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Francesca Ferragina
  • Francesca Ferragina

Xior Student Housing/A focus on growth/BUY

Xior organised interesting Capital Market Days in Copenhagen and Malmo this week. We had the chance to visit 3 assets (part of the Basecamp deal). Various presentations focused on 9M results, the Danish market and the student housing market in general. The current strategy focus in on internal growth, via price management. With a significant shortage of housing in the market and inelastic demand, we think organic growth will continue to be robust in 2025. There is a generally positive attitude t...

Hilde Van Boxstael ... (+6)
  • Hilde Van Boxstael
  • Michiel Declercq
  • Sharad Kumar S.P
  • Thibault Leneeuw
  • Thomas Couvreur
  • Wim Lewi
Jørgen Lian
  • Jørgen Lian

CMB.TECH (Hold, TP: USD14.10) - Diversification at a cost

CMB.TECH’s diversified and ‘future-proof’ approach may prove attractive in steadily managing shipping cycles, changing fundamentals and stricter environmental regulations. However, diversification also comes at a price, and its heavy newbuild programme is straining its balance sheet and the outlook for dividends. Thus, we currently see greater upside potential in its pure crude tanker peers. We reiterate our HOLD and have lowered our target price to USD14.1 (16.3).

Wim Lewi
  • Wim Lewi

Xior CMD Feedback, Basecamp DNA is an upgrade for Xior

Xior invited us to Copenhagen and Malmo to visit 3 properties out of the ex-Basecamp portfolio and presentations on other regions. The Basecamp deal transforms the DNA of Xior that can be replicated on a large part of the old portfolio. It also serves as an integration platform for acquisitions. While the timing of the deal hurt the company badly, there is an amount of goodwill (knowledge) that can be further monetized in higher rents and margins. The Basecamp “by Xior” platform caters largely ...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Aalberts: Building already bottoming, industry tough. Air France-KLM: Nobody helps. Alfen: Covenant agreement, hikes output Smart Grid. AMG: Sweet for 2024F, sour for 2025F. ArcelorMittal: 3Q24 EBITDA beats by 6%, FCF solid. BAM: 3Q beats, on its way to reach FY guidance. CMB.TECH: 3Q and FY24 reasonable but then more challenges. D'Ieteren: EGM and dividend dates announced; Belron US peer Boyd disappointing 3Q24. GBL: Double-digit TSR expected over 2024-27F. KBC: 3Q better acro...

Hilde Van Boxstael ... (+8)
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Kristof Samoy
  • Lynn Hautekeete
  • Sharad Kumar S.P
  • Thibault Leneeuw
  • Thomas Couvreur
  • Wim Hoste

Morning Notes : AALB NA, ADYEN NA, CPINV BB, CMBT BB, GBLB BB, MDXH BB...

: AALB NA, ADYEN NA, CPINV BB, CMBT BB, GBLB BB, MDXH BB, TESB BB, ALFEN NA

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 ...

Guy Sips ... (+11)
  • Guy Sips
  • Jacob Mekhael
  • Kristof Samoy
  • Lynn Hautekeete
  • Michiel Declercq
  • Sharad Kumar S.P
  • Thibault Leneeuw
  • Thomas Couvreur
  • Thomas Vranken
  • Wim Hoste
  • Wim Lewi

Dynamic Top Pick List Update November 2024 – Adding Azelis – Removing ...

With 2 changes in our Dynamic Top Pick list (we add Azelis and we remove Solvay) we maintain a defensive stance on the market for 2H24. The long anticipated interest rate cuts by central banks have finally started. The Trump election victory in the US does not bode well for European stocks as he favours a protectionist course. Although industrial companies with a US base could actually benefit. Cleantech names with exposure to the US could also suffer (unless owned by E.Musk). We expect the US ...

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...

Jean-François Granjon ... (+2)
  • Jean-François Granjon
  • Thomas Zlowodzki

ODDO BHF Small & MIDCAP MORNING NEWS - 10/30/2024

The outcome of the US presidential election hangs in the balance, but the momentum seems to be with Donald Trump since the beginning of October: the candidate is now in the lead in six of the seven swing states, has just overtaken Kamala Harris in the national vote while 63% of punters are tipping him to win. We recap in the present note on the European stocks to play or avoid in the event of Donald Trump's victory and have also listed European stocks with a production base in the US,...

Jean-François Granjon ... (+2)
  • Jean-François Granjon
  • Thomas Zlowodzki

ODDO BHF Small & MIDCAP MORNING NEWS - 30/10/2024

Le scrutin présidentiel US reste incertain, mais le momentum semble être du côté de Donald Trump depuis début octobre : le candidat est désormais en tête dans 6 des 7 swing states, vient de dépasser Kamala Harris dans le vote national et est donné gagnant à 63% chez les parieurs. Nous rappelons les valeurs européennes à privilégier ou à éviter en cas de victoire de Donald Trump, et avons également listé les valeurs européennes ayant une base de production aux US, par nature moins expo...

Robert Jan Vos
  • Robert Jan Vos

Corbion N.V. : Mostly a strong Q3 2024 update; TP raised to € 32; Outp...

>Q3 2024 sales and EBITDA ahead of consensus by 5% and 4%, respectively - Corbion’s sales and EBITDA came in 5% and 4%, respectively, higher than consensus. Sales came in much better than expected in Health & Nutrition, to which all sub-segments (Nutrition, Pharma and Biomedical) contributed. In Functional Ingredients & Solutions, the strong volume growth was encouraging, attributable to the Food segment. As expected, Biochemicals (semiconductors and agrochemicals) re...

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