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...
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.
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 ...
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...
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...
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....
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...
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.
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...
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.
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...
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...
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...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Biocartis: Fire in warehouse, ML2 production suspended GBL: 1H21:Continuing its portfolio rotation Heineken: 1H better than expected, 2H margin guidance miss Heineken Holding: 1H21 results KPN: DELTA Fiber secures € 2bn for accelerated fiber roll-out Qrf: 1H21 – Earnings beat Solvac: First interim dividend unchanged at € 3.26ps Tubize: 1H21: Buys additional UCB shares
Biocartis: Expanding EGFR testing alongside AstraZeneca Colruyt: Acquisition of Belgian fitness chain (JIMS) D'Ieteren: April car registrations jump 602.3% to 37.2k Deceuninck: Frank Deceuninck raises stake above 5% threshold Qrf: 1Q21 trading update as expected
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.