reports
- Guy Sips
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Vranken
- Wim Hoste
- Lynn Hautekeete
Atenor Unexpected capital raise hurts the shareholder confidence
We update our model after the annual results and the EUR 45.3m capital increase announced on Sunday. The capital increase and its timing was a surprise as the guidance on debt reduction of EUR 150.0m is realised and the adjusted operational performance in line with our estimates. The reason for the capital increase is linked to the EUR 65.0 bond repayments coming up in FY25 and to get more flexibility at the deal table. Atenor did not announce any new project sales since October (Lakeside, Warsa...
- Hilde Van Boxstael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Lewi
- Lynn Hautekeete
- Wim Lewi
Real Estate Report December 2024
BE-REITS suffer from macro-worries (logistics) and post-Trump knee-jerk reaction. We believe that especially money flows are pushing stocks down as interest rate fears resurfaced in the US. Our top-picks are Shurgard, WDP and Xior. SHUR and WDP have ample headroom on their balance sheet to continue their growth track record. WDP is also very cheap on cash earnings metrics vs. peers. Xior can grow and fix its balance sheet at the same time through contributions in kind.
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
ARG ARGAN SA
VGP VGP NV
WDP WAREHOUSES DE PAUW SCA
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
SHUR SHURGARD SELF STORAGE LIMITED
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thibault Leneeuw
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Lynn Hautekeete
Atenor The turnaround that the market does not seem to believe
Atenor guided towards a EUR 150.0m consolidated debt reduction by YE24 vs. YE23. The recent negative share price performance does not reflect this. In this note, we outline the 8 projects that could lead to an EUR 150.0m debt reduction. We also provide a detailed overview of the EUR 403.0m short term (
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Wim Lewi
- Hilde Van Boxstael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Indian participation casts shadow over excellent result of core segments. ASML: Spotlight on export restrictions again. Basic-Fit: Dutch parliament persists in plans to raise VAT for oa Sports to 21%. CFE: Earnings quality improved in challenging markets. Eurocommercial Properties: Better numbers, guidance moved toward the higher end of the range. OCI: IFCO sale successfully closed, cash return unlocked Recticel: Solid 1H24 beat, FY guidance may disappoint. SIF Grou...
- ING Helpdesk
- Lynn Hautekeete
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Lynn Hautekeete
Atenor A zoom on the EUR 150.0m guided debt reduction
We zoom in on the Atenor results of last week. The company guides a minimum of EUR 150m debt reduction by YE24. According to our calculations this is feasible. We even factor in EUR 170m debt reduction in our model, slightly above the guidance. According to our estimates, Atenor has 8 confirmed sales that reduce debt by EUR 230m. The decrease in debts is also driven by the reduced cash out related to the 1.200.000 sqm pipeline. This will be lower compared to previous years as there are no new pr...
- ING Helpdesk
- Hilde Van Boxstael
- Lynn Hautekeete
- Wim Lewi
- Vincent Koppmair
- Lynn Hautekeete
- Wim Lewi
Real Asset Conference Soundbites 19-20 March 2024
This note gathers feedback from the group meetings and the break-out sessions. In total 23 companies presented in group meetings and/or break-out sessions. More than 100 guests found their way to the venue and some more followed virtual meetings. Physical attendance is clearly on the rise after the COVID disruption. Investing remains a people's business. The 4 break-out sessions made for informative additions to the C-level meetings and a nice platform for discussion. Tuesday morning concentrate...
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
RET RETAIL ESTATES NV
ELI ELIA GROUP SA/NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Wim Lewi
KBCS Real Assets Conference Book 2024
This conference book is your guide to the KBCS Real Assets Conference 2024. It offers a program, an intro to the break-out sessions and company profiles with financial data and some useful info. The break-out sessions aim to educate and contemplate on certain trends. Last year we hosted “Energy as a business”. This year, we offer 4 break-outs on hot topics.
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
RET RETAIL ESTATES NV
ELI ELIA GROUP SA/NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
FAST FASTNED
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Vranken
- Wim Hoste
- Wim Lewi
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