursday, 12 December 2024 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or attend small group sessions with the top management and/or IR of the following companies: BARCO | BEKAERT | DECEUNINCK | EKOPAK | EVS | GREENYARD | IBA | JENSEN | ONTEX | RECTICEL | VAN DE VELDE | WHAT'S COOKING? | XFAB
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