ODDO BHF Small & MIDCAP MORNING NEWS - 05/02/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 02/05/2024

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. - ...

Aedifica SA : Q1 2024 results: Stable fair values after five quarters ...

>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%...

Benelux Morning Notes

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

Morning Notes : AED BB, DSFIR NA, HYL BB, IBAB BB, INGA NA, TESB BB, B...

: AED BB, DSFIR NA, HYL BB, IBAB BB, INGA NA, TESB BB, BTLS BB

Aedifica EPRA result slightly ahead of guidance

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 - In-line 1Q results

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.

ODDO BHF Small & MIDCAP MORNING NEWS - 04/26/2024 Date Performance sin...

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. - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 26/04/2024

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. - ...

Cofinimmo : Q1 2024 results: Inline results, with a reiterated outlook...

>Outlook reiterated, inline results, underlying metrics look good - Outlook FY2024 Net result from core activities reiterated at €6.40 and €6.20 DPS.Like-for-like devaluations of -€46m or -0.7% (FY 2023: -2.7%).Healthcare operator performance is improving, with underlying occupancy being strong at >90% for all countries with the exception of Germany (84%) from the data collected.Gross rental income up +2.2% on a like-for-like basis (vs FY2023: +5.5% and...

Benelux Morning Notes

Basic-Fit: 1Q24 update in line, FY24 outlook in line with consensus at mid-point. bpost: Agreement on Flemish newspaper delivery; risk of provisions largely removed. Cofinimmo: Q1 results in line. Corbion: Tail wags the dog. IMCD: The last hurdle was a harsh clip. Proximus: Strong start to the year, guidance unchanged ahead of Digi arrival. Recticel: Kingspan 1Q24 trading update. Signify: 1Q24 results; revenue decline accelerates. Umicore: Confirms FY 2024 EBITDA guidance range. ...

Morning Notes : BFIT NA, BPOST BB, COFB BB, CRBN NA, MTLS US, PROX BB,...

: BFIT NA, BPOST BB, COFB BB, CRBN NA, MTLS US, PROX BB, UMI BB, XFAB FP, XIOR BB, IMCD NA

Cofinimmo Results in line, all eyes on the divestment program

Cofinimmo reports 1Q24 results in line with our expectations. We were however more negative on potential fair value corrections (-46m,-0.7% vs -99m exp). They were mainly driven by the office segment -1.3% versus -0.7% in HC. In FY24 it expects divestments to be almost net neutral. This was the case in 1Q24 with both 30m divestments and investments. There is another 31m assets held for sale (60/270m confirmed). To date asset sales are lagging a bit but markets are likely to pick up in 2H24. Div...

Cofinimmo - Q1 results down as expected

Gross rental income reached EUR 88.6 m, up 3.4% YoY and +2.2% on an LfL basis. Net income from core activities was EUR 55m, down -3.6% year-on-year.Occupancy remains high at 98.4%.EPRA NTA is stable at EUR 98.31 per share.EPRA net initial yield is stable at 5.5% on average (gross yield at 5.8%).We maintain our Hold rating and leave our TP unchanged at EUR 70.00.

INVEST SECURITIES – ICADE :Pas de signes d'amélioration sur les fondam...

ODDO : Olympic Games and Euro 2024: a limited economic impact but an o...

In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Som...

ODDO : Jeux Olympiques et Euro 2024 : un impact économique limité mais...

En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier  : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être l...

ODDO BHF Small & MIDCAP MORNING NEWS - 04/22/2024 Date Performance sin...

EPS growth prospects are brighter in the US than in Europe, which is justified given the differential in the growth and inflation outlook between the two regions. However, the adjustment that has taken place on EPS in Europe is a positive factor: we are now "at the price" ahead of the cyclical recovery that is taking shape for the rest of 2024. Sector-wise, the ongoing upward revision of EPS in travel & leisure, banks and media is expected to continue apace and provide support for sec...

ODDO BHF Small & MIDCAP MORNING NEWS - 22/04/2024 Date Performance dep...

Les perspectives de croissance des BPA sont supérieures aux Etats-Unis qu’en Europe, ce qui est justifié étant donné le différentiel de perspectives de croissance et d’inflation entre les deux zones. L’ajustement qui a eu lieu sur les BPA en Europe est toutefois un facteur positif : nous sommes désormais « au prix » avant la reprise cyclique qui se dessine pour la suite de 2024. Sectoriellement, la révision à la hausse en cours des BPA sur le Travel & Leisure, les banques et les Media...