reports
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Lewi
Retail Estates FY24/25 Results slightly below on lower investment volu...
RET reported its FY24/25 results (March end) below our estimates. EPRA EPS amounted to EUR 6.21 vs. our expectation of 6.47. NRI grew 2.4% to 142.2m vs. 145.7m expected. Despite many bankruptcies, occupancy remained relatively stable at 97.3% from 97.6% at 1H24/25. The difference with our expectations results from lower net investments of EUR 16.7m than expected (80.0m) as the market for large properties remained slow. The debt ratio improved from 44.52% to 42.52%. RET confirmed its FY24/25 divi...
Banimmo SA: 1 director
A director at Banimmo SA bought 10,188 shares at 2.900EUR and the significance rating of the trade was 53/100. 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 last two years clearly sho...
- Lynn Hautekeete
- Wim Lewi
Real Asset Conference feedback 19-20 March 2025
This note gathers feedback from the group meetings and the panels. In total 21 companies were presented in group meetings and/or panels. More than 100 guests found their way to the venue either physical or virtual (only panels). The 2 panels made for informative additions to the C-level meetings and a nice platform for discussion. Wednesday afternoon concentrated 4 experts from Logistic companies (CTP, Montea, VGP, WDP) for an interesting discussion on brownfields: " an answer to the scarcity of...
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
ELI ELIA GROUP SA/NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
SHUR SHURGARD SELF STORAGE LIMITED
- Lynn Hautekeete
- Wim Lewi
Real Assets Conference Book 19-20 March 2025
We publish our conference book with info on the panels, the graphs on the market and company profiles. European REITS suffered from macro and geo-political worries (logistics) Also, the European knee-jerk reaction on the bund (+60 bps) had a negative effect. We believe that despite these worries, REITS are a good place to hide, given their high visibility and proven growth potential in a tough environment. Our top-picks are Shurgard, WDP and Xior. SHUR and WDP have ample headroom on their balanc...
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
ARG ARGAN SA
VGP VGP NV
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
BANIMMO: JAARRESULTATEN 2024
BANIMMO: JAARRESULTATEN 2024 Ondanks een moeilijk jaar voor het vastgoed zet Banimmo een positief nettoresultaat van € 2,9 miljoen neer HIGHLIGHTS Huurinkomsten zijn gestegen naar € 7,3 miljoen; netto huurinkomsten stijgen met 39%Bezettingsgraad evolueert verder positief: 91,4% tov 90,6% op eind 2023Het nettoresultaat bedraagt € 2,9 miljoenNetto schuldgraad stijgt van 34,7% naar 44,9%, terwijl de netto financiële kosten slechts toenemen met 5,4%NAV per aandeel: € 6,25, een stijging met 5,2% ten opzichte van eind 2023De werken van NETWORKS Gent ATMOS (16.666 m2 kantoren) op The Loop in G...
- ING Helpdesk
Benelux Morning Notes
Fagron: FDA says semaglutide shortage is resolved. GBL: Imerys, a challenge and a possible solution. Food Delivery: Prosus set to acquire Just Eat Takeaway. PostNL: Final FY24 results in line, FY25 outlook below due to strategic investments. Retail Estates: 9-month update with no surprises
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Lewi
Retail Estates 9m24/25 results, outlook unchanged, NL acquisition
of 106.1m. EPRA EPS came in at EUR 4.71, +3.10% YoY vs. 4.72 expected. RET confirmed its FY24/25 dividend of EUR 5.10. In the past, this guidance already included an additional EUR 1.46m that will be spent on building maintenance. This is now concentrated in the current last quarter of FY24/25. The debt ratio decreased from 44.62% to 43.49% over 3Q and stays well in the safe zone. Cost of Debt decreased to 2.12% vs. 2.30% over previous year. The EPRA NTA increased from EUR 78.15 to EUR 78.63 per...
Celyad Oncology annonce la publication des données précliniques et cli...
MONT-SAINT-GUIBERT, Belgique--(BUSINESS WIRE)-- Regulatory News: Celyad Oncology (Euronext: CYAD) (Brussels:CYAD) (Paris:CYAD) (NASDAQ:CYAD) (la “Société”), annonce aujourd'hui la publication des données précliniques du candidat allogénique sans édition de génome CYAD-211 et des données cliniques de l'étude clinique de phase I IMMUNICY-1 qui a évalué CYAD-211 chez des patients atteints de myélome multiple (MM) récidivant ou réfractaire (r/r). Les résultats ont été publiés dans l'International Journal of Molecular Science (IJMS). CYAD-211 est le premier candidat à base de lymphocytes T à réce...
- Francesca Ferragina
Benelux Real Estate sector update/Wind of change
With an improving macroeconomic outlook and companies trading at appealing multiples, we are positive on the Benelux real estate sector (current discount to 2024F NAV of 25.6% vs average 2019-23 premium of 4% for our coverage universe). We believe the transaction market is set to reopen as companies step out of defensive mode with valuations stabilising and balance sheets in order. Following some first meaningful deals seen in 4Q24, we expect more to come. During 2025, we expect the attention to...
- Lynn Hautekeete
- Wim Lewi
Real Estate Report December 2024
BE-REITS suffer from macro-worries (logistics) and post-Trump knee-jerk reaction. We believe that especially money flows are pushing stocks down as interest rate fears resurfaced in the US. Our top-picks are Shurgard, WDP and Xior. SHUR and WDP have ample headroom on their balance sheet to continue their growth track record. WDP is also very cheap on cash earnings metrics vs. peers. Xior can grow and fix its balance sheet at the same time through contributions in kind.
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
ARG ARGAN SA
VGP VGP NV
WDP WAREHOUSES DE PAUW SCA
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
SHUR SHURGARD SELF STORAGE LIMITED
- Francesca Ferragina
Retail Estates/Cautiousness on tenants and consumers/BUY
While 1H results were overall good with guidance being reconfirmed, RET showed some level of cautiousness on tenants and consumers' environment. Certain tenants' profitability appears to be under pressure, while consumers have a more cautious approach to spending. On a positive note, out of 22 stores left empty from problematic tenants (out of a total of >1000 store), 11 already have a new occupier. For contracts that are to be renegotiated over the next 6 to 12 months, there are no discussions ...
- ING Helpdesk
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Wim Lewi
- Wim Lewi
Retail Estates 1H24/25 Results, managing the reletting well
RET reported its 1H24/25 results (September end) slightly below our estimates. EPRA Net profit grew 1.9%. EPRA EPS amounted to EUR 3.12 vs. our expectation of 3.16. NRI grew 4.6% to 70.6m vs. 72.2.9m expected. Occupancy declined slightly to 97.6% from 97.9%. Retail Estates was confronted with some bankruptcies in the toy (Fun) and fashion (Euro Shoe) segment, but has so far managed the re-letting extremely well. These bankruptcies have soured the sentiment on the stock. However, RET confirmed i...
Celyad Oncology Présentera au Congrès Annuel SITC 2024
MONT-SAINT-GUIBERT, Belgique--(BUSINESS WIRE)-- Regulatory News: Celyad Oncology (Euronext: CYAD) (la “Société”), annonce aujourd'hui la présentation de deux posters lors de la 39e réunion annuelle de la Society for Immunotherapy of Cancer (SITC), qui se tiendra à Houston du 6 au 10 novembre 2024. Détail des Présentations de Posters Abstract 262: PSMA/NKG2DL tandem CAR T-cells to overcome antigen heterogeneity and improve anti-tumor efficacy against prostate cancer. Présentation le samedi 9 novembre à la session de posters (Cellular Therapies) Abstract 1133: Efficient, safe and customiza...
Celyad Oncology annonce la nomination de Matt Kane au poste de CEO
MONT-SAINT-GUIBERT, Belgique--(BUSINESS WIRE)-- Regulatory News: Celyad Oncology SA (Euronext & Nasdaq : CYAD) (la « Société » ou « Celyad ») est heureuse d’annoncer la nomination de Matt Kane au poste de Directeur Général (Chief Executive Officer ou CEO en anglais), à compter du 1er octobre 2024. Matt Kane est un dirigeant chevronné avec plus de 20 ans d’expérience en entrepreneuriat, CEO et membre de conseil d’administration. M. Kane a été un des pionniers de l’édition de génome et a dirigé le développement de la première technologie d’édition à recevoir l’autorisation d’évaluation cliniqu...
Celyad Oncology publie ses résultats financiers pour le premier semest...
MONT-SAINT-GUIBERT, Belgique--(BUSINESS WIRE)-- Regulatory News: Celyad Oncology (Euronext: CYAD) (la “Société”), annonce aujourd'hui ses résultats financiers pour le premier semestre 2024 clos le 30 juin 2024, et fait le point sur ses activités. Michel Lussier, CEO par intérim de Celyad Oncologie, a commenté : “Celyad Oncology continue de faire des progrès remarquables dans le développement de technologies de pointe pour la thérapie à base de lymphocytes T à récepteur antigénique chimérique (CAR-T). Notre plateforme multiplex révolutionne le potentiel des cellules CAR -T, tandis que notre p...
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