reports
- Lynn Hautekeete
Warehouses Estates Belgium 3Q24 trading update: results in line
Warehouses Estates Belgium reported yesterday evening its 3Q24 trading update. The trading update is in line with our increased estimates. As a reminder we increased our FY24 and FY25 estimates by 2% and 6% respectively on the back of higher operational efficiency and positive rental reversion reported in the 1H24 results. The 3Q24 trading update contains little new information. The occupancy rate is flat vs 2Q24. There is a small fair value uplift in 3Q24 of EUR 3.0m indicating fair value corre...
- Lynn Hautekeete
Warehouses Estates Belgium 1H24 results: strong operations, increased ...
Yesterday evening Warehouses Estates Belgium reported 1H24 results slightly above our expectations. Rental income was 3.4% higher than initially expected due to a recovery in occupancy rate and further divergence of contractual rents vs ERV's (Estimated Rental Value). WEB demonstrates cost control despite new expenses related to the EUR 15.5m acquisitions in 1H24 and improved (EPRA+ESG) reporting. Its operating margin increased from 65.3% to 69.8%. The EPRA earnings came in in line with our expe...
- Lynn Hautekeete
Warehouses Estates Belgium 1Q24 results reporting in line
Warehouses Estates Belgium reported 1Q24 results last night in line with our expectations. Gross rental income came in at EUR 5.9m vs EUR 5.8m KBCSe, +7.8% YoY. EPRA earnings increased to EUR 2.7m vs EUR 2.8m exp. The occupancy rate increased by 150 bps which underlies the strong fundamentals of out-of-town retail real estate. In 1Q24 WEB announced a CiK at EUR 41.48 per share. It concerns 2 buildings for which a total of 336.5m new shares have been issued (approval in 2Q24). Hence this transact...
- Vincent Koppmair
W.E.B. - Q1 2023 - Rents up, earnings down
Gross rent up 7.8% YoY at EUR 5.9m, but EPRA EPS down -2.3%LTV decreases to 46.5% (-83bps) but cost of debt increases to 3.39%.EPRA NTA increases by 1.1% to EUR 53.2 per share.We reiterated our ‘Hold' rating and EUR 39.50 TP.More details in our Note published this morning
- Lynn Hautekeete
- Wim Lewi
Real Asset Conference Soundbites 19-20 March 2024
This note gathers feedback from the group meetings and the break-out sessions. In total 23 companies presented in group meetings and/or break-out sessions. More than 100 guests found their way to the venue and some more followed virtual meetings. Physical attendance is clearly on the rise after the COVID disruption. Investing remains a people's business. The 4 break-out sessions made for informative additions to the C-level meetings and a nice platform for discussion. Tuesday morning concentrate...
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
RET RETAIL ESTATES NV
ELI ELIA GROUP SA/NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Wim Lewi
KBCS Real Assets Conference Book 2024
This conference book is your guide to the KBCS Real Assets Conference 2024. It offers a program, an intro to the break-out sessions and company profiles with financial data and some useful info. The break-out sessions aim to educate and contemplate on certain trends. Last year we hosted “Energy as a business”. This year, we offer 4 break-outs on hot topics.
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
RET RETAIL ESTATES NV
ELI ELIA GROUP SA/NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
FAST FASTNED
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Lynn Hautekeete
Warehouses Estates Belgium FY23 results in line with our expectations
Warehouses Estates Belgium reports FY23 results in line with our expectations. The EPRA earnings are 9.1% higher than the initial outlook given at FY22 results. The EUR 12.7m outlook given for FY24 is 2.4% lower than our expectations but we keep our estimates given the conservative outlook of the previous years. The occupancy rate remains high and the portfolio is resilient for cap rate increases. The debt ratio is high at 47.5% but with a strong reference shareholder this risk is mitigated. Thi...
- Vincent Koppmair
W.E.B. - FY23 - Solid results and positive outlook
Net rents are up 10.4% YoY, landing at EUR 22.6m.Occupancy ratio slightly down to 96.4%. LTV increases to 47.3%.EPRA EPS lands at EUR 3.80/share, flat YoY. Management proposes aDPS of EUR 3.35/share, implying an 8.9% on latest close.We reiterate our ‘Hold rating and EUR 39.50 TP.More details in our Note published this morning
- Lynn Hautekeete
Warehouses Estates Belgium Model update after CiK, pending approval at...
Warehouses Estates Belgium announced a contribution in kind this week contingent on approval at the EGM of 23/04/2024. If approved, 336.545 new shares will be issued at a fixed price of EUR 41.48 per share. The fixed price is approx. 13% above the 30-day moving average and 22% below the YE23 NTA. The assets are acquired from the Wagner family which is the largest shareholder of WEB. The deal lowers our debt-to-assets ratio by 2.1% and increases our FY24/FY25 EPRA earnings estimates by 4% and 8%...
- Vincent Koppmair
W.E.B. - EUR 13.9m capital increase in CIK
• EUR 13.9m capital increase in CIK for 4 new assets in total.• Issue price at EUR 41.48 for a total of 336,545 new shares. 13% premium to latest close, 22% discount to end 2023 NAV per share.• Initial yield stands at 8.6% (7.9% incl. transfer tax) but doesn't include potential ESG capex.• We reiterated our ‘Hold' rating & EUR 39.50 TP.• WEB will publish FY23 results on 22 March.
- Lynn Hautekeete
Warehouse Estates Belgium A WEB of 3 different real-estate segments
We initiate coverage on Warehouse Estates Belgium (WEB) with an ACCUMULATE recommendation and a EUR 39.0 TP. We believe the stock is slightly undervalued at a forward looking P/E multiple of 9.1x . A recent acquisition of approx. EUR 14.9m (from the Wagner family) pushed the debt-to-assets (DTA) ratio upwards by 2.5%. Therefore the DTA crosses the 50% mark in our FY24 estimates. With a strong reference shareholder like the Wagner family we believe the legal and credit risk is mitigated. However...
- Vincent Koppmair
W.E.B. - High dividend yield, but also high leverage
Based on our recent Real Estate report 'Are you ready to step in?' we adjust our estimates for WEBWe finetune our estimates following the Q3 results, and mainly increase our interest expense estimates impact 2023e & 2024e figures.We expect debt ratio to remain stable over the next couple of years.We reiterate our ‘Hold' rating but increase our TP to EUR 39.50 (+0.50).More details in our Report published this morning
- Vincent Koppmair
- Vincent Koppmair
W.E.B. - H1 2023 - In line with expectations
Gross rents are up 10.5% YoY but net rents up 9.5% at EUR 11.1m.Occupancy decreased slightly to 95.9% (-120 bps vs. December end). Leverage increased to 46.8% (+170 bps vs. December end).Direct EPS at EUR 1.69/share.We reiterate our ‘Hold' rating and EUR 39.00 TP.More details in our Note published this morning
Warehouses Estates Belgium S.A.: 1 director
A director at Warehouses Estates Belgium S.A. bought 9,000 shares at 36.000EUR and the significance rating of the trade was 56/100. 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 ...
- Vincent Koppmair
W.E.B. - Slow and steady wins the race
We adjust our estimates following the strong FY22 and incorporating the latest acquisition of Espace 98 in May.In line with our study, we increase the WACC to 8.1%, we also assume a slight portfolio revaluation, and higher interest expenses in 2024e as we expect still strong hedging in 2023.We reiterate our ‘Hold' rating but decrease our TP to EUR 39.0 (from EUR 43.0).More details in our Note released this morning
SES : Good Q2, augurs well for H2. But caution on video arm in the med...
>A particularly solid Q2 - Revenues 2.4% ahead of forecasts. Q2 2018 revenues were down 0.5% l-f-l (vs -4.9% in Q1). The decline in revenues for the video business was less marked in Q2 (-1% vs -3.6% in Q1), with stability in Europe, but a tough market in the US and emerging markets. The pace of growth for network revenues accelerated (12.7% in Q2 vs +8.5% in Q1), with growth remaining robust for the mobility business (30% y-o-y) and especially an acceleration in the ...
SES : Bon T2, augurant d’un bon S2. Mais prudence sur la Vidéo à m...
>T2 particulièrement solide - CA 2.4% au-dessus des attentes. Le CA du T2 2018 ressort en baisse de 0.5% à périmètre et tcc (vs -4.9% au T1). Le CA Vidéo est en recul moins prononcé au T2 (-1% vs -3.6% au T1), avec une stabilité en Europe, mais un marché difficile aux US et dans les émergents. Le CA Réseaux accélère sa croissance (12.7% au T2 vs +8.5% au T1), avec une croissance toujours soutenue en Mobility (30% yoy) et surtout une accélération de la croissance en Go...
- Ahmed Ben Salem
- Anis Zgaya
- Benoit Valleaux
- Bruno Cavalier
- Fatma Agnès Hamdani
- Louis Boujard
- CFA
- Pierre Tegner
- Sven Edelfelt
- Yan Derocles
SGO COMPAGNIE DE SAINT-GOBAIN SA
PROX PROXIMUS SA DE DROIT PUBLIC
NK IMERYS SA
BN DANONE SA
RNO RENAULT SA
ILD ILIAD
WEB WAREHOUSES ESTATES BELGIUM S.C.A.
ISP INTESA SANPAOLO S.P.A.
BBVACOL BBVA COLOMBIA
HEIO HEINEKEN HOLDING N.V.
AMS AMADEUS IT GROUP SA CLASS A
BPOST BPOST SA
CABK CAIXABANK SA
ECL. ENGIE ENERGIA CHILE SA
PHG. KONINKLIJKE PHILIPS
UCG UNICREDIT S.P.A.
VINCIT VINCIT GROUP OYJ
LHBL LAFARGEHOLCIM BANGLADESH
D4G DOWNING FOUR VCT GENERALIST ORD 0.1P
A2DT0B EUROFINS CEREP
- Ahmed Ben Salem
- Anis Zgaya
- Benoit Valleaux
- Bruno Cavalier
- Fatma Agnès Hamdani
- Louis Boujard
- CFA
- Pierre Tegner
- Sven Edelfelt
- Yan Derocles
SGO COMPAGNIE DE SAINT-GOBAIN SA
PROX PROXIMUS SA DE DROIT PUBLIC
NK IMERYS SA
BN DANONE SA
RNO RENAULT SA
ILD ILIAD
WEB WAREHOUSES ESTATES BELGIUM S.C.A.
ISP INTESA SANPAOLO S.P.A.
BBVACOL BBVA COLOMBIA
HEIO HEINEKEN HOLDING N.V.
AMS AMADEUS IT GROUP SA CLASS A
BPOST BPOST SA
CABK CAIXABANK SA
ECL. ENGIE ENERGIA CHILE SA
PHG. KONINKLIJKE PHILIPS
UCG UNICREDIT S.P.A.
VINCIT VINCIT GROUP OYJ
LHBL LAFARGEHOLCIM BANGLADESH
D4G DOWNING FOUR VCT GENERALIST ORD 0.1P
A2DT0B EUROFINS CEREP
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