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ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Aalberts: highlights ING Benelux Conference Brussels 2024, Ackermans & Van Haaren: Highlights ING Benelux Conference Brussels,Ackermans & Van Haaren: Strong operational performance of underlying companies and guidance fine-tuned upwards, AMG: Highlights ING Benelux Conference Brussels, Aperam: Highlights ING Benelux Conference Brussels, Arcadis: Highlights ING Benelux conference, Azelis: Highlights ING Benelux Conference Brussels, Bekaert: Guidance cut and €200m buyback as sweetener, CFE: No new...

Roy Külter ... (+2)
  • Roy Külter
  • Steven Boumans

Xior Student Housing : From leverage constraints to growth gains, a po...

>Positive tone on Capital Markets Day - Last week Xior showcased its Basecamp portfolio in Copenhagen (Denmark) and Malmo (Sweden) during its Capital Markets Day. The company is close to solving its leverage issues, while issues pressuring the share price in 2022 and 2023 have been resolved. Highlights to us were the strong visibility on future like-for-like growth and the quality of its Basecamp product. We think the Xior platform is one of the best growth platforms...

Clement Genelot
  • Clement Genelot

Just Eat Takeaway: the end of an American adventure to forget, further...

We welcome the long-awaited disposal of Grubhub, even at price close to zero, as it improves the group's growth profile. However, this profile remains a couple of points lower than European peers and explains why JET continues to trade at such a discount vs. DHER and ROO despite showcasing broadly

Marine Leleux ... (+3)
  • Marine Leleux
  • Maureen Schuller
  • Suvi Platerink Kosonen

Bank Brunch/UniCredit senior preferred FRN, PBB and ABN AMRO 3Q

UniCredit issues a 4NC3 floating senior preferred bond amid clear market pickup. Deutsche Pfandbriefbank: lower cost of risk offsets negative impact from negative jaws. ABN AMRO reports solid 3Q capital and loan quality

Marine Leleux ... (+3)
  • Marine Leleux
  • Maureen Schuller
  • Suvi Platerink Kosonen

Bank Brunch/UniCredit senior preferred FRN, PBB and ABN AMRO 3Q

UniCredit issues a 4NC3 floating senior preferred bond amid clear market pickup. Deutsche Pfandbriefbank: lower cost of risk offsets negative impact from negative jaws. ABN AMRO reports solid 3Q capital and loan quality

Carole Braudeau
  • Carole Braudeau

Credit Morning 11/13/2024

La Française des Jeux enters the bond marketNexans: Unveiling its 2025-28 objectives.>...

Martin Marandon-Carlhian ... (+3)
  • Martin Marandon-Carlhian
  • Stephane Houri
  • Steven Boumans

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2024

We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully reflec...

Martin Marandon-Carlhian ... (+3)
  • Martin Marandon-Carlhian
  • Stephane Houri
  • Steven Boumans

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2024

Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété dans ...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 13/11/2024

La Française des Jeux fait son entrée sur le marché obligataireNexans dévoile ses objectifs 2025-28.>...

Andreas Riemann ... (+2)
  • Andreas Riemann
  • Wim Gille

JUST EAT TAKEWAY.COM : Sale of Grubhub – improving the profile

>Selling Grubhub for a low price - TKWY announced the sale of Grubhub for an Enterprise Value of $650mln. Grubhub will be transferred with its $500 million of senior notes and, after customary adjustments, net proceeds to the Company are expected to be up to $50 million. The price will not be impacted by any potential adjustments to the New York Fee caps. In FY23 Grubhub generated 237mln orders (27% of group), $8.0bn in GTV (28% of group) and Adj EBITDA of 94mln (27% ...

Michiel Declercq
  • Michiel Declercq

Just Eat Takeaway Sells Grubhub for an EV of $650m

This morning, JET announced that it has entered into a definitive agreement to sell Grubhub to Wonder group. The transaction values Grubhub at an EV of $650m. After adjusting for $500m in Grubhub senior notes and customary adjustments, net proceeds for JET are expected to be up to $50m. The completion of the deal is expected during 1Q25. The group further mentioned that the Enterprise value reflects the Company's expectations that NY fee caps will be amended in the near term. We reiterate our Bu...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

ABN AMRO: 3Q strong as expected, SBB decision moved out to 1H25. IMCD: Successful ABB. Just Eat Takeaway.com: So long, GrubHub. Universal Music Group: Spotify 3Q24 results guidance beat on margins and subscribers

Florent Laroche-Joubert ... (+3)
  • Florent Laroche-Joubert
  • Roy Külter
  • Steven Boumans

ODDO : Spain: the PSOE and SUMAR looking to abolish the SOCIMI regime

>PSOE and Sumar spring a surprise in seeking to suddenly abolish the SOCIMI regime - On Monday 11 November, the PSOE reached a tax agreement with its Spanish government ally, “Sumar”, whereby the two parties want to abolish the SOCIMI REIT regime or at least part of its tax advantages. This sudden stance, which surprised Spanish property professionals, is thus different from the position that was presented just last week, namely to “encourage the construction of affor...

Jacob Mekhael
  • Jacob Mekhael

Autolus FIRST LOOK: 3Q24 update focusses on Aucatzyl's launch in r/r a...

Yesterday before US market opens, Autolus reported 3Q24 results with a cash position of $657.1m (YE23: $239.9m), sufficient to drive Aucatzyl's (obe-cel, CD19 CAR-T) launch in r/r adult ALL, and advance the company's pipeline towards pivotal autoimmune data (KBCSe 2028). The focus of the 3Q24 update was Aucatzyl's upcoming launch, and we expect the large safety differentiation vs. Tecartus to be a key factor for adoption. In parallel, we look forward to initial autoimmune data in 1Q25, which has...

Jacob Mekhael ... (+5)
  • Jacob Mekhael
  • Michiel Declercq
  • Thibault Leneeuw
  • Thomas Couvreur
  • Wim Lewi
Florent Laroche-Joubert ... (+3)
  • Florent Laroche-Joubert
  • Roy Külter
  • Steven Boumans

ODDO : Espagne : le PSOE et SUMAR souhaiteraient abolir le régime SOCI...

>PSOE et Sumar créent la surprise en voulant supprimer soudainement le régime SOCIMI - Ce lundi 11 novembre, le PSOE sont parvenus à un accord fiscal avec son allié au gouvernement espagnol, « Sumar », par lequel les deux partis veulent supprimer le régime SOCIMI ou au moins une partie de ses avantages fiscaux. Cette prise de position soudaine qui a crée la surprise auprès des professionnels de l’immobilier espagnol, diffère ainsi de la position qui était encore mise ...

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