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...
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...
We confirm our positive stance on Retail Estates and raise our target price from €72 to €74. In our view, the full year results were good overall and the c.3% LFL portfolio revaluation indicates the strong resilience of this retail niche. FY25 guidance did not surprise being in line with our numbers and largely positive, anticipating 3% YoY top line growth and 2% DPS increase. Retail Estates reiterated its aim to acquire assets in a new market if a good opportunity arises and is open to a contri...
Positive mood in the call as RET realised the highest profit on record and confirms that it has digested the COVID period well and experts are catching up to this reality. On the CiK in BXL, no more details were given, but the estimated investment value is set at 40m (top of our estimate range). Entering a new country was mentioned again, but prices are still not where they can act upon (close to financing cost), but as the P/NTA discount decreases, chances can open up over time.
RET reported its FY23/24 results (March end) more or less in line with our estimates. EPRA Net profit grew LfL 9.77% yoy (excl. FBI refunds). EPS amounted to EUR 6.18 a LfL growth of 6.81%. We expected an EPRA EPS of EUR 6.28. The cost of debt rose to 2.3% (vs. 2.2% expected). NRI however surpassed our expectation at 138.8m vs. 137.9m expected. RET indicates it is considering a contribution in kind for a retail park in the Brussels periphery (no financial details). We estimate a 20-40m investmen...
FY23/24 closed end March 2024. EPRA earnings up 9.77% on a LfL basis (excl. impact of the FBI provision reversal in the previous financial year, flat otherwise) to EUR 88.4m. On a per share basis, the result was up 6.8% YoY on a LfL basis to EUR 6.18, below our EUR 6.59 estimate. The difference with our estimate primarily stems from higher corporate and interest expenses.Portfolio value was up 2.96% on a LfL basis to EUR 2.03bn. EPRA NIY stands at 6.61%, down 18bps.The company is considering an ...
In recent decades, OOT stores have become an integral part of the BE/NL retail sector ranging from large supermarkets to specialized retail chains. Traffic congestion around retail parks and the negative impact on inner city retail have become concerns, but OOT stores and retail parks remain a popular shopping destination. They withstood the e-commerce acceleration during COVID. In this note we discuss how the OOT segment adapted to the new online reality and managed to maintain high occupancy r...
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...
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.
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