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Hilde Van Boxstael ... (+7)
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Kristof Samoy
  • Michiel Declercq
  • Sharad Kumar S.P
  • Wim Hoste
  • Wim Lewi
Hilde Van Boxstael ... (+5)
  • Hilde Van Boxstael
  • Michiel Declercq
  • Sharad Kumar S.P
  • Thomas Vranken
  • Wim Lewi
Research Team
  • Research Team

WOOD Daily: EAT PW; EUR PW; CBF PW; MBR PW; ALE PW; VRC PW; TEN PW; PK...

HEADLINES: • AmRest: 3Q24 in line, on a EUR 9m positive one-off NEGATIVE • Eurocash: 3Q24 weak, as expected; FY25E guidance cancelled NEGATIVE • cyber_Folks: 3Q24 results review – 26% yoy adjusted EBITDA growth, 2% above our estimate POSITIVE • Mo-BRUK: 3Q24 EBITDA up 26% yoy, 22-28% above our and the market's expectations POSITIVE • Allegro: 3Q24 EBITDA beat, but yoy decline guided for 4Q24E, due to international operations NEUTRAL • Vercom: 3Q24 results - 28% yoy EBITDA growth, in line with ou...

Martin Marandon-Carlhian ... (+3)
  • Martin Marandon-Carlhian
  • Stephane Houri
  • Steven Boumans

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2024

We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully reflec...

Martin Marandon-Carlhian ... (+3)
  • Martin Marandon-Carlhian
  • Stephane Houri
  • Steven Boumans

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2024

Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété dans ...

Florent Laroche-Joubert ... (+3)
  • Florent Laroche-Joubert
  • Roy Külter
  • Steven Boumans

ODDO : Spain: the PSOE and SUMAR looking to abolish the SOCIMI regime

>PSOE and Sumar spring a surprise in seeking to suddenly abolish the SOCIMI regime - On Monday 11 November, the PSOE reached a tax agreement with its Spanish government ally, “Sumar”, whereby the two parties want to abolish the SOCIMI REIT regime or at least part of its tax advantages. This sudden stance, which surprised Spanish property professionals, is thus different from the position that was presented just last week, namely to “encourage the construction of affor...

Florent Laroche-Joubert ... (+3)
  • Florent Laroche-Joubert
  • Roy Külter
  • Steven Boumans

ODDO : Espagne : le PSOE et SUMAR souhaiteraient abolir le régime SOCI...

>PSOE et Sumar créent la surprise en voulant supprimer soudainement le régime SOCIMI - Ce lundi 11 novembre, le PSOE sont parvenus à un accord fiscal avec son allié au gouvernement espagnol, « Sumar », par lequel les deux partis veulent supprimer le régime SOCIMI ou au moins une partie de ses avantages fiscaux. Cette prise de position soudaine qui a crée la surprise auprès des professionnels de l’immobilier espagnol, diffère ainsi de la position qui était encore mise ...

Research Team
  • Research Team

WOOD Daily: EXAE GA; EME Macro/Strategy – Central Asia and the Caucasu...

HEADLINES: • Athens Exchange Group: set sail to dividend wonderland (BUY - transfer of coverage) • EME Macro/Strategy: Central Asia and the Caucasus – USD 1,000bn GDP by 2030! • EME Macro/Strategy: macro all-in-one – the Year-Ahead issue • Graphisoft Park: 3Q24 – on course for another good year POSITIVE • Bank Handlowy: rather neutral set of 3Q24 results NEUTRAL • Pegasus Airlines: 3Q24 – 22% higher CASKX alleviated by 4% higher RASK and 12% lower fuel CASK (in line with the consensus) • Bank of...

Francesca Ferragina
  • Francesca Ferragina

CTP/ABB set to accelerate investments and growth/BUY

We confirm our positive stance on CTP on the back of strong operational performance. We liked the recent ABB and the implied investment acceleration that is to come over the next 12 months, whether on third party acquisitions or on developments. With this note we update our estimates to reflect the recent results and the additional fresh equity raised. Our €19 Target Price is confirmed.

Research Team
  • Research Team

WOOD Daily: PEO PW; PKO PW; WIZZ LN; BVB RO; TBCG LN; CTPNV NA; AIRA L...

HEADLINES: • Bank Pekao: posts strong 3Q24; one of the cheapest among the Polish banks, but remains hostage to merger risk • PKO BP: 3Q24 results – no major surprises • Wizz Air: 2Q FY25 – small miss, with better fuel, but higher ex-fuel cask than we expected NEUTRAL • Bucharest Stock Exchange: weak 3Q24 results NEGATIVE • TBC Bank: 3Q24 results and conference call POSITIVE • CTP: 3Q24 in line; development-led growth continues NEUTRAL • Air Astana Group: 3Q24 EBITDA up by 10% yoy, exceeding the ...

Jakub Caithaml
  • Jakub Caithaml

WOOD Flash – CTP: 3Q24 in line; development-led growth continues

CTP reached FFO of EUR 0.60/share in 9M24, and management reiterated its FY target of EUR 0.80-0.82/share. Developing at around a 10% yield on cost continues to generate substantial value for shareholders, as we estimate the cost of debt funding at around 4% currently. At 44.9%, the LTV is still among the higher levels in Europe, but falling rates should ease the risk of further yield expansion stretching the leverage.

Olfa Taamallah ... (+3)
  • Olfa Taamallah
  • Thomas Zlowodzki
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 11/06/2024

Our baseline scenario materialised last night: Donald Trump seems to be on course to win the US presidential election, and the choice of the electorate is unlikely to be challenged. He could end up with a majority in both houses of Congress. US equities will be the first to benefit from this development. In European equities, the biggest winners will be Energy, Media, Metals, Construction & Materials, Financial Services and Insurance. More at risk, however, are the Utilities, Spirits,...

Roy Külter ... (+3)
  • Roy Külter
  • Steven Boumans
  • Thomas Zlowodzki
DHL DHL GROUP
AKE ARKEMA ... (+25)

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/06/2024

Our baseline scenario materialised last night: Donald Trump seems to be on course to win the US presidential election, and the choice of the electorate is unlikely to be challenged. He could end up with a majority in both houses of Congress. US equities will be the first to benefit from this development. In European equities, the biggest winners will be Energy, Media, Metals, Construction & Materials, Financial Services and Insurance. More at risk, however, are the Utilities, Spirits,...

Roy Külter ... (+3)
  • Roy Külter
  • Steven Boumans
  • Thomas Zlowodzki
DHL DHL GROUP
AKE ARKEMA ... (+25)

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/11/2024

Notre scénario central s’est concrétisé dans la nuit : Donald Trump remporte la présidentielle américaine, et le choix des électeurs ne devrait pas être contesté. Il pourrait disposer d’une majorité dans les deux assemblées. Les actions américaines en seront les premières bénéficiaires. Sur les actions européennes, les secteurs les plus gagnants seront l’Energie, les Médias, les Métaux, Construction & Materials, Financial Services, Insurance. Sont en revanche plus à risque Utilities, ...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Ahold Delhaize: A strong 3Q24, driven by Europe. CFE: 3Q24 preview - able to keep net profit outlook? CTP: Good results, guidance reiterated. DEME Group: 3Q24 preview - keeping the FY outlook. Exor: Ferrari hitting Chinese wall. IBA: Contract win for E-beam sterilisation solution in the Dominican Republic. Kendrion: 3Q24 preview - harsh end markets but easy comps. Proximus: 2025 price increases on the high side, more asset sales in the pipeline. Solvay: 3Q24 results beat by 4% bu...

Roy Külter ... (+2)
  • Roy Külter
  • Steven Boumans

CTP NV : Q3 2024 results: EPS outlook confirmed, albeit with lower 202...

>Outlook confirmed; strong Q3 deliveries; FY2024 deliveries lower - CTP confirms its €0.80 - €0.82 guidance for FY2024. The FY2024 delivery target is 1.2-1.3m sqm versus previous communicated at the high-end of the 1.0-1.5m official target. Planned 2024 deliveries are 64% pre-let (H1: 51%, Q3 2023 77% and 80%-90% target at delivery). CTP completed 545,000sqm GLA (9M 2024) at a yield on cost of 10.1% in 9M 2024 and 95% let (H1: 328,000, 92% let). Like for lik...

Guy Sips ... (+8)
  • Guy Sips
  • Jacob Mekhael
  • Kristof Samoy
  • Lynn Hautekeete
  • Michiel Declercq
  • Thibault Leneeuw
  • Wim Hoste
  • Wim Lewi

Morning Notes : ABI BB, AD NA, ATEB BB, FUR NA, IBAB BB, JEN BB, SOLB ...

: ABI BB, AD NA, ATEB BB, FUR NA, IBAB BB, JEN BB, SOLB BB, AZE BB, MAAT FP, CTPNV NA, DEME BB

Wim Lewi
  • Wim Lewi

CTP 9m24 Results, Pre-let is progressing, big 4Q24 ahead

Net Rental income grew 15.9% to EUR 488.4m vs. 491.0m expected (KBCS) and benefited from 4.4% lfl growth. The EPRA EPS of 0.60 also comes in line with our expectation of 0.61. The FY24 EPS outlook is confirmed at 0.80-0.82, but now at the lower end due to the ABB in September. The LTV decreased to 44.9% from 46.0% at FY23 end. The Cost of Debt rose to 2.73% from 1.95% (FY23). The occupancy on standing assets decreased 1% to 93% vs FY23 end. Despite 545k sqm deliveries (95% let) over 3Q24, CTP ma...

Research Team
  • Research Team

WOOD Daily: ILRA CZ; MGROS TI; KLKIM TI; FROTO TI; TUPRS TI; THYAO TI;...

HEADLINES: • Ilirija d.d.: ADRs growth pace cools, cost inflation persists (NOT RATED) • Migros: good set of operating results in 3Q24 POSITIVE • Kalekim: strong bottom-line performance in 3Q24 POSITIVE • Ford Otosan: 3Q24 results – quarterly margin improvement tempered by lower export guidance NEUTRAL • Tupras: 3Q24 results – net income beats the consensus; comment on the fire at the Izmit refinery NEUTRAL • Turkish Airlines: 3Q24 – strong cargo and investments offset steep growth in staff cost...

Research Team
  • Research Team

The Rear-View Mirror – EME markets: only the Czech Republic in the bla...

EME Equity Market – October 2024 A red October for the EME indices, only Czechia in positive territory. The MSCI EM Europe Index declined by 6.0% in EUR terms and 8.4% in USD terms in October. The Czech PX index was the only one spared, adding 1.3% mom in EUR terms. Türkiye was battered the most, with the Turkish ISE30 declining by 7.3% mom in EUR terms, followed closely by the Polish WIG20 (-6.7% mom in EUR terms). Greece fell 4.8% mom in EUR terms, while the Hungarian BUX index lost 2.7% mom i...

BRE MBANK SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
MGROS MIGROS TICARET A.S
ARCLK ARCELIK A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ALG ALLEGRO.EU SA
KSPI KASPI KZ
INPST INPOST S.A.
WPS W.A.G PAYMENT SOLUTIONS PLC
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
4071 ARABIAN CONTRACTING SERVICES CO
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
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