reports
- ING Helpdesk
- Hilde Van Boxstael
- Thibault Leneeuw
- Wim Lewi
- Wim Lewi
Warehouses De Pauw Add-on Acquisition in France
WDP acquires 6 cross-dock warehouses of 43k sqm GLA on 182k sqm of land for EUR 50m. This investment lifts the French exposure to around 4.5% of the total portfolio. Developments in France are a slow process. We expected 35k sqm in acquisitions over 2H24. This deal fits nicely in their expansion strategy in FR and GE. The deal is expected to be immediately earnings enhancing. WDP is selectively putting cash to work. Acquisitions do not generate development gains, but WDP expects to realise rever...
- Hilde Van Boxstael
- Lynn Hautekeete
- Wim Lewi
- Lynn Hautekeete
- 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
Corbion: Swings and roundabouts. CTP: Good operational trends, guidance reiterated. dsm-firmenich: Another cheque from BASF. Euronav: 2Q beats expectations. KBC: 2Q well above, NII guidance up, ready for 3Q State Bond release of c.€22bn. SBM Offshore: Strong set of 1H24 results, more to come. TKH Group: 2Q is not going to be the quarter. Xior Student Housing: Positive portfolio revaluation
- Michael B. Schäfer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/30/2024
With regard to our list of recommended stocks, i) we are adding: adidas, Merck KGaA, Santander, Technip FMC, Unilever and Vivendi , ii) we are maintaining ASMi, Atlas Copco, AXA, Deutsche Boerse, GSK, Holcim, Inditex, Lonza, Sodexo, RELX and Rolls-Royce, iii) we are removing: BASF, Nemetschek, Nestlé and TUI AG. - ...
1COV COVESTRO AG
HEIA HEINEKEN NV
DBK DEUTSCHE BANK AG
RCO REMY COINTREAU SA
RXL REXEL SA
HEI HEIDELBERGCEMENT AG
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
BP. BP P.L.C.
SIK SIKA AG
KBX KNORR-BREMSE AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DSFIR KONINKLIJKE DSM N.V.
- Michael B. Schäfer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/07/2024
Au sein de notre liste de valeurs recommandées, i) nous faisons entrer : adidas, Merck KGaA, Santander, Technip FMC, Unilever et Vivendi, ii) nous maintenons ASMi, Atlas Copco, Axa, Deutsche Boerse, GSK, Holicm, Inditex, Lonza, Sodexo, RELX et Rolls-Royce, iii) nous faisons sortir : BASF, Nemetschek, Nestlé, TUI AG. - ...
1COV COVESTRO AG
HEIA HEINEKEN NV
DBK DEUTSCHE BANK AG
RCO REMY COINTREAU SA
RXL REXEL SA
HEI HEIDELBERGCEMENT AG
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
BP. BP P.L.C.
SIK SIKA AG
KBX KNORR-BREMSE AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DSFIR KONINKLIJKE DSM N.V.
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Stefano Toffano
DSM-Firmenich : Improving momentum confirmed
>Good sequential progress in all divisions - dsm-firmenich’s Q2 24 results confirmed the company’s previous comments about improving business momentum. Easing end-markets pressures, stabilising (if not improving) destocking and pricing trends, and continued focus on self-help initiatives sustained earnings generation during Q2 24, building a stronger base for H2 24. Higher vitamin prices (a.o.) pushed ANH profitability higher, albeit from a very low base. Overall Q2 2...
- ING Helpdesk
- Wim Hoste
DSM-Firmenich FIRST LOOK: 2Q adj EBITDA +26% and a 3% beat, FY guidanc...
2Q adj EBITDA jumped by 26% y/y to € 513m and beat our and CSS forecasts by c 3%, being supported by synergies/savings and solid organic sales growth of 7%. Going forward, we anticipate more synergies/savings as well as support from improving vitamin prices. Dsm-firmenich increased FY24 adj EBITDA guidance from at least € 1.9bn to c € 2bn with our and CSS forecasts already in line with the new guidance. We remind that the recently announced mid term financial targets for the new scope (ie ex ANH...
- Francesca Ferragina
WDP/€500m new investments to secure growth/BUY
1H results were consistent with the FY guidance and our forecast. What we like the most was the strong investment acceleration: €500m YTD of which €450m was in 2Q at an interesting 7% yield. Investments are key to secure future growth and the message shared by the CEO about the French and German markets that start to be more open in terms of transactions is important. It means that more is to come. We fine-tune our estimates to include the 1H results but have no major changes. Thus, we reconfirm...
- Jerôme Bodin
FME FRESENIUS MEDICAL CARE AG
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
WCH WACKER CHEMIE AG
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
ROG ROCHE HOLDING LTD
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
G ASSICURAZIONI GENERALI S.P.A.
ENI ENI S.P.A.
BAS BASF SE
VER VERBUND AG CLASS A
CAP CAPGEMINI SE
UCB UCB S.A.
ENEL ENEL SPA
EDW EDP RENOVAVEIS SA
UCG UNICREDIT S.P.A.
STM STMICROELECTRONICS NV
DWS DWS GROUP GMBH & CO. KGAA
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
RMV RIGHTMOVE PLC
FDJ LA FRANCAISE DES JEUX SA
8TRA TRATON SE
WDP WAREHOUSES DE PAUW SCA
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
FER FERROVIAL SA
- Bruno Cavalier
- Jerôme Bodin
FME FRESENIUS MEDICAL CARE AG
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
WCH WACKER CHEMIE AG
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
ROG ROCHE HOLDING LTD
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
G ASSICURAZIONI GENERALI S.P.A.
ENI ENI S.P.A.
BAS BASF SE
VER VERBUND AG CLASS A
CAP CAPGEMINI SE
UCB UCB S.A.
ENEL ENEL SPA
EDW EDP RENOVAVEIS SA
UCG UNICREDIT S.P.A.
STM STMICROELECTRONICS NV
DWS DWS GROUP GMBH & CO. KGAA
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
RMV RIGHTMOVE PLC
FDJ LA FRANCAISE DES JEUX SA
8TRA TRATON SE
WDP WAREHOUSES DE PAUW SCA
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
FER FERROVIAL SA
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Lewi
Warehouses De Pauw 1H24 Results, Solid performance in a turbulent stoc...
EPRA EPS 1H24 came slightly above our expectation at EUR 0.71 vs. 0.70 exp. WDP repeated the FY24 EPRA EPS guidance of 1.47, slightly above our 1.46 expectation. The 5% expected yoy growth is impressive as its average share count increased by 8%. The NIY stabilised and indicates an end to the yield expansion trend. The “Blend27” strategy was repeated with a guidance of 1.70 EPRA EPS by FY27. It will spend up to 1.5bn Capex and already identified 0.5bn. New developments (0.1bn) over 1H24 are 77% ...
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