reports
- Jakub Caithaml
WOOD Flash - CTP: 2025 CMD takeaways
Over the past two days, CTP held a CMD in and around Wuppertal, Germany. The company specified its near-term expansion targets, while increasing its long-term growth ambitions materially. It is targeting doubling its size by 2030E, from just under 15m sqm by end-2025, to 30m sqm by 2030E. This marks an ambitious acceleration from what was already industry-leading growth. Between 2020 and 2025E, CTP is set to grow its standing portfolio from 5.9m sqm to c.14.6-14.9m sqm GLA, or by c.9m sqm over t...
- ING Helpdesk
Benelux Morning Notes
Aedifica: €21m investment in the development of 3 care homes in Finland. CTP: Highlights from 2-day CMD in Germany. dsm-firmenich: Softly does it. Prosus: Expanding the ecosystem. Randstad: Preliminary preview 3Q25F results due 22 October. TKH Group: Change is coming. UCB: Renewed tariff threat on US branded pharma unlikely to affect UCB
- Research Team
WOOD Daily: LPP PW; RBW PW; VGO PW; DSPW CP; CTPNV NA; CEZ CP; THYAO T...
HEADLINES: • LPP: 2Q25 small beat vs. our ambitious expectations; 22% yoy sales growth in 3Q-to-date; FY25E guidance maintained POSITIVE • Rainbow Tours: disappointing 2Q25 results; strong cash flow, driven by prepayments, should support the 3Q25E results NEGATIVE • VIGO Photonics: 2Q25 results review - adj. EBITDA -84% yoy, below our estimates; order intake growth rose to 69% yoy NEUTRAL • Doosan Skoda Power: 2Q25 higher than expected, but a lower backlog, with only CZK 0.5bn in new contracts d...
- Jovan Sikimic
- Maxime Kogge
PEO BANK POLSKA KASA OPIEKI SA
SDG SYNERGIE SA
INF INFOTEL SA
BEN BENETEAU SA
PKO PKO BANK POLSKI S.A.
FAGR FAGRON SA
VRAP VRANKEN-POMMERY MONOPOLE SA
GBT GUERBET SA
TRI TRIGANO SA
A1XA4J CARBIOS SA
ERA ERAMET SA
QDT QUADIENT SA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
TWEKA TKH GROUP N.V. CERT
ALR ALIOR BANK SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
VK VALLOUREC SA
ALVGO VOGO SA
ARVEN ARVERNE GROUP SA
MFEA MEDIASET NV
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
AAL ANGLO AMERICAN PLC
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Wim Lewi
CTP CMD comments from the management presentation
The CMD started in a brownfield in Wuppertal with management presentations after the Press Release. A lot of attention was given on explaining the increase of the 2030 GLA target from 20m to 30m. This drew some scepticism in the Q&A. It is largely explained by compounding 10-15% growth, adding 2-3m sqm in acquisitions and opening up new regions like Italy or Vietnam. After the opening remarks, the dust has settled in this old industrial production hall and more presentations follow. We are inte...
- Kristof Samoy
- Livio Luyten
- Wim Lewi
- Wim Lewi
CTP Update from CMD in Germany NRW region
CTP kicked off its 2-day CMD that started with a management presentations in Wuppertal. A press release at 8h00 increased its 2030 GLA ambition to 30m sqm (was 20m). That implies an average addition of about 3m sqm annually. The statement refers to a 10-15% organic growth mainly from existing parks. CTP also narrowed the range of completions for FY25 from 1.2-1.7m sqm to 1.3-1.6m. The completions range for FY26 was set at 1.4-1.7m sqm. The EPRA EPS25 guidance was confirmed at 0.86 to 0.88 range....
- Florent Laroche-Joubert
- Roy Külter
- Steven Boumans
ODDO : From caution to confidence, feedback from EPRA Conference in St...
Last week’s EPRA conference provided cautious optimism on listed European real estate. The segment offers a mix of risks and opportunities, with discounted valuations presenting attractive entry points. We downgrade Care Property Invest (Underperform vs Neutral, TP €12 vs €13.5); we lower our TPs for British Land, Landsec, Shurgard, and Xior Student Housing; we raise our TPs for URW, Wereldhave and VGP. In conclusion we favour logistics, retail, Spain, and CEE for growth, and Switzerland remains...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
- Roy Külter
- Steven Boumans
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
GLJ GRENKE AG
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
GBT GUERBET SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
GNFT GENFIT SA
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
POSR POZAVAROVALNICA SAVA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
MEDCL MEDINCELL SA
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
TUI TUI AG
SHUR SHURGARD SELF STORAGE LIMITED
- Roy Külter
- Steven Boumans
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
GFC GECINA SA
NXI NEXITY SA CLASS A
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ORSTED ORSTED
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
ASM ASM INTERNATIONAL N.V.
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
- Roy Külter
- Steven Boumans
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
GLJ GRENKE AG
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
GBT GUERBET SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
GNFT GENFIT SA
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
POSR POZAVAROVALNICA SAVA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
MEDCL MEDINCELL SA
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
TUI TUI AG
SHUR SHURGARD SELF STORAGE LIMITED
- Roy Külter
- Steven Boumans
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
GFC GECINA SA
NXI NEXITY SA CLASS A
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ORSTED ORSTED
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
ASM ASM INTERNATIONAL N.V.
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
- Research Team
WOOD Daily: MBR PW; GTC PW; OTE/DIGI Communications; EMEA Airlines; WI...
HEADLINES: • Mo-BRUK: growth acceleration priced in already (downgraded to HOLD) • GTC: moves to amend terms of the two outstanding Forint bonds • OTE/DIGI Communications: Telekom Romania sold to DIGI and Vodafone for EUR 70m POSITIVE • EMEA Airlines: flights cancelled in Europe over weekend due to cyberattack on airport software • Wizz Air: strike on 26 September may disrupt operations in Italy NEGATIVE • Huuuge Games: earnings call takeaways NEUTRAL • Titan: Fidelity Investments cuts ownership...
- Jakub Caithaml
WOOD Flash – Aegean Airlines: 2Q25 in line; cash flow contracting; gui...
Aegean's 2Q25 numbers are fully in line with our estimates. The operating cash flow after leases is down by around 30% compared to the previous two years. However, the guidance on the summer sounds optimistic, and offers possible upside for our ASK estimate for 3Q25E. This may, however, may be offset by the RASK being slightly weaker in 3Q25E, reportedly (we have been pencilling it in as flat yoy). The company is guiding for a brisk 9% seat growth in 4Q25E, which could indicate some upside for t...
- Research Team
WOOD Morning (17 September 2025)
HEADLINES: • Noval Property: 1H25 – FFO en route to exceed our FY estimate POSITIVE • Aegean Airlines: 2Q25 in line; cash flow contracting; guidance encouraging NEUTRAL • Tauron: 2Q25 results fully in line with the preliminaries NEUTRAL • OMV Petrom: special dividend proposal POSITIVE • Shoper: acquires remaining 40% stake in Sempire for PLN 15m, as expected NEUTRAL • Solutions by STC: signs framework agreement with Saudi Aramco POSITIVE
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Research Team
WOOD Daily: CAR PW; EU Macro; CZG CP; CEZ CP; PL Utilities; RO Macro; ...
HEADLINES: • Inter Cars: 2Q25 EBITDA misses our and the market's expectations by 4-5% NEGATIVE • Eurozone macro: so far, so good • Colt CZ Group SE: multiple military contracts POSITIVE • CEZ: Babis will not buy CEZ "at any price" NEUTRAL • Polish utilities: PGE, Enea and Tauron contract 5.9 GW of new capacity obligations for 2026 NEUTRAL • Romania macro: inflation soars in August • Türkiye macro: interest rates drop, but monetary stance remains tight • LPP: 2Q25E results preview – 13% yoy EBITD...
- ING Helpdesk
Benelux Morning Notes
Ageas: Highlights ING Benelux Conference London. Alfen: Highlights from ING Benelux Conference London. Arcadis: Highlights ING Benelux Conference London. ASR: Highlights ING Benelux Conference London. BAM: Highlights ING Benelux Conference London. Basic-Fit: Highlights ING Benelux Conference London. CTP: Highlights from ING Benelux Conference London. DEME Group: Highlights ING Benelux Conference London. Fugro: Highlights ING Benelux Conference London. Heijmans: Highlights ING Bene...
SBMO SBM OFFSHORE NV
AGS AGEAS SA/NV
RAND RANDSTAD NV
PNL POSTNL NV
BAMNB KONINKLIJKE BAM GROEP NV
LOTB LOTUS BAKERIES NV
HEIJM HEIJMANS N.V. CERT
ARCAD
ARCADIS NV
ASRNL ROYAL VOPAK NV
TWEKA ASR NEDERLAND NV
ALFEN TKH GROUP N.V. CERT
FUR ALFEN NV
CTPNV FUGRO NV
DEME CTP NV
DEME GROUP NV
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