reports
- Lynn Hautekeete
Qrf City Retail 1Q25 trading update: casa and two new independent dire...
QRF's 2025 trading update focusses on the CASA bankruptcy and appointment of 2 new independent directors: Pieter Bogaert (Director of Real Estate & Development and Compliance Officer at Xior) and Kara De Smet (CFO of Retail Estates). Casa represents 6.7% of total contractual rents. Four out of five locations have been re-let at similar contractual rents. There is however a transition period before the bankruptcy is finalised which implies rental loss. 2025 will be a transition year with CASA and...
- 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
- Lynn Hautekeete
Qrf City Retail FY24 results slightly above expectations
QRF reports FY24 slightly above our expectations. The difference is driven by a larger than expected return from the JV participations. The FY25 rental income will be driven by the Veldstraat redevelopment. The offices are 100% pre-let and will be delivered in 1H25. The like-for-like rental growth is 1.7% which would indicate negative rent reversion. Likely this is driven by the renegotiation of the Inno contracts (mid-summer 2023). There is also a hint to isolated cases of tenant solvency where...
- 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
- Lynn Hautekeete
Qrf City Retail 3Q24 trading update: business as usual
Yesterday evening QRF City reported its 3Q24 trading update in line with our estimates. As a reminder our dividend estimates increased after QRF guided a higher EUR 0.84 DPS versus EUR 0.80 previously. This dividend increase was positively received by the market. QRF has one of the best YTD performances of our BE-REIT's +7.43%. QRF's portfolio valuation remained flat versus 1H24 at +0.2%. We don't expect any negative FV corrections moving forward. The debt ratio, which is lower after the Dutch ...
- Lynn Hautekeete
Qrf City Retail Increased middle term dividend expectations
Yesterday evening QRF reported its 1H24 results. It is the first full reporting since its exit from the Dutch market and Pelican JV closing announced in 1Q23. The debt ratio has improved by 8.54% vs FY23, while keeping the EPRA EPS in line with 2H23 results. This is despite the drop in rental income from the Dutch exit because rental loss is offset by lower interest costs. The interest rate is hedged at 107%. Future rental growth will be generated by the delivery of the office part of the Velds...
- Lynn Hautekeete
Qrf City Retail Uncertainty regarding Inno stores resolved
The second largest tenant of QRF, Inno, has been taken over by Axcent of Scandinavia (50%) and Skel (50%, SKEL.IC BB). Both players have a good track record in department store acquisitions. The aim is to expand the department store chain into more Belgian cities. Inno suffered financially during covid and was lagging peers in the online retail segment. The uncertainty, notwithstanding the standalone operations from its holding Galeria group, is now gone. This is positive news for QRF as it de-r...
- Lynn Hautekeete
Qrf City Retail Catalysts not translated in share price reaction
We update our model after the 1Q24 results and take into account the exit from the Dutch market, JV closing and non-strategic asset sales announced in 1Q24. We believe the stock price did not react enough to the positive catalyst of the Dutch sales and JV closing at 15.13% IRR. Hence, we repeat our BUY recommendation and EUR 13.0 TP. Standing asset valuations increased with 1.3% in 1Q24 signalling the revival of retail real estate. This is also reflected in the record high occupancy rate at 99....
- Lynn Hautekeete
- Wim Lewi
Real Asset Conference Soundbites 19-20 March 2024
This note gathers feedback from the group meetings and the break-out sessions. In total 23 companies presented in group meetings and/or break-out sessions. More than 100 guests found their way to the venue and some more followed virtual meetings. Physical attendance is clearly on the rise after the COVID disruption. Investing remains a people's business. The 4 break-out sessions made for informative additions to the C-level meetings and a nice platform for discussion. Tuesday morning concentrate...
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO 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.
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Wim Lewi
KBCS Real Assets Conference Book 2024
This conference book is your guide to the KBCS Real Assets Conference 2024. It offers a program, an intro to the break-out sessions and company profiles with financial data and some useful info. The break-out sessions aim to educate and contemplate on certain trends. Last year we hosted “Energy as a business”. This year, we offer 4 break-outs on hot topics.
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO 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
FAST FASTNED
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Lynn Hautekeete
Qrf City Retail Exits Dutch market with positive impact on all metrics
Yesterday QRF announced FY23 results and its exit from the Dutch market. QRF also announced the closure of part its JV with Baltisse and the sale of an out-of-town retail park in Boncelles. Additionally a new tenant is found for the remaining part of the JV. The FY23 results are in line with our expectations but we are positively surprised by the announced JV closing and Dutch asset sales. By executing these deals QRF de-risks the company, improves the operating margin and has EUR 24.0m additio...
- Lynn Hautekeete
Qrf 3Q23 reporting: Solid occupancy, outlook reconfirmed
QRF reports results in line with our expectations. The fair value correction to date amount to approx. -2.5% which is below our FY estimate of 5.0%. The closing of the asset held for sale in Liège had a positive impact on liquidity. The outlook of EUR 0.80 dividend per share is reconfirmed. We repeat our 13.0 per share target price and our BUY recommendation.
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
QFG QUEST FOR GROWTH
QRF QRF COMM
ONTEX ONTEX GROUP N.V.
MITRA N.V. MITHRA PHARMACEUTICALS S.A.
IVA INVENTIVA SA
XFAB X-FAB SILICON FOUNDRIES SE
UMI UMICORE
WDP WAREHOUSES DE PAUW SCA
MAAT MAAT PHARMA SA
FLOW FLOW TRADERS LTD
- Guy Sips
- Hilde Van Boxstael
- Jeroen Van Den Bossche
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Lewi
QRF: 1 director
A director at QRF bought 5,000 shares at 9.300EUR and the significance rating of the trade was 55/100. 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 showing Clo...
- Guy Sips
- Jeroen Van Den Bossche
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
ENX EURONEXT NV
BEKB BEKAERT SA
BFIT BASIC-FIT NV
MTLS MATERIALISE ADS
TNET TELENET GROUP HOLDING NV
UCB UCB S.A.
COFB COFINIMMO SA
QFG QUEST FOR GROWTH
QRF QRF COMM
MITRA N.V. MITHRA PHARMACEUTICALS S.A.
IVA INVENTIVA SA
XFAB X-FAB SILICON FOUNDRIES SE
ARGX ARGEN-X SE
UMI UMICORE
WDP WAREHOUSES DE PAUW SCA
MAAT MAAT PHARMA SA
- Wim Lewi
KBCS REAL ESTATE CONFERENCE BOOK
Today we publish a conference book to our Real Estate event that starts tomorrow. It contains 18 company profiles and a section on general and specific factors that can impact the real-estate segments over the next couple of quarters. The real estate market was already impacted by most of these factors even before the Russian troops crossed the Ukraine borders. However, the conflict accelerates certain trends. We have no clue on how long this conflict will last, but are convinced the fall-out an...
INTO INTERVEST OFFICES & WAREHOUSES SA
HOMI HOME INVEST BELGIUM SA
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
WDP WAREHOUSES DE PAUW SCA
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
VGP VGP NV
TEXF TEXAF
XIOR XIOR STUDENT HOUSING NV
SHUR SHURGARD SELF STORAGE SA
- Guy Sips
- Jeroen Van Den Bossche
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Morning Note: ASC BB, BALTA BB, BEKB BB, BPOST BB, COFB BB, CRBN NA, ...
Ascencio: Portfolio Resilience Leads to Earnings Beat Balta: FY EBITDA +28% Bekaert: FY21 EBIT +89%, dividend upped and SBB bpost: 4Q21: Strong results and solid outlook Cofinimmo: FY21, a tad light, but discounted Corbion: FY21 results fall short, also guidance a bit light Galapagos: Onwards to FY22 with Jyseleca and Dr. Paul Stoffels Home Invest Belgium: FY21 beats our expectations on cost Hyloris: The Multi-Trick Pony Mithra: A glimpse on Estelle’s US performance Qrf: One Step Closer To Recov...
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