Ageas will host its Capital Markets Day (CMD) next week, where it will announce targets for 2027. We anticipate a significant increase in remittances, boosting free cash flow (FCF) from c.€1.85bn to c.€2.1bn, and cumulative dividends from c.€2bn to c.€2.4bn. This should result in more consistent DPS growth of 7-8%, primarily driven by underlying dividend growth. Share buybacks may occur only if there are no mergers and acquisitions (M&A). EPS growth is expected to remain at 6-8%. Operating targe...
Holcim Europe could ultimately be the most appealing equity story of the Holcim group’s spin-off project. We think that, for the group’s new management, the distribution of an exceptionally high dividend will be the favoured means for a rapid revaluation of Holcim Europe. We estimate it at CHF 2.0-2.2 for a dividend yield of 7-8% at the current price. We think that under the aegis of Miljan Gutovic, the new CEO, a significant refocusing of Holcim Europe’s assets will be implemented i...
Holcim Europe pourrait finalement être « l’equity story » la plus attractive du projet de scission du groupe Holcim. Nous pensons que la distribution d’un dividende exceptionnellement élevé constituera, pour le nouveau management du groupe, le moyen privilégié pour une revalorisation rapide de Holcim Europe. Nous l’estimons entre 2.0 CHF et 2.2 CHF soit un dividende yield de 7/8% au cours actuel. Sous la houlette de Miljan Gutovic, le nouveau CEO, un recentrage important des actifs de...
>CMD next week likely to refine cap distribution, further still the DLG interest - Next Monday end of Day at Ageas CMD event we do not expect material changes for their ‘Impact27’ targets vs their current targets. However, given the uncertainty of the dividend upstreamings from China it would be best to link the dividends to the consolidated operations, and the SBB to the dividend upstreamings from China/NCP’s.CMD for presenting their updated next three y...
Shurgard announced the acquisition of Prime Self-Storage in Germany for EUR 100.0m (asset deal) that will add 24 kSqm at 7% yield. In our recent company note, we highlighted that additional M&A would continue during the Lock'nStore integration period till 2026. However, we counted on NL and FR for additions as GE already absorbed the Top Box's (Oct. 23) and the Pickens portfolio (Mar. 24). Now, SHUR reinforces its nr2 position in GE and will achieve the top spot by 2026 at the latest. Myplace...
At the 15th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic environment and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Germany in particular is seen as sluggish. Hence, we observed a mixed picture across the 89 companies presenting at our conference. We were positively surprised by statements from a...
At the 15th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic environment and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Germany in particular is seen as sluggish. Hence, we observed a mixed picture across the 89 companies presenting at our conference. We were positively surprised by statements from a...
>Recap of the announcement made by Votalia on 20 August - On 20 August, Voltalia announced that the Brazilian transmission network operator was imposing a sizeable curtailment on some parts of the network which will impact group 2024 EBITDA to the tune of € 40m, if these measures to reduce inflow continue over the next few months and if the group is not compensated financially. The curtailment on production volumes for Voltalia in the northeast portion of the network ...
>Rappel des faits annoncés par Voltalia le 20 août dernier - Le 20 août dernier, Voltalia a annoncé que l’opérateur du réseau de transmission brésilien impose actuellement des écrêtements prononcés dans certaines parties du réseau qui impacterait l’EBITDA 2024 du groupe à hauteur de 40 M€, si ces mesures de réduction d’injection se prolongeaient au cours des prochains mois et si le groupe n’était pas compensé financièrement. Le volume d’écrêtement de la production de ...
>All key figures ahead of consensus forecast - CVC published its H1 2024 figures which were ahead of expectations across the board. Pro-forma and adjusted (pre-IPO disclosure) revenue came at € 621m, 3.7% ahead of consensus forecast and growing 12.1% YoY. Adjusted EBITDA was € 390m, which is 9.2% ahead of expectation, and implying a margin of 62.8% which is solid. MFE margin was 54.3%, 230bps ahead of consensus and growing 190bps YoY, which signals that the company ca...
We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - >Accelor Mittal (=) – Heading for better H2 despite still soft underlying markets, no change on VallourecAdesso (=) – IT-solutions segment will continue to be a drag on profitability in H2 2024Aurubis (+) – Announced disposal for its US-based finished ...
We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - >Adidas (+) – On trackAixtron (=) – No short-term inflection, but high confidence in long-term prospectsAllgeier (+) – Is confident it can achieve 15% EBITDA margin by the end of 2025 ams OSRAM (=) – Some cautiousness on auto/industrial, still co...
Ageas and Amundi SA: Transparency notification Ageas and Amundi SA: Transparency notification In accordance with the rules on financial transparency*, Amundi SA has notified Ageas on 30 August 2024 that, on 28 August 2024, its interest has fallen below the statutory threshold of 3% of the shares issued by Ageas. Its current shareholding stands at 2.89%. Reason for the notificationDownward crossing of the lowest threshold Acquisition or disposal of voting securities or voting rights Notification byA parent undertaking or a controlling person Persons subject to the notification requireme...
Ageas et Amundi SA: Notification de transparence Ageas et Amundi SA: Notification de transparence Conformément aux règles de transparence financière*, Amundi SA a introduit le 30 août 2024 une notification annonçant que, le 28 août 2024, sa participation a franchi, à la baisse, le seuil statutaire de 3% des actions émises par Ageas et atteint 2,89%. Motif de la notificationFranchissement vers le bas du seuil minimum Acquisition ou cession de titres conférant le droit de vote ou de droits de vote Notification parUne entreprise mère ou une personne détenant le contrôle Personne(s)...
Ageas en Amundi SA: Transparantiekennisgeving Ageas en Amundi SA: Transparantiekennisgeving Amundi SA informeerde Ageas op 30 augustus 2024, overeenkomstig de financiële transparantievereisten*, dat zijn belang op 28 augustus 2024 onder de statutaire drempel van 3% van de door Ageas uitgegeven aandelen is gedaald en nu 2,89% bedraagt. Reden van de kennisgevingOnderschrijding van de laagste drempel Verwerving of overdracht van stemrechtverlenende effecten of stemrechten Kennisgeving doorEen moederonderneming of een controlerende persoon Kennisgevingsplichtige perso(o)n(en)Zie bijlage 1a...
One can't bake an omelette without breaking eggs. Shurgard aims to be a market leader in each of its markets and cracking the UK will take some pain. We believe the relative high valuation in the past was justified as SHUR delivered consistent above market growth from its platform through its development pipeline. Market share and occupancy% are 2 important levers for a platform's profitability. In this note, we integrated the Lock'nStore (LnS) pipeline into our model. The own developments and ...
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