reports
- ING Helpdesk
Benelux Morning Notes
Ascencio: Stable update CFE: Preview; margin over volume CVC Capital Partners: Moments of Realisation D'Ieteren: Belron North American peer Boyd points to positive 3Q25 inflection point in like for like growth Fastned: 1H25 results; disappointing charging volumes, cost pressure continues Greenyard: Results of second acceptance period concerning takeover bid and launching squeeze-out
- Lynn Hautekeete
Ascencio 3Q25 trading update: results bang in line
Ascencio reports its 3Q25 trading update (June-end) in line with our estimates. The dividend guidance of at least €4.30 is repeated. We believe an increase to €4.40 over the FY25 result is likely. In 1H25, Ascencio flagged a tougher retail market with the Casa and Cora restructuring. There are also some recent headlines on Krefel which represents 1.9% of the contractual rents (no direct impact). The fair value of the portfolio is flat which is in contrast with other quoted retail RE peers. We do...
Interim statement at 30 June 2025 - Third quarter of financial year 20...
Interim statement at 30 June 2025 - Third quarter of financial year 2024/2025 Interim statement at 30 June 2025 | Source:Ascencio SA POSITIVE RESULTS & ARBITRATIONS WITHIN THE PORTFOLIO 6.91%GROSS YIELD ON THE PORTFOLIO StabilityOF THE FAIR VALUE OF THE PORTFOLIO 96.0%EPRA OCCUPANCY RATE 96.3%INTEREST RATE HEDGING RATIO OPERATING RESULTS Rental income : €40.6 million, up by 1.8% from ...
Tussendijdse verklaring per 30 juni 2025 - Derde kwartaal van het boek...
Tussendijdse verklaring per 30 juni 2025 - Derde kwartaal van het boekjaar 2024/2025 Tussentijdse verklaring per 30 juni 2025 | Source:Ascencio SA POSITIEVE RESULTATEN & ARBITRAGES BINNEN DE PORTEFEUILLE 96,0%EPRA BEZETTINGSGRAAD 6,91%BRUTORENDEMENT VAN DE PORTEFEUILLE StabieleREËLE WAARDE VAN DE PORTEFEUILLE 96.3%AFDEKKINGSRATIO VAN DE RENTE OPERATIONEEL RESULTAAT Huurinkomsten : 40,6 miljoen EUR, een stijging van 1,8% ten opzichte van 39,9 miljoen EUR op 30/06/2024EPRA Resultaat : 28,5 miljoen EUR, een stijging van 2,1% ten opzichte van 27,9 miljoen EUR op 30/06/202...
Déclaration intermédiaire au 30 juin 2025 - Troisième trimestre de l'e...
Déclaration intermédiaire au 30 juin 2025 - Troisième trimestre de l'exercice 2024/2025 Déclaration intermédiaire au 30 juin 2025 | Source:Ascencio SA RESULTATS POSITIFS & ARBITRAGES AU SEIN DU PORTEFEUILLE 6,91%RENDEMENT BRUT DU PORTEFEUILLE StabilitéDE LA JUSTE VALEUR DU PORTEFEUILLE 96,0%TAUX D’OCCUPATION EPRA 96.3% RATIO DE COUVERTURE DE TAUX D’INTERET RÉSULTATS OPÉRATIONNELS Revenus locatifs : 40,6 millions EUR, en progression de 1,8% par rapport à 39,9 millions EUR au 30/06/2024Résultat EPRA : 28,5 millions EUR, en hausse de 2,1% par rapport ...
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Solid 1Q25. Ascencio: Resilient results. Gimv: NAV a tad higher than expected, underlying companies surprisingly strong. IBA: Soft start in Technologies, 2025 and 2028 guidance reiterated. OCI: In-line 1Q25 trading update. Vopak: IPO of AVTL - value coming to the surface
- Lynn Hautekeete
Ascencio 1H25 results: EPRA earnings above estimates but tougher retai...
Ascencio reports 1H25 EPRA earnings above our expectations due to lower than expected financial charges. There is negative rent reversion on renewals which has been a common factor for Ascencio as the ERV -contractual rent gap was 10.6% in 2023. The gap is closing with a negative impact on contractual rents. This has been an argument for our hold recommendation in the past 3 years. The occupancy dropped by 1.1% on signs of a weaker retail market and this even excluding the Casa bankruptcy (3 uni...
Financieel halfjaarverslag van Ascencio NV
Financieel halfjaarverslag van Ascencio NV Dynamische commerciële activiteit & krachtige schuldstructuur 6,95%BRUTORENDEMENT VAN DE PORTEFEUILLE 2,18%GEMIDDELDE KOST VAN DE SCHULDENLAST -0,1%VARIATIE IN DE REËLE WAARDE VAN DE PORTEFEUILLE 96,7%EPRA BEZETTINGSGRAAD 95,2%AFDEKKINGSRATIO VAN DE RENTE OPERATIONEEL RESULTAAT Huurinkomsten: 27,1 miljoen EUR, een stijging van 2,8% ten opzichte van 26,3 miljoen EUR op 31/03/2024EPRA Earnings: 19,0 miljoen EUR, een stijging met 5,7% ten opzichte van 18,0 miljoen EUR op 31/03/2024EPRA Earnings per aandeel: 2,88 EUR (tegenover 2...
Half-yearly financial report of Ascencio SA
Half-yearly financial report of Ascencio SA DYNAMIC LETTING ACTIVITY & SOLID DEBT STRUCTURE 6.95%GROSS YIELD ON THE PORTFOLIO2.18%AVERAGE COST OF DEBT-0.1%CHANGE IN FAIR VALUE OF THE PORTFOLIO96.7%EPRA OCCUPANCY RATE95.2%INTEREST RATE HEDGING RATIO OPERATING RESULTS Rental income: €27.1 million, up by 2.8% from €26.3 million at 31/03/2024EPRA Earnings: €19.0 million, up 5.7% from €18.0 million at 31/03/2024EPRA Earnings per share: €2.88 (vs €2.72 at 31/03/2024)Net result: €18.7 million (vs €5.7 million at 31/03/2024), the significant increase being due to the difference in revaluations (-€...
Rapport financier semestriel d'Ascencio SA
Rapport financier semestriel d'Ascencio SA Activité commerciale dynamique & structure d’endettement robuste 6,95%RENDEMENT BRUT DU PORTEFEUILLE2,18%COÛT MOYEN DE FINANCEMENT-0,1%DE VARIATION DE JUSTE VALEUR DU PORTEFEUILLE96,7%TAUX D’OCCUPATION EPRA95,2%RATIO DE COUVERTURE DE TAUX D’INTÉRÊT RÉSULTATS OPÉRATIONNELS Revenus locatifs : 27,1 millions EUR, en progression de 2,8% par rapport à 26,3 millions EUR au 31/03/2024Résultat EPRA : 19,0 millions EUR, en hausse de 5,7% par rapport à 18,0 millions EUR au 31/03/2024Résultat EPRA par action : 2,88 EUR (vs 2,72 EUR au 31/03/2024)Résultat ...
- Francesca Ferragina
- Michiel Vereycken
Ascencio/Steady state/HOLD (initiation of cover)
We initiate coverage of Ascencio with a HOLD rating and a target price of €48.0. The company has a €747m portfolio of out-of-town retail assets in Belgium, France and Spain, with a large exposure to food retail (40% of rents). The last sizeable acquisition dates back to 2020, since then the balance sheet has been deleveraged from 47.6% LTV to the current 40.8%. Looking ahead, management's outlook on both the rental and investment market is overall cautious but open to acquisitions in Spain and P...
- 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
- Lynn Hautekeete
Ascencio Q1 trading update: results in line
Ascencio reported its Q1 trading update last night. The like-for-like rental growth amounts to 3.8% which is above our expectations. This was negatively impacted by the asset sale in Jemappes so the overall rental growth is +2.9%. The portfolio valuation was stable vs YE24 (30/09), likely as there was already a rent uplift in 2H24. Still we would have expected a positive figure as listed peers with large exposure to supermarkets showed this as well in their FY results. The CoD decreased from 2.2...
Interim statement at 31.12.2024
Interim statement at 31.12.2024 INCREASING RESULTS 97.6% EPRA OCCUPANCY RATE 7.03% GROSS YIELD ON THE PORTFOLIO Stability OF THE FAIR VALUE OF THE PORTFOLIO 98.3% INTEREST RATES HEDGE RATIO Operating results Rental income: €13.4 million, up by 2.9% compared to €13.1 million at 31/12/2023EPRA Earnings: €9.4 million, up by 2.2% compared to €9.2 million at 31/12/2023EPRA Earnings per share: €1.43 (vs €1.40 at 31/12/2023)Net result: €9.0 million (vs €-6.0 million at 31/12/2023) Balance sheet informati...
Déclaration intermédiaire au 31.12.24
Déclaration intermédiaire au 31.12.24 RÉSULTATS EN CROISSANCE 97.6% TAUX D’OCCUPATION EPRA 7.03% RENDEMENT BRUT DU PORTEFEUILLE Stabilité DE LA JUSTE VALEUR DU PORTEFEUILLE 98.3% RATIO DE COUVERTURE DE TAUX D’INTÉRÊT Résultats opérationnels Revenus locatifs : 13,4 millions EUR, en progression de 2,9% par rapport à 13,1 millions EUR au 31/12/2023Résultat EPRA : 9,4 millions EUR, en hausse de 2,2% par rapport à 9,2 millions EUR au 31/12/2023Résultat EPRA par action : 1,43 EUR (vs 1,40 EUR au 31/12/2023)Résultat net : 9,0 millions EUR...
Tussentijdse verklaring per 31.12.2024
Tussentijdse verklaring per 31.12.2024 GROEIENDE RESULTATEN 97.6% EPRA BEZETTINGSGRAAD 7.03% BRUTORENDEMENT VAN DE PORTEFEUILLE Stabiele REËLE WAARDE VAN DE PORTEFEUILLE 98.3% RENTEVOET-AFDEKKINGSRATIO Operationeel resultaat Huurinkomsten: 13,4 miljoen EUR, een stijging van 2,9% ten opzichte van 13,1 miljoen EUR op 31/12/2023EPRA Resultaat: 9,4 miljoen EUR, een stijging van 2,2% ten opzichte van 9,2 miljoen EUR op 31/12/2023EPRA Resultaat per aandeel: 1,43 EUR (vs 1,40 EUR op 31/12/2023)Nettoresultaat : 9,0 miljoen EUR (vs -6,0 miljoen E...
Ordinary General Meeting of 31 January 2025
Ordinary General Meeting of 31 January 2025 The Ordinary General Meeting of Shareholders of 31 January 2025 approved all the proposed resolutions on the agenda, which mainly concerned the financial statements of Ascencio SA for the year ended at 30 September 2024. 1.893.843 shares of Ascencio SA were represented, or 29 % of the total number of shares in existence. Approval of the annual account s of Ascencio SA and appropriation of profitThe Meeting approved the distribution of a gross dividend of EUR 4.30 per share.The Meeting gave discharge, by separate vote, to the sole statutory direc...
Assemblée générale ordinaire du 31 janvier 2025
Assemblée générale ordinaire du 31 janvier 2025 L'assemblée générale ordinaire du 31 janvier 2025 a approuvé tous les points mis à l’ordre du jour portant principalement sur les comptes annuels clôturés au 30 septembre 2024 d’Ascencio SA. 1.893.843 actions d’Ascencio SA étaient représentées, soit 29 % des actions existantes. Approbation des comptes annuels d'Ascencio SA et affectation du résultat L'Assemblée a approuvé la distribution, à titre de rémunération du capital d’un dividende brut de 4,30 EUR par action.L’Assemblée a donné décharge pour l’exercice de leur mandat à l’administra...
- 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
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