reports
- Jerôme Bodin
LR LEGRAND SA
FRA FRAPORT AG
LI KLEPIERRE SA
ALV ALLIANZ SE
ORSTED ORSTED
RAA RATIONAL AG
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
DSY DASSAULT SYSTEMES SA
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
- Bruno Cavalier
- Jerôme Bodin
LR LEGRAND SA
FRA FRAPORT AG
LI KLEPIERRE SA
ALV ALLIANZ SE
ORSTED ORSTED
RAA RATIONAL AG
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
DSY DASSAULT SYSTEMES SA
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
- Florent Laroche-Joubert
- Gerardo Ibanez
Shurgard : Q1 2024 - operating performance broadly in line
>2024 guidance confirmed based on broadly robust operating momentum - Shurgard’s Q1 2024 earnings report (i.e. revenues of € 93.4m; growth at current scope and constant forex rate at +7.1%) reflects the continuation of a broadly solid operating performance:Shurgard continues to benefit overall from good rental pressure with a same-store occupancy rate at 89.2% (i.e. a 60bp decline q-o-q) close to its 90% target and average in-place rent growth of 4.8% y-o-y. By c...
- Florent Laroche-Joubert
- Gerardo Ibanez
Shurgard : T1 2024 – Performance opérationnelle globalement en ligne
>Guidance 2024 confirmée sur la base d’une dynamique opérationnelle globalement stable - La publication de Shurgard sur le T1 24 (i.e. revenus à 93.4 M€ ; croissance à périmètre courant et taux de change constants à +7.1%) traduit le maintien d’une performance opérationnelle globalement stable :Shurgard continue de bénéficier globalement d’une bonne tension locative avec un taux d’occupation « same stores » à 89.2% (soit une baisse de 60 pb yoy) proche de sa cibl...
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Wim Lewi
Shurgard FIRST LOOK: 1Q24 Results, all eyes on the Lok'nStore developm...
Shurgard 1Q24 results came slightly below our estimates as increased RE-taxes hit 1Q harder than expected. Also 4.0% lfl operating revenue growth came below our 4.7% expectation. The EPRA Earnings amounted to EUR 34.2m, +12.6% yoy vs. our expectation of 35.3m. Guidance FY24 excludes the Lok'nStore bid and indicates a 7.5% revenue growth in line with our previous estimates. The balance sheet offers ample headroom with LTV at 14.6%. The results still show a resilient operational performance, impa...
- 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 May 2024 : Adding Fugro, Removing Arcadis
In this May edition of our Dynamic Top Pick List we replace Arcadis by Fugro. Arcadis continues to deliver consistently on its promises and is working hard to realise its 2026 margin targets via cross selling, leveraging its global engineering platform and numerous self-help measures. In spite of this we remove Arcadis from our Dynamic Top Pick List as the recent & strong share price performance leaves little room for further short term triggers As a service provider to the energy industry, Fu...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
TINC TINC COMM. VA
FUR FUGRO NV
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Wim Lewi
Shurgard Lok'nStore and Two Smoking Barrels
At the FY23 presentation Shurgard explained that FY24 would be more about acquisitions. They soon came out with guns blazing. The 300m capital increase of last year provided ample munition (LTV 13%) for “add-on” acquisitions. The German Pickens acquisition was a first strike (120m), but the Lok'nstore deal ups the ante significantly (613m incl. 83m pipeline). This last deal changes our perception of the company from a gentle consolidator and developer to an integrator for the next 12-18 months. ...
- Martin Marandon-Carlhian
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/12/2024
We have upgraded our rating on Ørsted to Outperform from Neutral, with a target price lifted to DKK 480 from DKK 400. Future projects are showing a much more attractive return on investment than in the past. At the same time, particular attention is being paid to a healthier financial equation and a review of project execution. Among the renewable energy players, Ørsted seems more likely than its peers to outperform, even if the fall in interest rates takes a little longer to material...
- Florent Laroche-Joubert
- Gerardo Ibanez
Shurgard : Lok’nStore: a major step in the execution of the group’s gr...
>Lok’nStore: acquisition should enable Shurgard to double its size in the UK - Yesterday morning before trading, Shurgard announced the acquisition of Lok’nStore for a total estimated cost of € 613m vs a medium-term investment policy of € 200m per annum:Lok’nStore is a major player in the UK and is ninth-ranked European operator in self-storage, currently operating 43 sites and with a pipeline of 9 assets, all located in the UK in Greater London, the south east o...
- Florent Laroche-Joubert
- Gerardo Ibanez
Shurgard : Lok’nStore : un grand pas en avant dans l’exécution de la s...
>Lok’nStore : son acquisition va permettre à Shurgard de doubler sa taille au RU - Shurgard a annoncé hier matin avant Bourse, l’acquisition de Lok’nStore pour un coût total estimé à 613 M€ vs une politique MT d’investissements de 200 M€ par an :Lok’nStore est un acteur majeur au Royaume-Uni (RU) et 9e opérateur européen de self-stockage qui gère aujourd’hui les opérations de 43 sites et détient un pipeline de 9 actifs, tous situés au RU dans le Grand Londres, le...
- Martin Marandon-Carlhian
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/04/2024
Nous relevons notre opinion sur Ørsted à Surperformance contre Neutre précédemment avec un OC porté à 480 DKK contre 400 DKK. Les futurs projets affichent des retours sur investissement beaucoup plus attractifs que par le passé. En parallèle une attention particulière est portée sur l’équation financière plus saine et une remise à plat de l’exécution des projets. Parmi les acteurs du renouvelable, Ørsted semble le plus à même de surperformer même si la baisse des taux d’intérêt devait...
- Guy Sips
- Hilde Van Boxstael
- Thomas Vranken
- Wim Lewi
- Wim Lewi
Shurgard Bid for Lok'nStore will double UK size over time
This morning SHUR announced a public offer for Lok'nStore. It will double its size in the UK from 48 stores to 100 (including pipeline). It fits in their strategy to focus on large cities like London, South-East UK and Manchester. SHUR offers £11.10 per share for a total equity value of £378m. Latest reported NAV stood at £9.87 at FY23 end (12.5% premium). Occupancy declined from 82.9% to 80.6%. This probably eased the decision to sell as smaller players have trouble adjusting to the digital tr...
- 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 April 2024: Adding TINC
We continue our KBC Securities Dynamic Top Pick List with a 50/50 cyclical/defensive selection, but with a focus on value stocks that have been left behind. Defensive segment like holdings are overweight. However, in the Benelux we have a selection of cyclical industrials at cheap valuations that have often underperformed the market. We favour Benelux value stocks as even a mild recession typically hits growth stocks proportionally harder. We notice that some stocks have been hit hard by minor s...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
TINC TINC COMM. VA
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- 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
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/19/2024
With momentum around electrification less favourable of late, we have seen a major shift in perception, from doubtless overly rose-tinted optimism to what looks to be similarly excessive pessimism. While we have reduced our BEV assumptions, we nonetheless still anticipate growth in the next few years (including this year), well ahead of that of the automotive market as a whole. In the face of these changes, the players in the value chain (mines, semiconductors, auto) are differently p...
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/03/2024
Le momentum autour de l’électrification, moins favorable dernièrement, a conduit à un changement profond de perception, passant d’un optimisme sans doute excessif à un pessimisme qui le semble tout autant. En effet, si nous avons revu en baisse nos hypothèses, nous visons néanmoins toujours une croissance dans les années à venir (y compris cette année), bien supérieure à celle du marché automobile dans son ensemble. Face à ces changements, tous les acteurs au sein de la chaîne de vale...
- Florent Laroche-Joubert
- Gerardo Ibanez
Shurgard : Solid strengths that should continue to fuel revenue growth
>Good visibility on same-store growth potential - We accompanied Marc Oursin (CEO), Jean Kreush (CFO), Carlo Swaab (Transformation Director) and Caroline Thirifay (HIR) on the recent road shows in Paris and Amsterdam.The group is confident in its capacity to stabilise and continue to fuel revenue growth (+7.5% targeted in 2024, then +6% thereafter). Specifically, the group boasts good visibility for growth on a “same-store” basis (c. +3.5% to +4.0% per annum targ...
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