>Adj. EPRA EPS outlook raised +1.5%; stable fair values - FY 2024 outlook raised +1.5%, now being adj. EPRA EPS of € 1.025 (vs €1.00-1.02 before) and the company maintains the intention to pay a gross dividend of €1.00/sh.Variations in fair value of investment properties were +0.2% for Q2 (Q1: -0.3%).Indexation (like-for-like rental growth) was 1.7%, similar to Q1 given the majority of leases having added indexation in January.EPRA LTV 46.4% (Q1 2024: 4...
Care property invest reports results in line with our expectations. EPRA earnings came in at EUR 19.9m vs EUR 19.7m KBCSe, +1.3% YoY. The portfolio prove resilient with only -3.3% FV corrections since the FY23 peak and had a slightly upwards valuation of EUR 1.02m in 2Q24. The EPS guided is slightly increased from EUR 1.0-1.02 to EUR 1.025. In 1H24 Care Property Invest elected a new CEO, Patrick Couttenier. It also announced its inclusion in the EPRA index. These were the two main triggers for o...
In this September update of our Dynamic Top Pick List we make 4 changes. •We include Cofinimmo in our Dynamic Top Pick List after our recent upgrade from Accumulate to Buy. We expect the name to outperform in a decreasing interest rate environment given its relatively high leverage and cheap valuation. We also believe the risk of a dilutive equity raise eased when the FY24 capex decreased from € 320m to € 250m. The management stays disciplined in its capex program and continues to focus on asse...
>Dutch real estate transfer tax to be reduced from 10.4% to 8% - The Dutch government will reduce the transfer tax for commercial buyers to 8%, according to leaked documents that newspaper De Telegraaf released. This is still more than the 6% it was before 2021, but less than the current 10.4%. The budget has now been sent to the Council of State. On “Prinsjesdag”, September 17, the House of Representatives will officially receive the plans, and the budget will be mad...
>Restructuring in Canada - Paul Burns, CEO of SkipTheDishes, yesterday shared news on LinkedIn of a restructuring and workforce reduction in Canada. Below is a summary with some more colour relevant to the investor community.Following a comprehensive business review, the company has made the difficult decision to reduce the size of its workforce in Canada to streamline operations and rightsize the business.Altogether, this will impact approximately 800 emplo...
Post-Q2 publication marked by persistently weak order trend and outperforming EBITDA, we have slightly lifted our EBITDA estimates and continue to expect slightly better growth and margin trends for H2. However, it will not be enough to engage a real rerating beyond last week's positive share price
The Stoxx 600 gained just 1.1% in July after shedding 1.3% in June, driven by the SMI (+2.5%) and the Footsie 100 (+2.7%). With business sentiment indicators continuing to weaken, defensive stocks outperformed cyclicals in July, and many healthcare stocks were among the best performers of the Stoxx 600. Long-term interest rates have fallen sharply (probably too much), but this has not benefited tech and luxury goods stocks, penalised by their disappointing results publications. - ...
Bpost reported a solid set of 2Q24 results, with the adj. EBIT of € 57.8m coming in above kbcse & css expectations of € 56.9m and € 51.8m respectively. The beat was largely driven by a better performance in Belgium, which still included press remuneration from the BE government. This was however partially countered by ongoing pressure in N-A. bpost further announced that it completed the Staci acquisition, which will now be consolidated from August onward. We reiterate our Buy and € 5.0 TP.
Le Stoxx 600 ne progresse que de 1,1% en juillet après sa baisse de 1,3% en juin, tiré par le SMI (+2,5%) et le Footsie 100 (+2,7%). Avec la poursuite du fléchissement des indicateurs de climat des affaires, les défensives ont surperformé les cycliques en juillet, et de nombreuses valeurs Santé sont présentes parmi les meilleures performances du Stoxx 600. Les taux d’intérêt longs ont nettement reflué (sans doute trop) sans que cela profite aux valeurs de la Tech ou du Luxe qui ont s...
>Better adj. EBIT than anticipated - Bpost posted a relatively good set of results. Group operating income (i.c. revenue) for the quarter came in at € 988m, roughly in line with ccs and AAOBe. Adjusted EBIT came in at € 58m, +12% vs. css and +8% vs. our estimates. Bpost’s results continue to be driven by resilient Belgium operations and good performance at E-Logistics Eurasia, while E-Logistics NA performed poorly once again due to challenging market conditions. bpost...
In July, our Dynamic Top Pick List selection was up on average 0.9%; outperforming our benchmark indices (Bel20, AEX, EuroStoxx50) by 1.7% on average. Helped by this July performance, the selection is now up by 11.4% since the start of the 2024 selection (published Mid-December 2023). In this August 2024 update of our KBC Securities Dynamic Top Pick List we remove argenx and Tubize after delivering upon expectations. * Over the past two months, argenx has delivered upon our expectations on the...
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