The year has started well with a top line organic growth of 3.3% and bottom line EPRA earnings increase of 8% in 1Q. LTV is safe at 39.6% (we would not be surprised to see the company finalising an acquisition). Aedifica stated that these results were a bit ahead of its internal budget and we confirm our current estimates, which are in line with latest guidance. What we like most about this set of results is the small positive LFL revaluation of the portfolio, positive for the first time in five...
Nous sortons GALP de notre liste ODDO BHF European Large Caps. La valeur a réalisé une performance de +31,3% depuis son entrée le 20 mars dernier. Notre analyste adopte ce jour une opinion Neutre (vs Surperformance) sur la valeur qui a atteint notre objectif de cours. - ...
>Outlook reiterated, stable fair values, negative rent negotiations and pipeline continues to decline - FY2024 outlook EPRA EPS 4.70 or €223m EPRA earnings reiterated.Rental income +3.3% on a like-for-like basis (FY2023: 5.2% and 3% in FY2024 budget) broken down by +3.4% indexation, -0.7% rent negotiations and +0.6% fx changes.Fair value of investment portfolio increased +0.02%, after five consecutive quarters of negative portfolio valuations. Belgian (-0.5%...
Aedifica: First sign of portfolio valuation stabilization. ArcelorMittal: Solid 1Q24 EBITDA beat, softer FCF reflects WC and CAPEX phasing. Belgian telcos: Peer Telenet 1Q24 results, still weak commercial performance. dsm-firmenich AG: Vita-still not-min. IBA: Contract to install a P1 system in Connecticut. KPN: VodafoneZiggo 1Q24 results confirm fixed losses, mobile weaker QoQ. Shell plc: Good start to the year
Aedifica reports 1Q24 results and beats our EPRA earnings estimates on the back of slightly lower financial charges and mainly lower taxes. The FY24 guidance remains unchanged so the lower taxes are likely due to timing differences. Over FY24-26 we forecast flat earnings growth based on the current communicated pipeline. In 1Q24 Aedifica continued its wait and see modus at a debt ratio close to 40%. Over the past 1.5 month the share price recovered by approximately 17%, beating the ERPRA index. ...
Aedifica NV/SA: Interim financial report – Q1 2024 Please find below Aedifica’s interim financial report for the 1st quarter of the 2024 financial year. Robust operational performance driving strong results ahead of budget EPRA Earnings* amounted to €59.8 million (+8% compared to 31 March 2023), or €1.26/shareRental income increased to €82.0 million (+8% compared to 31 March 2023)3.3% increase in rental income on a like-for-like basis in the 1st quarter of the year Real estate portfolio* of nearly €6 billion as at 31 March 2024 623 healthcare properties for more than 47,300 end users ac...
Rental income reached EUR 82m, up 8% YoY and 3.3% LfL.Occupancy remains at 100%.EBIT margin at 84.6%.EPRA profit stands at EUR 59.8m, up 8% YoY (EUR 1.26 per share, -9.4% YoY due to higher number of shares outstanding).Aedifica recorded a positive portfolio adjustment of EUR 0.9m in Q1.EPRA NTA stood at EUR 75.59 per share, up 1.9% over 3M.We maintain our ‘Hold' rating and reiterate our EUR 66.00 TP.
Our trip to South Korea and China revealed Chinese shipbuilders are seeking growth to take on Korea’s established yards who are facing constraints. An eagerness to add capacity is one of our takeaways, as well as a gloomy outlook for Chinese real estate, which in our view should inevitably weigh on dry bulk demand.
>Clubs and memberships as expected, and revenue 2% below estimates for Q1 - Basic-Fit reported 4.05m memberships as at end Q1 2024 (ABNe: 4.055m), implying 13% year-on-year growth, and 250k more memberships compared with end-2023. The acquisition of RSG Spain added over 100k memberships. The new uptake of the premium membership remains at c. 50% and is now 43% of the base. The number of clubs increased to 1,506, or 238 more clubs than a year ago, and 104 more clubs th...
>Underperform, price target to €19 (was €25.5) - We change our rating to Underperform (was Neutral) and lower our TP to €19 per share (relative valuation outcome €17.5, weight 40% and DCF, outcome €20, weight 60%). Our investment thesis remains unchanged with declining volumes and thus sales and margins for Recycling and Catalysis in the medium and long term and lower than projected revenues and margins (and thus returns) for Battery Materials. Due to the material c...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
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