Progress on share buyback programme Progress on share buyback programme ING announced today that, as part of our €2.5 billion share buyback programme announced on 2 May 2024, the company repurchased 4,156,092 shares during the week of 30 September 2024 up to and including 4 October 2024. The shares were repurchased at an average price of €16.01 for a total amount of €66,525,462.10. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at . In line with the purpose of the programme to reduce the share cap...
Ageas: The Saga continues. ASM International: KKR reportedly interested in ASM PT. D'Ieteren: Belron €8.1bn debt financing at better rates than expected. Elia: Challenges ahead, CEO appointment necessary. Gimv: €150-250m bond issue by Gimv controlling anchor investor WorxInvest. PostNL: Preparation letter on future of Dutch mail market sent to Parliament. Vonovia: Good progress on disposals
The rate cut carried out and yet to come (ECB: -125bp to -150bp to come by end-2025e) is a real driver for listed real estate and creates the conditions enabling it to outperform. In this context, we are lifting 23 target prices for the 42 stocks covered. Covivio, CTP, Merlin Properties, URW, Vonovia and Xior Student Housing are now our Top Picks. Aedifica (Outperform vs Neutral) should also benefit. Lastly, we are lowering Care Property to Neutral and SFL to Underperform. - >...
La baisse de taux actée et à venir (BCE : -125 à 150 pb à venir d’ici fin 2025e) agit comme un véritable catalyseur pour l’immobilier côté et crée les conditions lui permettant de surperformer. Dans ce cadre, nous relevons 23 objectifs de cours sur 42 valeurs suivies. Covivio, CTP, Merlin Properties, URW, Vonovia et Xior Student Housing constituent désormais nos top picks. Aedifica (Surperformance vs Neutre) devrait également en bénéficier. Enfin, nous abaissons Care Property à N...
Progress on share buyback programme Progress on share buyback programme ING announced today that, as part of our €2.5 billion share buyback programme announced on 2 May 2024, the company repurchased 3,120,264 shares during the week of September 2024 up to and including 27 September 2024. The shares were repurchased at an average price of €16.52 for a total amount of €51,538,469.38. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at . In line with the purpose of the programme to reduce the share capi...
Progress on share buyback programme Progress on share buyback programme ING announced today that, as part of our €2.5 billion share buyback programme announced on 2 May 2024, the company repurchased 3,052,646 shares during the week of 16 September 2024 up to and including 20 September 2024. The shares were repurchased at an average price of €16.52 for a total amount of €50,423,511.08. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at . In line with the purpose of the programme to reduce the share c...
ING gives update on climate action approach, accelerates efforts in client engagement ING gives update on climate action approach, accelerates efforts in client engagement ING today published its annual Climate Progress Update. The update shows how we engage with our clients to help them in the transition to a low-carbon economy. It also includes our progress on steering the most carbon-intensive sectors in our loan portfolio towards global climate goals – our ‘Terra’ approach. As a bank, the most impactful way for us to contribute to the transition is through financing: working with clien...
Progress on share buyback programme Progress on share buyback programme ING announced today that, as part of our €2.5 billion share buyback programme announced on 2 May 2024, the company repurchased 3,282,664 shares during the week of 9 September 2024 up to and including 13 September 2024. The shares were repurchased at an average price of €16.20 for a total amount of €53,166,251.32. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at . In line with the purpose of the programme to reduce the share ca...
Following Agfa-Gevaert's 2Q24 results we reiterate our HOLD and cut our target price from €1.6 to €1.2. We still struggle to see a clear and sustainable path for profitability and FCF generation in the short term, arguing that several restructuring initiatives must be successfully implemented before this can happen. We see the potential closing of the divestment of Offset Solutions as well as the continued growth of Zirfon as two key positives for the longer term. We believe all this is already ...
Progress on share buyback programme Progress on share buyback programme ING announced today that, as part of our €2.5 billion share buyback programme announced on 2 May 2024, the company repurchased 3,625,795 shares during the week of 2 September 2024 up to and including 6 September 2024. The shares were repurchased at an average price of €16.24 for a total amount of €58,886,036.06. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at . In line with the purpose of the programme to reduce the share cap...
Although share price gains in the European banking sector have been significant in recent quarters, comfortably outperforming the general market; valuation multiples have lagged behind. The European banking sector has become cheaper relative to the market, and in absolute terms are still a low levels historically. Despite declining interest rates, the fundamental environment remains benign, providing a solid entry point for investors. In this note we specifically look at ABN Amro & ING. Revised ...
>Adj. EPRA EPS outlook raised +1.5%; stable fair values - FY 2024 outlook raised +1.5%, now being adj. EPRA EPS of € 1.025 (vs €1.00-1.02 before) and the company maintains the intention to pay a gross dividend of €1.00/sh.Variations in fair value of investment properties were +0.2% for Q2 (Q1: -0.3%).Indexation (like-for-like rental growth) was 1.7%, similar to Q1 given the majority of leases having added indexation in January.EPRA LTV 46.4% (Q1 2024: 4...
Care property invest reports results in line with our expectations. EPRA earnings came in at EUR 19.9m vs EUR 19.7m KBCSe, +1.3% YoY. The portfolio prove resilient with only -3.3% FV corrections since the FY23 peak and had a slightly upwards valuation of EUR 1.02m in 2Q24. The EPS guided is slightly increased from EUR 1.0-1.02 to EUR 1.025. In 1H24 Care Property Invest elected a new CEO, Patrick Couttenier. It also announced its inclusion in the EPRA index. These were the two main triggers for o...
In this September update of our Dynamic Top Pick List we make 4 changes. •We include Cofinimmo in our Dynamic Top Pick List after our recent upgrade from Accumulate to Buy. We expect the name to outperform in a decreasing interest rate environment given its relatively high leverage and cheap valuation. We also believe the risk of a dilutive equity raise eased when the FY24 capex decreased from € 320m to € 250m. The management stays disciplined in its capex program and continues to focus on asse...
Progress on share buyback programme Progress on share buyback programme ING announced today that, as part of our €2.5 billion share buyback programme announced on 2 May 2024, the company repurchased 3,268,026 shares during the week of 26 August 2024 up to and including 30 August 2024. The shares were repurchased at an average price of €16.21 for a total amount of €52,962,194.42. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at . In line with the purpose of the programme to reduce the share capital...
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