Aedifica NV/SA: Convocation to the Extraordinary General Meeting and Ordinary General Meeting of 14 May 2024 Please find below a press release from Aedifica (a public regulated real estate company under Belgian law, listed on Euronext Brussels and Euronext Amsterdam), regarding the Extraordinary General Meeting and Ordinary General Meeting of Tuesday 14 May 2024. Attachments
La solidité de l’économie américaine et l’amélioration du sentiment macroéconomique en Europe nous conduisent à maintenir nos calls gagnants : long USA vs Europe et - en Europe - long Cycliques vs Défensives. Toujours en Europe, nous basculons long Value vs Growth et modifions en profondeur notre allocation sectorielle ; nous y intégrons également une analyse chartiste. Nos secteurs préférés sont : Banks, Financial Services, Insurance, Media, Energy, Industrial Goods & Services, Tra...
America’s solid economy and Europe’s improving macro sentiment have prompted us to reiterate our winning calls: long USA vs Europe and - within Europe - long Cyclicals vs Defensives. Also within Europe, we are switching to long Value vs Growth and have overhauled our sector allocation ; furthermore it nows incorporates a chart analysis. Our favourite sectors are as follows: Banks, Financial Services, Insurance, Media, Energy, Industrial Goods & Services, Travel & Leisure, Constructio...
>Revenue/under. op. profit/att. net profit miss consensus expectations - FY 2023 revenue came in at € 493.2m down 7.7% (-6.2% cc, vs. € 534.2m€), the operating profit stood at € 42.3m, down 33.3%, well below expectations (consensus: € 61.4m, ODDO BHF: € 56.7m), i.e 8.6% of revenue (vs. 11.9% in 2022). Attributable net profit worked out at € 35.8m, down 19.8% (consensus: € 44.5m), although investment income was up to € 7.46m (vs. € 1.8m in 2022). Net cash position pl...
>CA – ROC – RNpg : en dessous des attentes du consensus - Le CA 2023 a atteint 493,2 M€, -7,7% (-6,2% à tcc, vs. 534,2M€), le ROP se monte à 42,3 M€ (-33,3%) nettement inférieur aux attentes (css : 61.4 M€e , ODDO BHF : 56,7M€e), soit 8,6% du CA (vs. 11,9% en 2022). Le RNpg s’établit à 35,8 M€, soit -19,8% (css : 44,5 M€e), malgré la hausse des produits de placement pour 7,46 M€ (vs. 1,8 M€ en 2022).La position de cash net est également en forte baisse à 72 M€ ...
This note gathers feedback from the group meetings and the break-out sessions. In total 23 companies presented in group meetings and/or break-out sessions. More than 100 guests found their way to the venue and some more followed virtual meetings. Physical attendance is clearly on the rise after the COVID disruption. Investing remains a people's business. The 4 break-out sessions made for informative additions to the C-level meetings and a nice platform for discussion. Tuesday morning concentrate...
This conference book is your guide to the KBCS Real Assets Conference 2024. It offers a program, an intro to the break-out sessions and company profiles with financial data and some useful info. The break-out sessions aim to educate and contemplate on certain trends. Last year we hosted “Energy as a business”. This year, we offer 4 break-outs on hot topics.
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
>The direct investment market is still muted today, but we think real estate markets could reignite after seeing the first interest rate cuts - We visited the annual real estate conference MIPIM in Cannes last week. Although the weather was great, the mood in the investment market was still a bit muted. The changes in the real estate market leaves many investor uncertain today. It is still too early to see transactions to go up materially and pricing recovery in the ...
Stock prices of HC REITS are currently driven by the negative sentiment in the market regarding operators and their restructuring processes. We believe the sentiment could persist in 1H24. However, interest rate cuts of the ECB combined with a positive outcome on the planned rights issue of Korian in either June or September could lead to a rerating of the sector. Additionally, margins of operators are bottoming out which will stop the negative news flow and improve sentiment. Fundamentally we b...
We like Aedifica's strong financials that might allow the group to finalise acquisitive deals even in the current market environment. During 2023 tenants faced pressure from cost inflation, staffing requirements and gradual ticks up in tariffs. We think this situation will normalise as inflation slows. Long-term tailwinds remain. 2024 guidance is for solid underlying operations. We fine-tune our estimates and reiterate our €75 target price and BUY recommendation.
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