reports
- 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
- Jean Danjou
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
FR VALEO SE
BON BONDUELLE SCA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
BPOST BPOST SA
EDR EDREAMS ODIGEO SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
TLGO TALGO SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
CASH PROSEGUR CASH SA
BFSA BEFESA SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
EXN EXCLUSIVE NETWORKS SA
SPM SAIPEM S.P.A.
ENER GRUPO ECOENER S.A.
- Ignacio Romero
LAR ESPAÑA: FY2023 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'23 vs. 4Q'22 Results Ordinary Income: € 21.86 M (+12.1% vs. +10.3% BS(e)); FY2023 vs. FY2022 Results Ordinary Income: € 91.36 M (+9.3% vs. +8.9% BS(e)); EBITDA: € 65.4 M (+9.0% vs. +16.6% BS(e)); Adjusted Net Profit: € 56.7 M (+40.5% vs. +28.9% BS(e));
- Jean Danjou
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
FR VALEO SE
BON BONDUELLE SCA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
BPOST BPOST SA
EDR EDREAMS ODIGEO SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
TLGO TALGO SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
CASH PROSEGUR CASH SA
BFSA BEFESA SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
EXN EXCLUSIVE NETWORKS SA
SPM SAIPEM S.P.A.
ENER GRUPO ECOENER S.A.
- Gerardo Ibanez
- Steven Boumans
Lar España : FY 2023 results: In line earnings, off to a record year o...
>In line earnings and solid operational performance, fair values declined by -2.4% - Yesterday before markets closed, Lar España reported its FY2023 figures presenting a solid set of results align with our estimates on the EPRA EPS, EPRA NTA stood slightly weaker upon the negative fair value declines. From today’s results, we highlight the following:Solid operational performance. Lfl – gross rental growth stood at 16.3% (vs. 6.9% in FY 2022). Occupancy improved...
- Ignacio Romero
LAR ESPAÑA: RDOS. 2023 (ANÁLISIS BANCO SABADELL)
Rdos. 4T'23 vs 4T'22: Ingresos ordinarios: 21,86 M euros (+12,1% vs +10,3% BS(e)). Rdos. 2023 vs 2022: Ingresos ordinarios: 91,36 M euros (+9,3% vs +8,9% BS(e)); EBITDA: 65,4 M euros (+9,0% vs +16,6% BS(e)); BDI ajustado: 56,7 M euros (+40,5% vs +28,9% BS(e)).
- 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...
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
- 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, ...
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
- Gerardo Ibanez
- Steven Boumans
Lar España : Renaissance for Spanish malls: charging forward like a bu...
Lar España has successfully rotated assets over the past five years. On the back of the company’s latest announcements and its expressed willingness to continue on this path, we remain confident about its ability to reach its goals while Lar España continues to see a resilient and strong operational performance regarding its portfolio, which should support the company’s activities. We still find its current discount to NAV unjustified, given the good occupier trends seen in its p...
- Ignacio Romero
LAR ESPAÑA: 9M’23 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'23 vs. 1Q'22 Results Rental revenues: € 22.3 M (+5% vs. +8% BS(e)); EBITDA: € 16.7 M (-2% vs. +1% BS(e)). 9M'23 vs. 9M'22 Results Rental revenues: € 69.5 M (+13% vs. +14% BS(e)); EBITDA: € 49.7 M (+14% vs. +15% BS(e)); Net Profit (ex-asset revaluation): € 62.5 M (+129%).
- Ignacio Romero
LAR ESPAÑA: RDOS. 9MESES’23 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'23 vs 3T'22: Ingresos por rentas: 22,3 M euros (+5% vs +8% BS(e)); EBITDA: 16,7 M euros (-2% vs +1% BS(e)). Rdos. 9meses'23 vs 9meses'22: Ingresos por rentas: 69,5 M euros (+13% vs +14% BS(e)); EBITDA: 49,7 M euros (+14% vs +15% BS(e)); BDI (ex reval activos): 62,5 M euros (+129%).
- Research Department
IBERIAN DAILY 24 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, LAR ESPAÑA. The Ibex returns to 9,900 points European stock markets saw slight gains in a session where debt yields widened and the macroeconomic environment in the euro zone continues to slow down despite the slight improvement in November’s PMI data. Thus, in the STOXX 600 Energy and Banks led gains, whereas Travel&Leisure and Autos ended with the biggest drops. On the macro side, in the euro zone, November’s preliminary manufacturing and services PMI recovered more than e...
- Matthew Read
- Richard Williams
Lar España Real Estate - Defying the retail gloom
Lar España Real Estate continues to defy the doom and gloom surrounding the retail sector, posting strong financial and operational numbers. The value of its Spanish shopping centre and retail park portfolio has been stable despite higher interest rates – thanks in large part to extraordinary rental growth within its portfolio (gross rental income was up 16.4% over the first half of 2023). Retail sales within its portfolio totalled more than half a billion euros in the first six months of the y...
- Matthew Read
- Richard Williams
Lar España Real Estate - Defying the retail gloom
Lar España Real Estate’s manager says that the company’s strong financial and operational numbers show that it continues to defy the doom and gloom surrounding the retail sector. The value of its Spanish shopping centre and retail park portfolio has been stable despite higher interest rates – thanks in large part to rental growth within its portfolio (gross rental income was up 16.4% over the first half of 2023). Retail sales within its portfolio totalled more than half a billion euros in the f...
- Ignacio Romero
- Ignacio Romero
- Research Department
INFORME DIARIO 22 MAYO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: FERROVIAL, LAR ESPAÑA, UNICAJA. EUROPA: ADIDAS, SANOFI. La incertidumbre en torno al techo de deuda en EE.UU. marcó el ritmo de las bolsas El tono alentador sobre la resolución del techo de la deuda en EE.UU., donde las posturas van poco a poco acercándose, marcó el transcurso de la semana, dejando subidas c. al +2,0% en el Euro STOXX 50 y próximo a niveles técnicos en la zona de los 4.400 puntos. El Dax terminó con avances también cercanos al +2% ...
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