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...
A director at Warehouses De Pauw SA bought 10,000 shares at 24.230EUR and the significance rating of the trade was 56/100. 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...
Sequana reported 1H24 results and announced a new convertible loan of € 3.05m (additional tranche of € 3.05m), extending its runway into 1Q25. The company is exploring separating the DSR and alfapump businesses into Hive-Downs to solve for the lack of synergy between programs. Additionally, Sequana restructured its debt with Kreos, PMV, Belfius, and Sensinnovat. Responses to the FDA 90 Day letter will submitted on 1 October, and alfapump PMA approval continues to be expected by 1Q25.
This conference booklet is your guide to our Life Sciences Conference set to take place on Thursday, 26 September 2024 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or join pitch sessions with the following companies and their top management: Public: AUTOLUS | GALAPAGOS | HYLORIS | INVENTIVA | MAAT PHARMA | ONWARD MEDICAL | SEQUANA MEDICAL | UCB | ZEALAND PHARMA Private: CONFO TX | MRM HEALTH | PANTERA | SKYLINE DX
>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...
Ackermans & van Haaren: Indian participation casts shadow over excellent result of core segments. ASML: Spotlight on export restrictions again. Basic-Fit: Dutch parliament persists in plans to raise VAT for oa Sports to 21%. CFE: Earnings quality improved in challenging markets. Eurocommercial Properties: Better numbers, guidance moved toward the higher end of the range. OCI: IFCO sale successfully closed, cash return unlocked Recticel: Solid 1H24 beat, FY guidance may disappoint. SIF Grou...
>Better than expected H1 results, but outlook maintained - Revenue is down 6% y-o-y to € 600.7m (AAOB € 532m): "The residential and office market remains disrupted by the 2022-2023 interest rate hike."EBITDA is up 8.4% y-o-y to € 21.7m (= 3.6% margin, up from 3.1% in 23H1), and above our AAOB expectation (€ 14.9m)EBIT is down 73% y-o-y to € 4.6m (= 0.7% margin, down from 2.7%), also above our AAOB expectation (€ 3.6m): "The significantly improved contributi...
In 1Q24/25, Greenyard saw continued growth and this in both segments. Greenyard's 1Q LfL net sales increased 4.4% to € 1.34bn mainly driven by higher volumes (+2.8%), increased service sales (+1.0%) and only a slight increase in prices of 0.6% despite challenging weather conditions across Europe. Our model (Accumulate, € 9.5 Target Price) takes into account Greenyard's ambitions of reaching € 5.4bn sales and between € 200m and € 210m Adj. EBITDA in FY25/26.
ASR: 1H small beat, KNAB add-on to Solvency 2 higher. Avantium: Down to the wire. Flow Traders: Pump up the volume. Greenyard: 1Q24/25 preview. Kendrion: Navigating difficult end markets. Montea: Solid results with no surprises, guidance reiterated. NEPI Rockcastle: Guidance raised, M&A opportunities on the radar. Tessenderlo: 1H24 Adj. EBITDA miss of 5%, lower FY guidance
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