reports
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 05/08/2024 Date Performance sin...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 08/05/2024 Date Performance dep...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- ING Helpdesk
Benelux Morning Notes
AB InBev: Busy BEES. Ahold Delhaize: Small beat, comforting confirmation of 2024 guidance. AMG: 1Q24 better than expected, FY guidance intact, strategic projects on schedule. Bekaert: Soft start to the year with 7% sales miss, FY guidance maintained. Euronav: Transformation at full speed. Marel: Another lacklustre quarter. Montea: 2025 guidance raised, valuations moving into positive territory. SBM Offshore: In-line Q1 trading update. Sif Group: Preview - normal quarter e...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Lewi
Montea FIRST LOOK 1Q24 results : raises FY25 outlook on faster complet...
Net Rental Income of EUR 27.2m came below our expectation of 28.1m. The 1Q24 EPRA EPS of 0.98 also came below our 1.01 expectation. We expected a bit more lfl growth and uplift from completions. However, Montea confirmed FY24 EPRA EPS to 4.55 (excl. FBI) and even raised FY25 EPRA EPS from 4.65 to 4.75 thanks to a faster expected completion of its pipeline. We are still awaiting the Tiel (NL, 91k GLA) permit. This could result in a pipeline acceleration FY25. Another positive effect is a flat Ne...
- Gerardo Ibanez
- Steven Boumans
Montea : Q1 2024 results: An increased guidance on faster developments
>Increased FY2025 EPRA EPS guidance by 2%, solid operating results - FY2024 EPRA EPS € 4.55 forecast reiterated and FY2025 forecast increased +2.2% to €4.75 (from €4.65) as a result of favourable changes in expected completion dates of developments. The annual investment target is unchanged at €260m investments in FY2024 and €200m in FY2025 and both EPS forecasts are excl. positive FBI impact.Like-for-like rental growth of c. 4% (FY2023: 7%), of which 3% from in...
- Inna Maslova
Montea - Q1 fully in line, 2025 guidance lifted
LfL rents were up 4.3%, driven by indexation (3.4%) and portfolio relettings and renewals (0.9%). Occupancy remains at 100%.Portfolio has seen a EUR 99m value increase, EUR 12m of which is linked to increased valuations. EPRA NIY remained stable at 5.1%.EPRA LTV stood at 34.8%, up 150bps vs December end.Growth ambitions remain on track with EUR 260m investment volume target reiterated.The company lifts its 2025 EPRA EPS guidance to EUR 4.75 from EUR 4.65 as a result of earlier than expected comp...
- Jerôme Bodin
LR LEGRAND SA
FRA FRAPORT AG
LI KLEPIERRE SA
ALV ALLIANZ SE
ORSTED ORSTED
RAA RATIONAL AG
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
DSY DASSAULT SYSTEMES SA
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
- Bruno Cavalier
- Jerôme Bodin
LR LEGRAND SA
FRA FRAPORT AG
LI KLEPIERRE SA
ALV ALLIANZ SE
ORSTED ORSTED
RAA RATIONAL AG
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
DSY DASSAULT SYSTEMES SA
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
- Florent Laroche-Joubert
- Gerardo Ibanez
Shurgard : Q1 2024 - operating performance broadly in line
>2024 guidance confirmed based on broadly robust operating momentum - Shurgard’s Q1 2024 earnings report (i.e. revenues of € 93.4m; growth at current scope and constant forex rate at +7.1%) reflects the continuation of a broadly solid operating performance:Shurgard continues to benefit overall from good rental pressure with a same-store occupancy rate at 89.2% (i.e. a 60bp decline q-o-q) close to its 90% target and average in-place rent growth of 4.8% y-o-y. By c...
- Florent Laroche-Joubert
- Gerardo Ibanez
Shurgard : T1 2024 – Performance opérationnelle globalement en ligne
>Guidance 2024 confirmée sur la base d’une dynamique opérationnelle globalement stable - La publication de Shurgard sur le T1 24 (i.e. revenus à 93.4 M€ ; croissance à périmètre courant et taux de change constants à +7.1%) traduit le maintien d’une performance opérationnelle globalement stable :Shurgard continue de bénéficier globalement d’une bonne tension locative avec un taux d’occupation « same stores » à 89.2% (soit une baisse de 60 pb yoy) proche de sa cibl...
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Wim Lewi
Shurgard FIRST LOOK: 1Q24 Results, all eyes on the Lok'nStore developm...
Shurgard 1Q24 results came slightly below our estimates as increased RE-taxes hit 1Q harder than expected. Also 4.0% lfl operating revenue growth came below our 4.7% expectation. The EPRA Earnings amounted to EUR 34.2m, +12.6% yoy vs. our expectation of 35.3m. Guidance FY24 excludes the Lok'nStore bid and indicates a 7.5% revenue growth in line with our previous estimates. The balance sheet offers ample headroom with LTV at 14.6%. The results still show a resilient operational performance, impa...
- Francesca Ferragina
Aedifica/Portfolio stabilisation is good/BUY
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...
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
A1XEH4 CROSSJECT SA
TFI TELEVISION FRANCAISE 1 SA
ISS ISS A/S
NRG NRJ GROUP SA
ALTA ALTAREA SCA
BOSS HUGO BOSS AG
G24 SCOUT24 AG
BAMNB KONINKLIJKE BAM GROEP NV
GLB GLANBIA PLC
SAVE SAVENCIA SA
FIE FIELMANN AG
VID VIDRALA SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
AED AEDIFICA SA
BEZ BERENTZEN GRUPPE
WAF SILTRONIC AG
TWEKA TKH GROUP N.V. CERT
OREGE OREGE SA
LNSX SIXT LEASING AG
FFARM FORFARMERS
MVC METROVACESA SA
VOS VOSSLOH AG
NEOEN NEOEN S.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
C3RY CHERRY AG
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
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. - ...
A1XEH4 CROSSJECT SA
TFI TELEVISION FRANCAISE 1 SA
ISS ISS A/S
NRG NRJ GROUP SA
ALTA ALTAREA SCA
BOSS HUGO BOSS AG
G24 SCOUT24 AG
BAMNB KONINKLIJKE BAM GROEP NV
GLB GLANBIA PLC
SAVE SAVENCIA SA
FIE FIELMANN AG
VID VIDRALA SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
AED AEDIFICA SA
BEZ BERENTZEN GRUPPE
WAF SILTRONIC AG
TWEKA TKH GROUP N.V. CERT
OREGE OREGE SA
LNSX SIXT LEASING AG
FFARM FORFARMERS
MVC METROVACESA SA
VOS VOSSLOH AG
NEOEN NEOEN S.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
C3RY CHERRY AG
- Gerardo Ibanez
- Steven Boumans
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%...
- ING Helpdesk
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
- Research Team
WOOD Daily: CTPNV NA; GE Macro; RBI AV; AIRA LI; TPEIR GA; ALK MS; ETE...
HEADLINES: • CTP: better late than never (upgraded to BUY) • Georgia macro: protests in Tbilisi • Raiffeisen Bank International: posts solid 1Q24, keeps 2024E guidance (but only on ex. Russia and Belarus basis), facing huge pressure to address Russia and Belarus exposures from officials • Air Astana Group: 1Q24 – 15% ASK growth, RASK down slightly yoy, but CASK stable • Piraeus Financial Holdings: 1Q24 highlights NEUTRAL • Alkaloid: 1Q24 numbers a strong start to the year POSITIVE • National Ban...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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