reports
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Wim Lewi
- Sharad Kumar S.P
Holdings Report - August 2024 KBCS Holdings Universe Up 0.5% Thanks To...
1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 0.5% which was mainly driven by multi-asset holdings (+1.7%) while single-asset holdings posted a negative return of -1.3%. The 3 top performers during the period were HAL Trust (+5.1%), Texaf (+2.9%), and The Infrastructure Company (TINC, +9.6%) while the 3 worst performers were Brederode (-2.8%), Solvac (-5.3%), and Whitestone Group (-7.2%). YTD Performance - Relative: On a YTD basis (as of A...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- Hans D’Haese
- Stijn Demeester
Gimv/Model finetune post 1Q24/25 trading update/HOLD
In a 1Q24/25 trading update that was published last week, Gimv announced a continued solid portfolio performance resulting in a positive platform portfolio return of 3.5%. This has led to an improved NAV/share of €52 at end-June, to which should be added a further €0.5/share thanks to the sale of Mega International to Bizzdesign. This positive update provides some comfort for the remainder of the year. Moreover, it seems that the lull in private equity deal activity that traditionally marks summ...
SCHP SECHE ENVIRONNEMENT
AMS AMS AG
CRI CHARGEURS SA
POM PLASTIC OMNIUM SE
FGA FIGEAC AERO SA
GLO GL EVENTS SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
KENDR KENDRION NV
CPINV CARE PROPERTY INVEST SA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VLTSA VOLTALIA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
SCHP SECHE ENVIRONNEMENT
AMS AMS AG
CRI CHARGEURS SA
POM PLASTIC OMNIUM SE
FGA FIGEAC AERO SA
GLO GL EVENTS SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
KENDR KENDRION NV
CPINV CARE PROPERTY INVEST SA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VLTSA VOLTALIA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Roy Külter
- Steven Boumans
Care Property Invest : H1 2024 results: The last set of results from t...
>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...
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Wim Lewi
- Lynn Hautekeete
Care Property Invest Results in line, guidance at higher end of the ra...
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...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update September 2024 –Cofinimmo & Kinepolis in;...
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...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
COFB COFINIMMO SA
DIE D'IETEREN SA
SOF SOFINA SA
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
CPINV CARE PROPERTY INVEST SA
KIN KINEPOLIS GROUP NV
TINC TINC COMM. VA
FUR FUGRO NV
SYENS SYENSQO
- Guy Sips
Van de Velde Sharpening its market position in challenging spring for ...
We updated our model on Van de Velde after the unfavourable weather conditions led to lower 1H24 sales in many stores. Especially in swim sales, they experienced a decrease. We lower our Target Price to € 38.5 (was € 40) but maintain our Buy-rating as Van de Velde approaches 2H24 with confidence, even though they remain vigilant in the current environment. The strong market position of its brands PrimaDonna and Marie Jo in both the Benelux and Germany provides them with a strong foundation for ...
- Sharad Kumar S.P
Gimv 1Q FY25 trading update: Wider discount opens up buying opportunit...
Gimv's 1Q trading update highlighted that portfolio return came in at 3.5%, which led to a growth in the NAVps which currently is €52.0ps, net of the €2.6ps dividend (July'24). During 1Q, Gimv's portfolio companies grew both revenues and margins and are well positioned to achieve double-digit growth during 2024. EBITDA growth has been the main driver of value creation which will also have a positive impact on NAV. Gimv has signed an agreement to sell its participation in 1 portfolio company whic...
- ING Helpdesk
- Jacob Mekhael
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Roy Külter
- Steven Boumans
INTO INTERVEST OFFICES & WAREHOUSES SA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
MONT MONTEA SCA
AED AEDIFICA SA
CPINV CARE PROPERTY INVEST SA
VGP VGP NV
NSI NSI N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
EBUS EBUSCO HLDG NV
CTPNV CTP NV
- Roy Külter
- Steven Boumans
INTO INTERVEST OFFICES & WAREHOUSES SA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
MONT MONTEA SCA
AED AEDIFICA SA
CPINV CARE PROPERTY INVEST SA
VGP VGP NV
NSI NSI N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
EBUS EBUSCO HLDG NV
CTPNV CTP NV
- Gerardo Ibanez
- Roy Külter
- Steven Boumans
ODDO : Dutch transfer tax to be reduced to 8%, supporting NAV and LTVs...
>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...
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Indian participation casts shadow over excellent result of core segments. ASML: Spotlight on export restrictions again. Basic-Fit: Dutch parliament persists in plans to raise VAT for oa Sports to 21%. CFE: Earnings quality improved in challenging markets. Eurocommercial Properties: Better numbers, guidance moved toward the higher end of the range. OCI: IFCO sale successfully closed, cash return unlocked Recticel: Solid 1H24 beat, FY guidance may disappoint. SIF Grou...
- Julian Dobrovolschi
- Wim Gille
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