reports
- Fehmi Ben Naamane
- Jakub Caithaml
WOOD Flash – Turkish Airlines: to buy 50+25 wide-body B787s; as well a...
The order was expected, as it has been discussed widely in the press in recent days, and comes after many years of negotiations. Without any information on price, we do not see the announcement as market moving, but we consider it broadly positive that the company managed to finalise its talks with Boeing constructively, as without the additional aircraft, it would not be able to continue to grow at the intended pace. Currently, Turkish Airlines is roughly the tenth largest airline group globall...
- Fehmi Ben Naamane
- Jakub Caithaml
WOOD Flash – Turkish Airlines: to buy 50+25 wide-body B787s; as well a...
The order was expected, as it has been discussed widely in the press in recent days, and comes after many years of negotiations. Without any information on price, we do not see the announcement as market moving, but we consider it broadly positive that the company managed to finalise its talks with Boeing constructively, as without the additional aircraft, it would not be able to continue to grow at the intended pace. Currently, Turkish Airlines is roughly the tenth largest airline group globall...
- Jakub Caithaml
WOOD Flash – Turkish Airlines: to buy 50+25 wide-body B787s; as well a...
The order was expected, as it has been discussed widely in the press in recent days, and comes after many years of negotiations. Without any information on price, we do not see the announcement as market moving, but we consider it broadly positive that the company managed to finalise its talks with Boeing constructively, as without the additional aircraft, it would not be able to continue to grow at the intended pace. Currently, Turkish Airlines is roughly the tenth largest airline group globall...
- Jakub Caithaml
WOOD Flash - CTP: 2025 CMD takeaways
Over the past two days, CTP held a CMD in and around Wuppertal, Germany. The company specified its near-term expansion targets, while increasing its long-term growth ambitions materially. It is targeting doubling its size by 2030E, from just under 15m sqm by end-2025, to 30m sqm by 2030E. This marks an ambitious acceleration from what was already industry-leading growth. Between 2020 and 2025E, CTP is set to grow its standing portfolio from 5.9m sqm to c.14.6-14.9m sqm GLA, or by c.9m sqm over t...
- Jean Danjou
- Jean Danjou
- ING Helpdesk
Benelux Morning Notes
Aedifica: €21m investment in the development of 3 care homes in Finland. CTP: Highlights from 2-day CMD in Germany. dsm-firmenich: Softly does it. Prosus: Expanding the ecosystem. Randstad: Preliminary preview 3Q25F results due 22 October. TKH Group: Change is coming. UCB: Renewed tariff threat on US branded pharma unlikely to affect UCB
- Research Team
WOOD Daily: LPP PW; RBW PW; VGO PW; DSPW CP; CTPNV NA; CEZ CP; THYAO T...
HEADLINES: • LPP: 2Q25 small beat vs. our ambitious expectations; 22% yoy sales growth in 3Q-to-date; FY25E guidance maintained POSITIVE • Rainbow Tours: disappointing 2Q25 results; strong cash flow, driven by prepayments, should support the 3Q25E results NEGATIVE • VIGO Photonics: 2Q25 results review - adj. EBITDA -84% yoy, below our estimates; order intake growth rose to 69% yoy NEUTRAL • Doosan Skoda Power: 2Q25 higher than expected, but a lower backlog, with only CZK 0.5bn in new contracts d...
- Oleg Galbur
- Jakub Krawczyk
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Wim Lewi
CTP CMD comments from the management presentation
The CMD started in a brownfield in Wuppertal with management presentations after the Press Release. A lot of attention was given on explaining the increase of the 2030 GLA target from 20m to 30m. This drew some scepticism in the Q&A. It is largely explained by compounding 10-15% growth, adding 2-3m sqm in acquisitions and opening up new regions like Italy or Vietnam. After the opening remarks, the dust has settled in this old industrial production hall and more presentations follow. We are inte...
- Kristof Samoy
- Livio Luyten
- Wim Lewi
- Wim Lewi
CTP Update from CMD in Germany NRW region
CTP kicked off its 2-day CMD that started with a management presentations in Wuppertal. A press release at 8h00 increased its 2030 GLA ambition to 30m sqm (was 20m). That implies an average addition of about 3m sqm annually. The statement refers to a 10-15% organic growth mainly from existing parks. CTP also narrowed the range of completions for FY25 from 1.2-1.7m sqm to 1.3-1.6m. The completions range for FY26 was set at 1.4-1.7m sqm. The EPRA EPS25 guidance was confirmed at 0.86 to 0.88 range....
- Florent Laroche-Joubert
- Roy Külter
- Steven Boumans
ODDO : From caution to confidence, feedback from EPRA Conference in St...
Last week’s EPRA conference provided cautious optimism on listed European real estate. The segment offers a mix of risks and opportunities, with discounted valuations presenting attractive entry points. We downgrade Care Property Invest (Underperform vs Neutral, TP €12 vs €13.5); we lower our TPs for British Land, Landsec, Shurgard, and Xior Student Housing; we raise our TPs for URW, Wereldhave and VGP. In conclusion we favour logistics, retail, Spain, and CEE for growth, and Switzerland remains...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT 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
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
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
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
- Roy Külter
- 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
GLJ GRENKE AG
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
GBT GUERBET SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
GNFT GENFIT SA
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
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
POSR POZAVAROVALNICA SAVA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
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
MEDCL MEDINCELL SA
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
TUI TUI AG
SHUR SHURGARD SELF STORAGE LIMITED
- Roy Külter
- Steven Boumans
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
GFC GECINA SA
NXI NEXITY SA CLASS A
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ORSTED ORSTED
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
ASM ASM INTERNATIONAL N.V.
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT 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
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
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
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
- Roy Külter
- 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
GLJ GRENKE AG
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
GBT GUERBET SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
GNFT GENFIT SA
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
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
POSR POZAVAROVALNICA SAVA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
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
MEDCL MEDINCELL SA
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
TUI TUI AG
SHUR SHURGARD SELF STORAGE LIMITED
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