reports
- Michiel Declercq
bpost Analyst call feedback post outlook update & model revision
Following the closing of the press negotiations, bpost expects the adj. EBIT for 2024 to come in between € 165 – € 185m including the press impact. Although no group guidance was available previously, the new guidance comes in below our estimate of € 215m. Next to the press impact, the new outlook also includes further unfavourable market conditions in N-A. Additionally, bpost mentioned that the Staci acquisition is expected to close in the coming weeks. After revisiting our estimates, we reiter...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 07/03/2024
In June, European equities were buffeted by the political risk in France and the downturn in business climate indicators (PMI), which erased the effect of the ECB's first, widely anticipated, rate cut and the continuing upward revision of the consensus. French indices and stocks - in particular small caps - were the ones that gave up the most ground. In sector terms, within the Stoxx 600, technology, healthcare and media were the only sectors to advance, while real estate, banks, basi...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 03/07/2024
En juin, les actions européennes ont pâti du risque politique français et du fléchissement des indicateurs de climat des affaires (PMI) qui ont effacé l’effet de la 1ère baisse des taux de la BCE, largement anticipée, et la poursuite de la révision à la hausse du consensus. Les indices et valeurs françaises – en particulier small caps - sont celles qui ont le plus reculé. En termes sectoriels, sur le Stoxx 600, la technologie, la santé et les médias ont été les seuls secteurs à progre...
- Olfa Taamallah
- Yan Derocles
Air France-KLM : Q2 is played but doubts on the reassertion of control...
>Pressure on unit revenues... - After a robust start to Q1 with unit revenues (RASK) up around 3% in April, the company saw a wait-and-see stance around the Olympics with passengers avoiding Paris, which penalised load factors (Network and Transavia France) and thus yield levels. The negative impact is put at between € 160m and € 180m for the period from June to August. The cargo business benefits from gradually easier bases of comparison starting from Q2 with unit r...
- ING Helpdesk
- Michiel Declercq
bpost Downgrades outlook following press impact and though N-A market
Following the closing of the press negotiations, bpost expects the adj. EBIT for 2024 to come in between € 165 – € 185m including the press impact. Although no group guidance was available previously, the new guidance comes in below our estimate of € 215m. Next to the press impact, the new outlook also includes further unfavourable market conditions in N-A. Additionally, bpost mentioned that the Staci acquisition is expected to close in the coming weeks. After revisiting our estimates, we reiter...
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Stefano Toffano
- Wim Gille
Bpost : New agreements provide for increased visibility
>The new guidance is roughly in line with ccs and AAOBe - Bpost recently announced agreement with Flemish newspaper publishers on the delivery of newspapers. The ongoing service concession ended as at July 1. Given the recent announcements and agreements reached with Dutch and French-speaking newspaper editors, bpost is now able to provide guidance for the FY24 group EBIT.Overall, bpost now expects the FY24 group total operating income to decrease by a low single...
- Manuel Martin
- CEFA
- CREA
TAG Immobilien AG : Swing factor Poland – Revisiting TAG´s investment ...
>German portfolio is showing a stable rental performance - We revisited TAG´s investment case taking a closer look at the company´s Polish activities besides its German rental activities. TAG´s German portfolio is showing a stable rental performance (+2.4% l-f-l rent growth) which could accelerate in FY 2024e supported by further vacancy reduction (4.4% vacancy). LTV largely improved to 45.6% from 47.0% for YE 2023, mainly supported by the liquidity inflow from the Po...
- Olfa Taamallah
- Yan Derocles
Air France-KLM : Le T2 est joué mais des doutes sur la reprise en main...
>Une pression sur la recette unitaire… - Après un solide début de T2 avec une recette unitaire (RASK) en hausse de c3% sur le mois d’avril, la société fait état d’un attentisme autour des JO avec un comportement d’évitement de Paris pénalisant son remplissage (Network et Transavia France) et par conséquent le niveau des yields. L’impact négatif est chiffré entre 160 M€ et 180 M€ pour la période allant de juin à août. De son côté, l’activité cargo bénéficie de bases d...
- Carole Braudeau
- Carole Braudeau
- Baptiste Salaville
- Gerardo Ibanez
- Jean-Baptiste Rouphael
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/06/2024
Peu de secteurs polarisent autant que le luxe automobile sportif. A la pointe de l’innovation technologique et artistique pour les uns, il est le reflet d’inégalités excessives pour les autres. Nous estimons que le secteur a un rôle prépondérant à jouer sur l’atténuation du changement climatique, mais aussi l’économie circulaire ou la transition juste. Considérant les impacts, risques et opportunités matériels, nous plaçons Ferrari en Best-in-Class ESG, Porsche en Neutre ESG, et Aston...
SGO COMPAGNIE DE SAINT-GOBAIN SA
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
SW SODEXO SA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
MRK MERCK KGAA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
SAN SANOFI
AIR AIRBUS SE
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
PRX PROSUS N.V. CLASS N
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Baptiste Salaville
- Gerardo Ibanez
- Jean-Baptiste Rouphael
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/25/2024
Few sectors are as polarising as luxury sports cars. At the cutting edge of technological and artistic innovation for some, they reflect excessive inequality for others. We believe the sector has a key role to play in climate change mitigation, as well as in the circular economy and just transition. Taking into account material impacts, risks and opportunities, we see Ferrari as ESG Best-in-Class, Porsche as ESG Neutral and Aston-Martin Lagonda as ESG Not Recommended. - ...
SGO COMPAGNIE DE SAINT-GOBAIN SA
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
SW SODEXO SA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
MRK MERCK KGAA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
SAN SANOFI
AIR AIRBUS SE
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
PRX PROSUS N.V. CLASS N
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
AGN AEGON N.V.
- Baptiste Salaville
- Gerardo Ibanez
- Jean-Baptiste Rouphael
- Steven Boumans
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
TRI TRIGANO SA
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ERA ERAMET SA
ICAD ICADE SA
COFB COFINIMMO SA
DEZ DEUTZ AG
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
GVOLT GREENVOLT - ENERGIAS RENOVAVEIS S.A.
SHUR SHURGARD SELF STORAGE LIMITED
- Baptiste Salaville
- Gerardo Ibanez
- Jean-Baptiste Rouphael
- Steven Boumans
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
TRI TRIGANO SA
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ERA ERAMET SA
ICAD ICADE SA
COFB COFINIMMO SA
DEZ DEUTZ AG
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
GVOLT GREENVOLT - ENERGIAS RENOVAVEIS S.A.
SHUR SHURGARD SELF STORAGE LIMITED
- Christophe Chaput
- Florent Laroche-Joubert
- Steven Boumans
ODDO : What stock market momentum in France depending on the results o...
>Retail REITs broadly the best positioned - The announcement of the dissolution of parliament created a stock market shock or French real estate stocks leading to a negative performance of 10.6% since 7 June vs -4.2% for our other real estate stocks, notably in line with the increase in the 10-year OAT yield (c.+5bp) and its difference with the German 10-year yield (+c.23bp).The outcome of the legislative elections is still uncertain. Based on the sc...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Christophe Chaput
- Florent Laroche-Joubert
- Steven Boumans
ODDO : Quel momentum boursier sur l’immobilier côté français en foncti...
>Les foncières de commerce globalement les mieux positionnées - L’annonce de la dissolution de l’Assemblée Nationale a créé un choc boursier sur les valeurs immobilières françaises engendrant une performance négative de 10.6% depuis le 7 juin vs -4.2% sur nos autres valeurs immobilières, en ligne notamment avec la hausse du rendement de l’OAT 10 ans (+c.+5 pb) et son écartement avec le 10 ans allemand (+c. 23 pb).L’issue des élections législatives est encore inc...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
EQS-News: TAG Immobilien AG among the winners of this year's German A...
EQS-News: TAG Immobilien AG / Key word(s): ESG/Sustainability TAG Immobilien AG among the winners of this year's German Award for Sustainability Projects; top ranking achieved in Sustainalytics' ESG rating 24.06.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. PRESS RELEASETAG Immobilien AG among the winners of this year's German Award for Sustainability Projects; top ranking achieved in Sustainalytics' ESG rating German Institute for Service Quality and n-tv award TAG in the ‘Non-profit initiative’ category for the ‘Liveable ...
EQS-News: TAG Immobilien AG unter den Preisträgern des diesjährigen De...
EQS-News: TAG Immobilien AG / Schlagwort(e): ESG/Nachhaltigkeit TAG Immobilien AG unter den Preisträgern des diesjährigen Deutschen Awards für Nachhaltigkeitsprojekte; Spitzenranking im ESG-Rating von Sustainalytics erzielt 24.06.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. PRESSEMITTEILUNGTAG Immobilien AG unter den Preisträgern des diesjährigen Deutschen Awards für Nachhaltigkeitsprojekte; Spitzenranking im ESG-Rating von Sustainalytics erzielt Deutsches Institut für Service-Qualität und n-tv zeichnen TAG in der Rub...
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