reports
Wereldhave Nv: 2 directors
Two Directors at Wereldhave Nv bought 50,425 shares at 13.100EUR. The significance rating of the trade was 89/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
- Francesca Ferragina
Wereldhave/French asset disposals first, growth to follow/HOLD
1Q24 started with 2.2% YoY LFL net rental growth, below the 5% FY target. Decelerating inflation and the settlement of some service charges impacted this performance which, based on management expectations, is set to improve in the coming quarters. We think that 4% LFL looks more realistic for 2024. That said, the bottom-line guidance of a €1.75 direct result per share is consistent with our numbers. We have fine-tuned our estimates to now incorporate a first French disposal by year end and a se...
Wereldhave announces reappointment of Supervisory Board member Hein Br...
Wereldhave announces reappointment of Supervisory Board member Hein Brand at Annual General Meeting of Shareholders Wereldhave is pleased to announce the reappointment of Mr. Hein Brand as member of the Supervisory Board, as approved by the Annual General Meeting of shareholders (AGM) of Wereldhave N.V. In his role as Vice President of the Supervisory Board and Chairman of the Audit Committee, Mr Brand will continue to provide valuable leadership and guidance to the company for a period of two years, ending at the Annual General Meeting in April 2026. Full voting results of t...
- Jean-François Granjon
VAC PIERRE & VACANCES SA
EVT EVOTEC SE
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
WHA WERELDHAVE N.V.
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
ALCAR CARMAT SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
BB SOCIETE BIC SA
NEX NEXANS SA
CTAC CTAC N.V.
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
SEFER SERGEFERRARI GROUP SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
TKO TIKEHAU CAPITAL SCA
ALKAL KALRAY SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
BAR BARCO NV
OVH OVH GROUPE
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
- Jean-François Granjon
VAC PIERRE & VACANCES SA
EVT EVOTEC SE
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
WHA WERELDHAVE N.V.
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
ALCAR CARMAT SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
BB SOCIETE BIC SA
NEX NEXANS SA
CTAC CTAC N.V.
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
SEFER SERGEFERRARI GROUP SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
TKO TIKEHAU CAPITAL SCA
ALKAL KALRAY SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
BAR BARCO NV
OVH OVH GROUPE
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
- ING Helpdesk
Benelux Morning Notes
ASM International: 1Q24 results - better on all fronts. Heineken: Uphill from here. KPN: 1Q24 in line, guidance slightly increased on Youfone acquisition. Melexis: 1Q24 results in line a relief. Universal Music Group: Spotify 1Q24 Results and guidance beat on margins. Vopak: Good progress to start the year. Wereldhave: 1Q24 LFL slows sharply
- Gerardo Ibanez
- Steven Boumans
Wereldhave : Q1 2024 results: Strong revaluations in Belgium, DRPS out...
>FY2024 outlook reiterated, positive operational momentum - FY2024 outlook of direct result per/sh (DRSP) reiterated at € 1.75Yesterday Wereldhave Belgium (66% owned by Wereldhave) reported an increase of the fair value of the investment property portfolio by +4.1% compared to YE2023, stemming from FSC completions and increased market rents (ERV), while capital expenditures were limited.Like-for-like growth portfolio of 2.2% (FY2023: 7.9%). Occupancy to 95....
Wereldhave Trading update Q1 2024
Wereldhave Trading update Q1 2024 Full Service Center footfall continues to power ahead: 10% above Q1 2023Retail sales +5%, well above inflationPolarizing leasing market in the Benelux with several expanding formulas but also some bankruptciesLeasing spreads in the Netherlands moving into positive territoryRent collection >97% underpinning tenant qualityLTV improved to 41.5% due to positive Belgian revaluations (ERV driven) and targeted CAPEXUpdate on short-term strategic focus: rotating capital out of the Netherlands to further reduce LTVFull Service Center Sterrenburg awarded with the 202...
- Amal Aboulkhouatem
Wereldhave - Resilient trading update despite one-offs
Rental income emerged at EUR 41.9m, up +9% YoY. On an LfL basis, net rents are up +2.2% YoY. Occupancy is slightly down over the quarter at 95.3% (down 50bps over the quarter).Direct results landed at EUR 21.4m, down -4% YoY (-10.9% on a per-share basis at EUR 0.41) impacted by one-offs (refinancing and settlements of service charges).The company maintains its guidance of a DRPS at EUR 1.75 per share based on a LfL growth of 5%.We sustain our ‘Hold' rating.
- Baptiste Salaville
- Jerôme Bodin
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 18/03/2024
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
COV COVIVIO SA
BFIT BASIC-FIT NV
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
DEC JCDECAUX SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
WBD WEBUILD S.P.A.
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MDM MAISONS DU MONDE SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Baptiste Salaville
- Jerôme Bodin
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 03/18/2024 Date Performance sin...
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
COV COVIVIO SA
BFIT BASIC-FIT NV
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
DEC JCDECAUX SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
WBD WEBUILD S.P.A.
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MDM MAISONS DU MONDE SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Baptiste Salaville
- Bruno Cavalier
- Gerardo Ibanez
- Steven Boumans
BMW BAYERISCHE MOTOREN WERKE AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
SSAB A SSAB AB CLASS A
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
01913 PRADA S.P.A.
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
NN NN GROUP N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HLAG HAPAG-LLOYD AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Florent Laroche-Joubert
- Manuel Martin
- CEFA
- CREA
- Steven Boumans
ODDO : Shifting sands at La Croisette: A recap from MIPIM 2024
>The direct investment market is still muted today, but we think real estate markets could reignite after seeing the first interest rate cuts - We visited the annual real estate conference MIPIM in Cannes last week. Although the weather was great, the mood in the investment market was still a bit muted. The changes in the real estate market leaves many investor uncertain today. It is still too early to see transactions to go up materially and pricing recovery in the ...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
Wereldhave publishes its Integrated Annual Report 2023 and the convoca...
Wereldhave publishes its Integrated Annual Report 2023 and the convocation and agenda for the Annual General Meeting of Shareholders Today, Wereldhave N.V. publishes its Integrated Annual Report 2023 and the convocation and agenda for the Annual General Meeting of Shareholders (AGM), to be held at H’ART Museum, Amstel 51, 1018 DR Amsterdam, on Wednesday 24 April 2024 at 11:00 CEST. The Integrated Annual Report 2023, including the ESEF* package, is available on The full agenda including annexes is published on under ‘Investors / Meetings / General Meeting of Shareholders’. Notif...
- Emmanuel Matot
NK IMERYS SA
SOP SOPRA STERIA GROUP SA
EO FAURECIA SA
F3C SFC ENERGY AG
POM PLASTIC OMNIUM SE
ALCLA CLASQUIN SA
GXI GERRESHEIMER AG
ISS ISS A/S
WHA WERELDHAVE N.V.
ISP INTESA SANPAOLO S.P.A.
ERA ERAMET SA
GLB GLANBIA PLC
INH INDUS HOLDING AG
KRN KRONES AG
WIE WIENERBERGER AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
VGP VGP NV
ASS APPLUS SERVICES S.A.
FFARM FORFARMERS
HOME NEINOR HOMES SA
VRLA VERALLIA SAS
- Emmanuel Matot
NK IMERYS SA
SOP SOPRA STERIA GROUP SA
EO FAURECIA SA
F3C SFC ENERGY AG
POM PLASTIC OMNIUM SE
ALCLA CLASQUIN SA
GXI GERRESHEIMER AG
ISS ISS A/S
WHA WERELDHAVE N.V.
ISP INTESA SANPAOLO S.P.A.
ERA ERAMET SA
GLB GLANBIA PLC
INH INDUS HOLDING AG
KRN KRONES AG
WIE WIENERBERGER AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
VGP VGP NV
ASS APPLUS SERVICES S.A.
FFARM FORFARMERS
HOME NEINOR HOMES SA
VRLA VERALLIA SAS
- Gerardo Ibanez
- Steven Boumans
Wereldhave : Why Wereldhave’s external growth is not well understood a...
>FY2023 report message not well understood - Wereldhave reported its FY 2023 results last week, where we hosted the company’s management roadshow after. At the day of the results, Wereldhave’s stock reacted negatively. Although results were broadly in line, we think the market was spooked by 1) removal of the 2023-2027 4% EPS CAGR replaced by a 1% EPS growth for FY2024 and flat for FY 2025: 2) the message of external growth, while the stock trades at low multiples inc...
- Gerardo Ibanez
- Steven Boumans
- Gerardo Ibanez
- Steven Boumans
- ING Helpdesk
Benelux Morning Notes
ABN Amro: 4Q23 Preview. New targets, capital distribution strategy. BAM: Preview: 2023 should be fine, focus on 2024. IBA: Pantera signs first agreement for the supply of Actinium-225 with Bayer. Randstad: 4Q23 results in line with consensus; 3% beat vs INGF. Wereldhave: Good results, a JV and/or new countries might come. Results Calendar
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