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Louis Boujard ... (+3)
  • Louis Boujard
  • CFA
  • Philippe Ourpatian
Louis Boujard ... (+3)
  • Louis Boujard
  • CFA
  • Philippe Ourpatian
Jan Frederik Slijkerman ... (+5)
  • Jan Frederik Slijkerman
  • Jeroen van den Broek
  • Jesse Norcross
  • Nadège Tillier
  • Timothy Rahill

Coffee, Croissants & Credit/RWE

Utilities - RWE: lower 2025 results but at the top of the guidance

Michael B. Schäfer
  • Michael B. Schäfer
Guy Sips ... (+7)
  • Guy Sips
  • Hilde Van Boxstael
  • Kristof Samoy
  • Lynn Hautekeete
  • Thomas Couvreur
  • Wim Hoste
  • Wim Lewi
Louis Boujard ... (+3)
  • Louis Boujard
  • CFA
  • Philippe Ourpatian
Louis Boujard ... (+3)
  • Louis Boujard
  • CFA
  • Philippe Ourpatian
Wim Lewi
  • Wim Lewi

Shurgard Defending the moat weighs on short term profits

We believe that the cautious outlook at the results on 26/2 is related to new developments from the LNS acquisitions that are added to the All-Store income at low initial Occupancy and YoC%. Shurgard now expects the EPRA EPS growth to average between 6-8% over FY27-30 (10% KBCSe). Shurgard continues its UK expansion with the completion of 5 developments (LnS pipeline) and 1 from its original pipeline in FY26. These completions have an impact on its short term all-store metrics as new developmen...

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