Shurgard announced the acquisition of Prime Self-Storage in Germany for EUR 100.0m (asset deal) that will add 24 kSqm at 7% yield. In our recent company note, we highlighted that additional M&A would continue during the Lock'nStore integration period till 2026. However, we counted on NL and FR for additions as GE already absorbed the Top Box's (Oct. 23) and the Pickens portfolio (Mar. 24). Now, SHUR reinforces its nr2 position in GE and will achieve the top spot by 2026 at the latest. Myplace...
ING Benelux Conference London: Aalberts, Arcadis, Azelis, Barco, Basic-Fit, Brunel International, DEME Group, Euronext, Fagron, Heijmans, Kinepolis, Lotus Bakeries, Melexis, Ontex, Randstad, Recticel, SBM Offshore, TKH Group, Van Lanschot Kempen Other company stories - OCI: Divestment of Methanol to Methanex for US$2.05bn, Staffing: US August temp volumes marginally better trend; NFP jobs miss
In this September update of our Dynamic Top Pick List we make 4 changes. •We include Cofinimmo in our Dynamic Top Pick List after our recent upgrade from Accumulate to Buy. We expect the name to outperform in a decreasing interest rate environment given its relatively high leverage and cheap valuation. We also believe the risk of a dilutive equity raise eased when the FY24 capex decreased from € 320m to € 250m. The management stays disciplined in its capex program and continues to focus on asse...
One can't bake an omelette without breaking eggs. Shurgard aims to be a market leader in each of its markets and cracking the UK will take some pain. We believe the relative high valuation in the past was justified as SHUR delivered consistent above market growth from its platform through its development pipeline. Market share and occupancy% are 2 important levers for a platform's profitability. In this note, we integrated the Lock'nStore (LnS) pipeline into our model. The own developments and ...
We fine-tune our model post 1H24, leaving our target price unchanged. While the short-term outlook is uncertain, the stock is in our view pricing in no recovery in attendance, at 70% of pre Covid levels, achieved in 2023, and no M&A. We still see an attractive upside/downside risk for patient investors, thanks to content normalisation and a related restart in material M&A deals.
After weak 1Q orders, the stock lost 13% and did not recover post 2Q, despite the guidance increase, very strong 2Q orders (2x 1Q24) and pipeline, +44% YoY, on new product ViaMap taking off. We see an attractive entry point into a mid-high single digit growth story that deserves a rerating, trading at 7x EV/EBIT, 10% FCF yield, with a solid track record of management beating its guidance. EVS transforms from a one trick pony, the replacement cycle of XT servers, into a provider of digital workfl...
UCB divests its mature product portfolio in neurology (Keppra, Vimpat, Neupro) and allergy (Zyrtec, Xyzal) in China to CBC Group and Mubadala Investment Company for $ 680m. The divestment will create a new leading neurology company that operates at scale in China, as UCB's strategy for the country evolves toward a stronger focus on innovation and partnerships. We deem the transaction as a logical route forward in China at a seemingly fair price and reiterate our € 161 TP and Hold rating.
Hollywood strike weighed a little more than we expected on Kinepolis' 1H24 visitor numbers (-16.7% y/y at 14m), but Kinepolis Group highlighted that line-up for the rest of the year is promising. We updated our model and lower our Target Price from € 53 to € 50 as Kinepolis had, as expected, a challenging first half of the year, with even fewer visitors than we expected due to a poor blockbuster offering. Recall that the long strike in 2023 in Hollywood prevented a return to the rich film off...
Hollywood strike weighs on Kinepolis’ visitor numbers in first half of 2024, but line-up for the rest of the year is promising Hollywood strike weighs on Kinepolis’ visitor numbers in first half of 2024, but line-up for the rest of the year is promising Regulatory release 22 August 2024, 7:00 am CET Kinepolis had a challenging first half of the year, as expected, with fewer visitors due to a poor blockbuster offering. Last year's long strike in Hollywood prevented a return to the rich film offering from before the pandemic, but improvement is heralded. Since June, a turnaround has begun ...
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