reports
- Lynn Hautekeete
- Wim Lewi
Real Asset Conference feedback 19-20 March 2025
This note gathers feedback from the group meetings and the panels. In total 21 companies were presented in group meetings and/or panels. More than 100 guests found their way to the venue either physical or virtual (only panels). The 2 panels made for informative additions to the C-level meetings and a nice platform for discussion. Wednesday afternoon concentrated 4 experts from Logistic companies (CTP, Montea, VGP, WDP) for an interesting discussion on brownfields: " an answer to the scarcity of...
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE 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
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
SHUR SHURGARD SELF STORAGE LIMITED
- Lynn Hautekeete
- Wim Lewi
Real Assets Conference Book 19-20 March 2025
We publish our conference book with info on the panels, the graphs on the market and company profiles. European REITS suffered from macro and geo-political worries (logistics) Also, the European knee-jerk reaction on the bund (+60 bps) had a negative effect. We believe that despite these worries, REITS are a good place to hide, given their high visibility and proven growth potential in a tough environment. Our top-picks are Shurgard, WDP and Xior. SHUR and WDP have ample headroom on their balanc...
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
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- 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
- ING Helpdesk
Benelux Morning Notes
Fagron: FDA says semaglutide shortage is resolved. GBL: Imerys, a challenge and a possible solution. Food Delivery: Prosus set to acquire Just Eat Takeaway. PostNL: Final FY24 results in line, FY25 outlook below due to strategic investments. Retail Estates: 9-month update with no surprises
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Lewi
Retail Estates 9m24/25 results, outlook unchanged, NL acquisition
of 106.1m. EPRA EPS came in at EUR 4.71, +3.10% YoY vs. 4.72 expected. RET confirmed its FY24/25 dividend of EUR 5.10. In the past, this guidance already included an additional EUR 1.46m that will be spent on building maintenance. This is now concentrated in the current last quarter of FY24/25. The debt ratio decreased from 44.62% to 43.49% over 3Q and stays well in the safe zone. Cost of Debt decreased to 2.12% vs. 2.30% over previous year. The EPRA NTA increased from EUR 78.15 to EUR 78.63 per...
- Francesca Ferragina
Benelux Real Estate sector update/Wind of change
With an improving macroeconomic outlook and companies trading at appealing multiples, we are positive on the Benelux real estate sector (current discount to 2024F NAV of 25.6% vs average 2019-23 premium of 4% for our coverage universe). We believe the transaction market is set to reopen as companies step out of defensive mode with valuations stabilising and balance sheets in order. Following some first meaningful deals seen in 4Q24, we expect more to come. During 2025, we expect the attention to...
- 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
- Francesca Ferragina
Retail Estates/Cautiousness on tenants and consumers/BUY
While 1H results were overall good with guidance being reconfirmed, RET showed some level of cautiousness on tenants and consumers' environment. Certain tenants' profitability appears to be under pressure, while consumers have a more cautious approach to spending. On a positive note, out of 22 stores left empty from problematic tenants (out of a total of >1000 store), 11 already have a new occupier. For contracts that are to be renegotiated over the next 6 to 12 months, there are no discussions ...
- ING Helpdesk
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Wim Lewi
- Wim Lewi
Retail Estates 1H24/25 Results, managing the reletting well
RET reported its 1H24/25 results (September end) slightly below our estimates. EPRA Net profit grew 1.9%. EPRA EPS amounted to EUR 3.12 vs. our expectation of 3.16. NRI grew 4.6% to 70.6m vs. 72.2.9m expected. Occupancy declined slightly to 97.6% from 97.9%. Retail Estates was confronted with some bankruptcies in the toy (Fun) and fashion (Euro Shoe) segment, but has so far managed the re-letting extremely well. These bankruptcies have soured the sentiment on the stock. However, RET confirmed i...
- 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
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