Morning Notes : BAR BB, COFB BB, FAGR BB, GLPG NA, IBAB BB, DEME BB, N...

: BAR BB, COFB BB, FAGR BB, GLPG NA, IBAB BB, DEME BB, NXFIL NA, ENRGY BB

Morning Notes : ABN NA, ARGX BB, CPINV BB, IBAB BB, ONTEX BB, EXO NA

: ABN NA, ARGX BB, CPINV BB, IBAB BB, ONTEX BB, EXO NA

Care Property Invest Upgrade to Accumulate after rights issue and majo...

We like the pro-active nature of this deal. CPI completed a capital increase of €55.5m to finance the acquisition of 9 healthcare assets for €142.6m (announced on 3/12). The remaining €87.1m was financed by €47.1m new debt and €40m of existing debt at a low rate (2.9%). This deal will offset the overhang of the lease portfolio expiries for the next 10 years. Hence, CPI addresses a concern that has been weighing on the share price. The rights issue take-up amounted to 62.6%. We believe this is a ...

Xior Feed Back from the Xior Analyst call on FY26 guidance-Correction

The surprise call on the outlook update was only open to analysts and basically served to highlight the past 10 years of growth. Nevertheless €2.30 EPRA EPS, comes above consensus and our €2.25 estimate. Xior wants to show that after 2 years of transition and flat EPS, they will show growth again. Under COO, Kristina Olsen, Xior has also improved its internal operations and budget planning for next year had already finished. The focus is on internal efficiency gains and rental growth from realis...

Benelux Morning Notes

Belgian Telecoms: DIGI Belgium CEO Interview: ‘We are running a marathon, not a sprint' IBA: IBA to install a Rhodotron in East China. Ontex: Another quarter, another profit warning. Theon International: Backlog visibility indeed. Xior: 2026 outlook positive but with no major surprise. Events Calendar

Morning Notes : ACKB BB, AKZA NA, IBAB BB, ONTEX BB, SEQUA BB, XIOR BB...

: ACKB BB, AKZA NA, IBAB BB, ONTEX BB, SEQUA BB, XIOR BB, DEME BB, ARG FP, ZEAL DC

Xior Xior rings the bell with a FY26 EPRA EPS outlook of €2.30

Today Xior celebrates its 10 year listing on the Brussels stock exchange. At the same time it issued a FY26 EPRA EPS outlook and expects EPS growth of +4% in FY26 to €2.30 vs. FY25 of €2.21. Xior is confident about the future, driven by its student housing platform and 98% occupancy. It expects rental growth from additions to its scalable operations and structural market scarcity to drive rental increases. Also efficiency gains should add to profitability gains. Xior will focus on portfolio opti...

Benelux Morning Notes

Ageas: Finally, 100% owner of Belgium business. CTP: Official launch in Italy and expansion in CTPark Warsaw South. Euronext: November delivers positive cash equity and bond trading volume growth. IBA: IBA to install one P1 system at YAS Healthcare in Dubai

Care Property Invest: 2 directors

Two Directors at Care Property Invest bought/subscribed to 3,429 shares at between 10.500EUR and 11.720EUR. The significance rating of the trade was 52/100. 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...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 12/04/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 04/12/2025

Dynamic Top Pick List How to start 2026?

How to start 2026? We have selected for the KBC Securities Dynamic Top Pick List 12 large-cap companies — AB InBev, Aedifica, Argenx, ASMi, Azelis, DEME, D'Ieteren, Shurgard, Sofina, Vopak, WDP, and Wolters Kluwer — along with 3 small and mid-cap names (under €1.5bn in market capitalization): Corbion, EVS, and IBA. So, going into 2026, we maintain a balanced approach in our Dynamic Top Pick List, featuring 8 cyclical and 6 defensive stocks, with a particular emphasis on value stocks that have b...

Care Property Invest : € 143m deal boosts portfolio, but EPS accretion...

Shurgard Bolt-on acquisition in Sweden for 20.9m

Shurgard acquired two Sesam Self Storage facilities in Lund and Helsingborg, Sweden, from Granitor. The deal closed on 2/12/25, adding 11,200 sqm of space across 1,800 units. The occupancy currently stands at approx. 20%. Both freehold properties will be remotely managed from existing Shurgard sites as part of its cluster strategy. This was illustrated in our recent property tour and reduces the headcount per store. It also brings more FTE together in 1 location which increases the job satisfact...

Care Property Invest Acquires 9 Care Homes and launches 55.5m rights i...

Care property announced the acquisition of 9 care homes (8 in Flanders, 1 in Wallonia) for €142.6m with €8.2m annual rental income (5.75% yield). At the same time, it launches a rights issue of €55.5m at €10.5 per share and funds €87.1m by debt (existing and new). The rights issue will be followed by a private placement of the remaining shares with a number of “backstoppers”, who have irrevocably committed to subscribe to all remaining rights (no rump placement). The seller is Korian Belgium, pa...

Morning Notes : CPINV BB, DSFIR NA

: CPINV BB, DSFIR NA

WOOD Daily: OPTIMA GA; CTPNV NA; PCF PW; CPS PW; WPL PW; BDX PW; 11B P...

HEADLINES: • Optima Bank: buying the dip (stays BUY) • CTP: great story, fairly valued (downgraded to HOLD) • PCF Group: key takeaways from the 3Q25 earnings call • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 22.37%, while WP TV at 0.46% in November 2025 NEUTRAL • Budimex: plans to pay out 100% of net income in dividends in 2025-29E NEUTRAL • 11 bit studios: finalises agreement with Microsoft on licence for Game Pass POSITIVE • Huuuge Games: October Sensor Tower bookings estimate flat...

CTP: great story, fairly valued (downgraded to HOLD)

We continue to see CTP as one of the best stories in European real estate. A simple, focused investment case, a quality portfolio, value-accretive growth, well-managed. CTP builds at a c.10% yield on cost, while it raises debt at an all-in cost of c.4%, and it books its portfolio on a 5-6% net initial yield. The revaluation gains on developments allow almost all of the construction capex to be debt-funded. The spread between the development yield and the cost of debt is wide, and would remain at...

Morning Notes : JEN BB, MONT BB, BTLS BB, AUTL US

: JEN BB, MONT BB, BTLS BB, AUTL US

Montea Montea announces 19.2m Contribution in Kind in Beringen

Montea announced the acquisition via contribution in kind (CiK) of the former Euro-Shoe site in Beringen for €19.2m. The multifunctional site spans 53.5k sqm with a 20k sqm warehouse and 2.5k sqm offices from 2005 (renovated 2023). Thanks to the spacious parking, Montea believes there is expansion capacity and it expect a NOI yield of at least 7%. The site is vacant at the moment (offered by CBRE), but Montea is in negotiation with a tenant. The location is close to the E313 highway connecting A...