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Inmobiliaria Colonial Soc: 1 director

A director at Inmobiliaria Colonial Soc bought 111,423 shares at 5.190EUR and the significance rating of the trade was 100/100. 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 ...

Baptiste Salaville ... (+3)
  • 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...

Baptiste Salaville ... (+3)
  • 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...

Baptiste Salaville ... (+4)
  • Baptiste Salaville
  • Bruno Cavalier
  • Gerardo Ibanez
  • Steven Boumans
Florent Laroche-Joubert ... (+5)
  • 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 ...

Florent Laroche-Joubert
  • Florent Laroche-Joubert

Inmobiliaria Colonial : An attractive entry point vs a broadly solid p...

>Recurring EPS +7% y-o-y in 2023 to € 0.319, beating our forecasts - Colonial has published a solid operational performance for 2023 with recurring EPS of € 0.319 (+7% y-o-y), beating the top of the guidance (i.e. € 0.31) and also above consensus (€ 0.31). EPRA NTA/share was € 9.95 (-15% y-o-y, -8% over 6 months). As in previous quarters, performance continued to be driven by the positive effects of polarisation, particularly on its Paris portfolio:The leasing ac...

Florent Laroche-Joubert
  • Florent Laroche-Joubert

Inmobiliaria Colonial : Un point d’entrée intéressant vs une publicati...

>BPA récurrent 2023 à +7% yoy à 0.319 € au-dessus des attentes - Colonial a publié une solide performance opérationnelle sur 2023 avec un BPA récurrent à 0.319 € (+7% yoy) dépassant le haut de la guidance (i.e. 0.31 €) et au-dessus également du consensus (0.31 €). Son EPRA NTA / action s’établit par ailleurs à 9.95 € (-15% yoy; -8% sur 6 M). Comme pour les précédents trimestres, cette performance reste portée par les effets positifs de la polarisation et plus particul...

Florent Laroche-Joubert ... (+5)
  • Florent Laroche-Joubert
  • Manuel Martin
  • CEFA
  • CREA
  • Steven Boumans

ODDO : The horizon is clearing with a stabilisation, and even decline,...

The stabilisation and even slight decline of interest rates in 2024 represents a catalyst for the sector, and leads us to now favour the players that are the best positioned to execute their growth and/or debt reduction strategy. In this context, we prefer Gecina, URW, CTP, Xior and Aedas Homes. We are making 10 rating changes: we upgrade Covivio, NSI, VGP, Patrizia and Xior to Outperform and Altarea, Deutsche Euroshop and SFL to Neutral. We are downgrading Icade and Mercialys to...

Florent Laroche-Joubert ... (+5)
  • Florent Laroche-Joubert
  • Manuel Martin
  • CEFA
  • CREA
  • Steven Boumans

ODDO : L’horizon s’éclaircit avec la stabilisation des taux d’intérêt,...

La stabilisation des taux d’intérêt, voire éventuellement leur légère baisse courant 2024, constituent un catalyseur pour le secteur et nous amènent à privilégier désormais les acteurs les mieux positionnés pour exécuter leur stratégie de croissance et/ou de désendettement. Dans ce cadre, nous privilégions Gecina, URW, CTP, Xior et Aedas Homes. Nous effectuons 10 changements de recommandation : nous relevons Covivio, NSI, VGP, Patrizia et Xior à Surperformance ainsi que Altarea, ...

Jean Danjou ... (+3)
  • Jean Danjou
  • Oliver Metzger
  • Thomas Zlowodzki

ODDO BHF Small & MIDCAP MORNING NEWS - 10/11/2023

La saison des résultats du T3, qui a vu se succéder de vives sanctions pour les titres qui décevaient les attentes, n’a pourtant jusqu’à présent occasionné qu’une modeste révision baissière du consensus. Les BPA 2023 sont désormais attendus en baisse de 1,1% vs 2022, avec bien entendu des divergences sectorielles importantes. C’est toutefois la baisse des taux, intervenue depuis fin septembre, qui a davantage drivé les performances boursières, à l’instar de la Technology et des Consum...

Jean Danjou ... (+3)
  • Jean Danjou
  • Oliver Metzger
  • Thomas Zlowodzki

ODDO BHF Small & MIDCAP MORNING NEWS - 11/10/2023

The Q3 earnings season, which has seen stocks that have disappointed expectations take a severe pounding, has thus far resulted in only a modest downward revision to the consensus. EPS for 2023 are now expected to be down -1.1% vs 2022, with of course significant divergences between sectors. However, it is the fall in interest rates since the end of September that has driven stock market performances the most, with technology and consumer products & services (including luxury goods) r...

Florent Laroche-Joubert
  • Florent Laroche-Joubert

Inmobiliaria Colonial : A broadly solid operating performance in 9M 20...

>The Q3 operating performance is in line, nonetheless with organic growth of 8% at constant scope in 9M 2023 - Colonial reported yesterday evening a robust operating performance in line with H1 2023, with recurring EPS per share at € 0.238 over 9M23, up +8% y-o-y:The occupancy rate was still up YTD at 97.4% (+168bp YTD, +18bp q-o-q) and reversion rate at +5% over 9M23 (vs +7% in H1 2023): this momentum is due to the brisk leasing business with take-up of 113,285 ...

Florent Laroche-Joubert
  • Florent Laroche-Joubert

Inmobiliaria Colonial : Performance opérationnelle qui est globalement...

>Performance opérationnelle en ligne sur le T3 avec malgré tout une croissance organique à pc de 8% sur 9M23 - Colonial a publié hier soir une performance opérationnelle solide dans la continuité du S1 2023  avec un BPA récurrent / action à 0.238 € sur 9 M 2023 en hausse de +8% yoy :Taux d’occupation toujours en hausse YTD à 97.4% (+168 pb YTD ; +18 pb qoq) et réversion à +5% sur 9M 23 (vs +7% sur le S1 23) : cette dynamique résulte d’une activité locative soute...

Florent Laroche-Joubert
  • Florent Laroche-Joubert

ODDO : Office property in Greater Paris: central location and scarcity...

>Rental market: polarisation on Centre West Paris even stronger - The market data published on Friday by Immostat on office property in Greater Paris (cf. tables on the following page) shows the continued polarisation in favour of offices in Centre West Paris but also a resumption of major rental transactions:Immediately available supply (+3.1% q-o-q for the region as a whole) fell by 4.8% q-o-q in Centre West Paris, whilst it was stable in the rest of Paris and ...

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