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...
Orange Belgium completes its capital increase by contribution in kind – Nethys exchanges its stake in VOO Holding for newly issued shares of Orange Belgium Press releaseBrussels, 2 May 2024Regulated information – Inside information Orange Belgium completes its capital increase by contribution in kind – Nethys exchanges its stake in VOO Holding for newly issued shares of Orange Belgium On 2 May 2024, the shareholders’ meeting of Orange Belgium SA (the “Company”) approved the contribution in kind by Nethys SA (“Nethys”) of its 25% (+ 1 share) stake in VOO Holding SA (“VOO Holding”) to the cap...
Orange Belgium finalise son augmentation de capital par apport en nature - Nethys échange sa participation dans VOO Holding contre des actions nouvellement émises d'Orange Belgium Communiqué de presseBruxelles, le 2 mai 2024Information réglementée – informations confidentielles Orange Belgium finalise son augmentation de capital par apport en nature - Nethys échange sa participation dans VOO Holding contre des actions nouvellement émises d'Orange Belgium Le 2 mai 2024, l'assemblée générale des actionnaires d'Orange Belgium SA (la "Société") a approuvé l'apport en nature par Nethys SA ("...
We are removing GALP from our ODDO BHF European Large Caps list. The stock has chalked up a performance of +31.3% since its inclusion in the list on 20 March. Our analyst is adopting today a Neutral recommendation (vs Outperform) on the stock. - ...
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. ...
>Ongoing strong operational performance, both margins and FCF up yoy - With Euronext closed today because of Labour day, there is no rush to absorb the content of Wolters Kluwer’s Q1 trading update. It reads well and reflects an ongoing solid operational performance. Organic revenue growth in Q1 was 6% (FY 2023: 6%) with recurring revenue growth 7%, expert solutions up 8% organically (now 59% of the group) and cloud software revenues up 16% (2023: +15%). In Q1, both t...
>Not a great start of the year but in line with guidance - TKH will publish Q1 2024 results on May 6. An analyst call is scheduled for 10h CET. Although we do not have a quarterly model per business unit, we do try to forecast Q1 and Q3 based upon our detailed H1 and H2 forecasts. We forecast sales of €429m (Q1 2023 €473m or €441m restated for the divestment of TKH France) and organic growth of -2.5% (Q1 2023 +8.1%). This is driven by Smart Vision (still modest desto...
In this May edition of our Dynamic Top Pick List we replace Arcadis by Fugro. Arcadis continues to deliver consistently on its promises and is working hard to realise its 2026 margin targets via cross selling, leveraging its global engineering platform and numerous self-help measures. In spite of this we remove Arcadis from our Dynamic Top Pick List as the recent & strong share price performance leaves little room for further short term triggers As a service provider to the energy industry, Fu...
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...
Wolters Kluwer reported a 1Q24 trading update slightly ahead of our expectations. Overall organic revenue growth was inline with our estimates, and we see strong performance across the company's largest divisions Health and Tax & Accounting offset slightly lower-than-expected growth in Corporate Performance & ESG. We make minor adjustments to our estimates and keep our BUY and €170 target price.
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.
Two Directors at Barco NV bought 1,214,218 shares at between 12.955EUR and 13.016EUR. The significance rating of the trade was 68/100. 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 directors over the la...
Wolters Kluwer reported a limit trading update highlighting some top line figures. WKL has a good start to the year despite some challenging environments and difficult comparables in some segments. FY24 guidance provided last quarter has been reiterated today. If WKL continues this strong growth trajectory, supported by solid margins, we believe our estimate are likely to end up too conservatively.
Wolters Kluwer First-Quarter 2024 Trading Update Wolters Kluwer First-Quarter 2024 Trading Update Alphen aan den Rijn, May 1, 2024 – Wolters Kluwer, a global leader in professional information, software solutions and services, today releases its first-quarter 2024 trading update. Highlights Full-year 2024 guidance reiterated.First-quarter revenues up 6% in constant currencies and up 6% organically. Recurring revenues (82%) up 7% organically; non-recurring revenues up 1% organically.Expert solutions revenues (59%) up 8% organically.Cloud software revenues (18%) up 16% organically. ...
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