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.
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, ...
Ahold Delhaize's share price is up c. 6% today, driven by the solid 3Q24 results, reporting an underlying EBIT of € 855m (css: € 834m, kbcse: € 856m). The better than expected results were largely driven by good margin improvements in Europe, with the 3.9% margin now being very close to AD's ambition of at least 4%. Note that besides the solid results, the share price performance today is also partially driven by the strengthening of the USD (c. 61% US Sales). Below we summarize the key highligh...
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,...
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,...
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, ...
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...
>Underlying EBIT ahead of consensus, attributable to Europe mainly - Ahold Delhaize reported net sales of € 22,003m in Q3 2024, compared with our forecast of € 22,134m and consensus of € 21,912m. Underlying EBIT came in at € 855m (ABNe: € 851m, consensus: € 837m). Underlying EBIT profitability was 3.9% (ABNe and consensus: 3.8%). Comparable growth amounted to 1.2% in the US (ABNe: 1.3%, consensus: 1.0%), and 1.6% in Europe (ABNe: 1.5%, consensus: 1.0%). Group underlyi...
After spoiling the markets with 8 quarters of appealing topline growth, Fugro disappointed with stalling revenues over 3Q24. The silver lining was that Fugro managed to post margins exceeding expectations and that the backlog discounted 16.8% growth. In our view, the conservative guidance and consecutive earnings beats over the past quarters led to some ambitious estimates in the market ultimately resulting in a (sizeable) earnings miss. Combined with the uncertainty over the US elections and im...
ABI's share price dropped upon the 3Q results release on a combination of weak volumes, bigger than expected negative FX effects weighing on the absolute EBITDA number and a fresh share buyback announcement of which the repurchased shares will not be cancelled. We lowered our normalized EBITDA forecasts for FY24-26 by c. 3-4% but continue to appreciate ABI for its leadership positions in the global beer market, high intrinsic profitability and LT growth prospects in its emerging markets business...
>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...
Atenor guided towards a EUR 150.0m consolidated debt reduction by YE24 vs. YE23. The recent negative share price performance does not reflect this. In this note, we outline the 8 projects that could lead to an EUR 150.0m debt reduction. We also provide a detailed overview of the EUR 403.0m short term (
>Und. EBITDA beat mostly driven by cost savings - Another good set of results for Solvay, with Q3 group revenues of € 1,156m (+1% vs ccs) reflecting +3.9% yoy organic growth mainly as a consequence of lower prices (-4.3% yoy), offset by good volume growth (+8.2% yoy) on the back of much improved comps. Q3 24 underlying EBITDA came in again stronger than expected at € 259m (-9.7% yoy, -0.3% organically), with the delta a.o. driven by the exit from the thermal insulatio...
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...
The abstracts for presentations at ASH (7-10 December) became available yesterday during the day (here). While we may have to wait until the actual conference for the latest datasets, here in this note are some key takeaways for our coverage including updates from Autolus (digging deeper into the obe-cel dataset), Galapagos (more CAR-T data and pre-clinical data on TCR-T) and MaaT (early access program in aGvHD):
3Q uEBITDA was flat organically which was in line with our forecast and c. 4% above consensus, driven entirely by a big beat in the lumpy Corporate line whilst both Basic Chemicals and Performance Chemicals came in below expectations. Solvay now expects to come in at the high end of its FY uEBITDA decline range of -10-15%, supported by additional savings. An interim dividend of € 0.97 has been announced. Solvay is a base chemicals group with leading market and technology positions in the vast ma...
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...
Buildout of US offshore wind capacity is at stake after today's US presidential election, with a win by Donald Trump likely bolstering opposition to the sector and slowing permitting, while a win by Kamala Harris would have continued the Biden administration's goal of building 30 GW by 2030. Once Trump gets into office, we can see an aggressive slowdown or even a pause of further permit reviews or further lease sales. We maintain our positive stance on Deme, although with a lower TP than before...
In this note we come back to the 3Q24 results which were beside the FX headwind decent and showed a return to organic growth. For FY24 we lower our EBITA expectations, due to FX headwinds and lower acquisitional growth. This while the more important organic growth and gross profit margin improved. Our segment overview shows that across regions most end markets improved. We forecast that 4Q24 will be the first quarter to report organic growth in all regions since 3Q22. Furthermore, we highlight t...
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