reports
- Kristof Samoy
CMB.Tech Market court ruling opening door to $0.52 MTO bid price incre...
In a press release Euronav (soon to be renamed CMB.TECH) informed that the Market Court in Belgium has largely rejected the claims brought forward by FourWorld in connection with CMB's mandatory public bid for the Euronav shares that ended March 15, 2024. However, the Court did find that the pricing of certain vessels sold by Euronav to Frontline implied certain special benefits to Frontline. The Court calculated these benefits to be $0.52 p.s.. The judgment indicates that the FSMA retains discr...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Wim Lewi
- Jørgen Lian
Euronav (Hold, TP: USD16.30) - Charting a new course
Crude tankers remain the main earnings driver for now, but Euronav is steadily steering towards diversified shipping, with particular focus on sustainable solutions. A by-product of this is increasingly diversified cash flows supporting through-the-cycle investments – but also significant capex needs potentially straining the balance sheet and curtailing shareholder distributions medium-term. We reiterate our HOLD and have lowered our target price to USD16.3 (17.9).
- 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...
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Thomas Vranken
UCB FIRST LOOK: $ 680m divestiture of mature assets in China
UCB divests its mature product portfolio in neurology (Keppra, Vimpat, Neupro) and allergy (Zyrtec, Xyzal) in China to CBC Group and Mubadala Investment Company for $ 680m. The divestment will create a new leading neurology company that operates at scale in China, as UCB's strategy for the country evolves toward a stronger focus on innovation and partnerships. We deem the transaction as a logical route forward in China at a seemingly fair price and reiterate our € 161 TP and Hold rating.
- Thomas Vranken
UCB UCB's exceptional semester rally (post 1H24 model update)
Over the past few months, UCB's share price has shown an exceptional rally as investor sentiment on Bimzelx turned positive again on the back of strong early launch metrics. From its 52-week low of € 65.40 in November 2023, the share price is now up 135%, and includes a 95% YTD run. While UCB still holds several pipeline catalysts for further upside potential (incl. some earlier-stage moonshot programs) into the rest of the year, we believe the company has now reached a fair valuation. We slight...
- Guy Sips
- Lynn Hautekeete
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- Kristof Samoy
CMB.Tech Key take-aways analyst call
Following this morning's publication of the 2Q release herewith key elements from Q&A with management during this afternoons analyst call. This morning we already published a FRN on the earnings release itself. All in all CMBT posted nice results showing diversifications pays off. The newly formed company is successfully disposing older vessels at high prices, reinvesting crude tanker cash flows and concluding LT contracts to finance its massive fleet transformation.
- Kristof Samoy
CMB.Tech Good 2Q24 results, swift execution of fleet rejuvenation plan...
Over 2Q24 CMB.Tech reported adjusted EBITDA (excl. capital gains) of $164m above our $129m estimate. The company is swiftly executing its new build programme and recycling cash through disposals of older vessels. Favourable dynamics in the Euronav tanker fleet finance the transformation towards a sustainable shipping platform. Following the recent $6.72 p.s. distribution bonanza no further distribution over 2Q was declared as we expected given CMBT' s discretionary dividend policy. Company manag...
- ING Helpdesk
Benelux Morning Notes
Corbion: Swings and roundabouts. CTP: Good operational trends, guidance reiterated. dsm-firmenich: Another cheque from BASF. Euronav: 2Q beats expectations. KBC: 2Q well above, NII guidance up, ready for 3Q State Bond release of c.€22bn. SBM Offshore: Strong set of 1H24 results, more to come. TKH Group: 2Q is not going to be the quarter. Xior Student Housing: Positive portfolio revaluation
- Hilde Van Boxstael
- Kristof Samoy
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- David Vagman
- CFA
- Maxime Stranart
UCB/A decade of growth at a reasonable valuation/BUY
We reiterate our BUY rating and increase our target price from €140 to €180 as (1) we increase our Core EPS forecasts by 2.7% and 3.4% in FY24 and 25F; (2) we modestly increase long-term forecasts for some key drugs like Bimzelx and Evenity; (3) we are now more confident on Rystiggo growth prospects over 2024-30F; and (4) we include earlier stage pipeline drugs in our model. We were confident on UCB going into the results, despite 1H24 expected to be a weaker print in terms of operating profit d...
- ING Helpdesk
UCB SA: 3 directors
Three Directors at UCB SA sold after exercising options/bought 35,554 shares at between 154.450EUR and 155.190EUR. The significance rating of the trade was 75/100. 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 co...
- 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...
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