The tariff war between US and China has eased, but with the Iran conflict and an erratic Trump, uncertainty will continue into 2027. Energy prices have gone ballistic, with gas prices doubling in Europe and has hit the cyclical stocks hard. The highly anticipated AI productivity gains also will have to transpire sooner or later or a US market correction becomes unavoidable. While the macro-economic impact has been limited so far, a prolonged uncertain situation will result in economic damage. We...
Shurgard FY25 EPRA net came ahead of our estimates at €173.1m versus €168.6m expected. The NTA per share rose an impressive 10% year-on-year to €53.30, driven by €519.5m fair-value gains in the portfolio. These gains are largely attributed to operational improvements rather than cap-rate compression. The FY25 same-store operating revenue grew 3.2%, a strong performance that indicates the organic growth remains on track. The EPRA EPS outlook for FY26 gives a range of €1.70 to €1.81 vs. €1.80 expe...
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