reports
- 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
- ING Helpdesk
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Vranken
- Wim Lewi
- Vincent Koppmair
Atenor - FY23 results
Net result lands at EUR -107m, mainly from impairments and higher interest expenses. No dividend for FY23, post capital increase.Management gives a cautiously positive outlook for 2024.Atenor hosts an analyst meeting today at 11:00 CET.More details in our Note published this morning.
- ING Helpdesk
Benelux Morning Notes
Atenor: Permits granted for Realex project in Brussels. Belgian telcos: Telenet ‘investment year' and commitment to regain ‘commercial agility'. DEME Group: Preview - packed offshore wind backlog. Euronext: Strong finish. Heijmans: Preview - M&A related one-offs in 2H23. KPN: VodafoneZiggo 4Q23 weak fixed, solid mobile, single digit EBITDA growth guided. Recticel: Kingspan profitability in line with expectations. Umicore: 2H23 EBITDA miss, soft 2024F outlook. Coverage change
- ING Helpdesk
- Hilde Van Boxstael
- Thomas Vranken
- Wim Lewi
- Guy Sips
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Wim Lewi
Atenor New target price set at EUR 6.8 after capital increase
Atenor raised more cash in its latest rights issue than estimated. The rights issue converted 100% for EUR 160.9m and a top-up issue raised another 20.7m. The total amount of 181.6m will significantly shore up the balance sheet. We estimate that the debt% will decline from 71.7% to 62.8%. We expect Atenor to become profitable over FY24 after it already wrote down 3 large projects. After the rights issue, the free float declined to 29.3% from 48.6%. The 3D group became the largest shareholder wit...
- Michiel Declercq
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Aperam: 3Q23 EBITDA and outlook reflect current headwinds, €50m additional self-help. Atenor: €161m rights issue. Basic-Fit: CMD highlights. bpost: beat on 3Q23 driven by Parcels and cost control, outlook slightly raised. Euronext: Bond saves the day. IMCD: Bottom reached, awaiting recovery. Kinepolis: Peer Cineplex's 3Q23 results, Disney postpones two Marvel movies to 2025
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Vincent Koppmair
Atenor - Launches EUR 160.9m capital increase
Atenor launches the EUR 160.9m capital increase.The maximum increase in share is 32.2m new shares (for/at a subscription price of EUR 5 per share).EUR 133.5m are already pre-committed.The subscription period will be/run from 13 November to 27 November 2023.Disclaimer: Bank Degroof Petercam acts as Global Coordinator and Joint Bookrunner in this operation, and hence we put our rating as 'Suspended'.
- ING Helpdesk
Benelux Morning Notes
Atenor: EGM approves capital increase up to c.€161m at €5 issue price. Belgian telecoms: Proximus resells edpnet To Citymesh. Cofinimmo: French Cofinimur I portfolio – disposals completed. Kendrion: Start of a slowdown in industrial brakes. KPN: CMD 2027 targets in line with consensus, 2024 a bit on the low side. OCI: 3Q23 results weak on pricing, 4Q23 more optimistic. UCB: Moonlake fails to make a splash in PsA
- ING Helpdesk
Benelux Morning Notes
Atenor: Q3 trading update – capital increase to be finalized soon. Ayvens: Dirty numbers. Brunel International: 3Q23 in line with strong revenue trends, warns on 4Q23/FY24. Eurocommercial Properties: Strong numbers, guidance now at upper end of the range. ForFarmers: 3Q trading update. GBL: NAV underperforms but new share buybacks supportive. Solvay: 3Q23 sales miss, EBITDA in-line and strong FCF, guidance confirmed
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Vincent Koppmair
Atenor - Q3 trading update - It is getting closer
Light Q3 trading update in which Atenor is more transparent than historically (figures and timeline on on-going negotiations).Next Monday 06/11 Atenor will host the EGM to vote for the capital increase.We keep our ‘Hold' rating and our TP ‘Under Review'.More details in our Note published this morning
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