reports
- Soomit Datta
WLN (Neutral, TP: EUR8.5, +30%) NEXI (Neutral, TP: EUR7.2, +20%) ADYEN...
It’s tough times in European payments for Nexi and, in particular, Worldline. Market conditions aren’t helping (though volume growth at V/MA is pretty robust), structural share loss is more the issue (including to Adyen). It’s hard to see this picture unwinding any time soon – and hard to get behind the stocks on a structural basis. Following three profit warnings this year, however, the equity to watch is Worldline.
Worldline: 1 director
A director at Worldline bought 15,250 shares at 6.521EUR and the significance rating of the trade was 60/100. 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 two years clearly show...
- Christophe Chaput
- Florent Laroche-Joubert
- Steven Boumans
ODDO : The recovery is only beginning and the best is yet to come
The rate cut carried out and yet to come (ECB: -125bp to -150bp to come by end-2025e) is a real driver for listed real estate and creates the conditions enabling it to outperform. In this context, we are lifting 23 target prices for the 42 stocks covered. Covivio, CTP, Merlin Properties, URW, Vonovia and Xior Student Housing are now our Top Picks. Aedifica (Outperform vs Neutral) should also benefit. Lastly, we are lowering Care Property to Neutral and SFL to Underperform. - >...
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.
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
- Christophe Chaput
- Florent Laroche-Joubert
- Steven Boumans
ODDO : La reprise ne fait que commencer et le meilleur est à venir
La baisse de taux actée et à venir (BCE : -125 à 150 pb à venir d’ici fin 2025e) agit comme un véritable catalyseur pour l’immobilier côté et crée les conditions lui permettant de surperformer. Dans ce cadre, nous relevons 23 objectifs de cours sur 42 valeurs suivies. Covivio, CTP, Merlin Properties, URW, Vonovia et Xior Student Housing constituent désormais nos top picks. Aedifica (Surperformance vs Neutre) devrait également en bénéficier. Enfin, nous abaissons Care Property à N...
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.
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
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
GET GETLINK SE
UBI UBISOFT ENTERTAINMENT SA
CO CASINO GUICHARD-PERRACHON SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
MTX MTU AERO ENGINES AG
EO FAURECIA SA
CBK COMMERZBANK AG
SCR SCOR SE
TEP TELEPERFORMANCE SE
CGM CEGEDIM SA
ALTA ALTAREA SCA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Carole Braudeau
GET GETLINK SE
UBI UBISOFT ENTERTAINMENT SA
CO CASINO GUICHARD-PERRACHON SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
MTX MTU AERO ENGINES AG
EO FAURECIA SA
CBK COMMERZBANK AG
SCR SCOR SE
TEP TELEPERFORMANCE SE
CGM CEGEDIM SA
ALTA ALTAREA SCA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Joan Sehim
Altarea : We are initiating the new bonds with a Neutral recommendatio...
Altarea today placed € 300m of new senior bonds due October-2031 (7NC) at a price of MS+325 (vs IPT of MS+340-350), representing an issue yield of 5.5%. The issue was very slightly oversubscribed (1.9x the size offered). It will enable the group to strengthen its liquidity (following the redemption of the € 255m bonds last July), which already comfortably covers its needs until early 2028. - >Stable credit opinion - We confirm our Stable credit opinion on the issue...
- Joan Sehim
Altarea : Nous initions les nouvelles obligations à Neutre
Altarea a placé aujourd’hui 300 m EUR de nouvelles obligations senior à échéance octobre-2031 (7NC) à un prix de MS+325 (vs IPT de MS+340-350), soit un rendement à l’émission de 5.5%. L’émission a été très légèrement sursouscrite (1.9x la taille offerte). Elle permettra au groupe de renforcer sa liquidité (suite au remboursement des obligations de 255 m EUR en juillet dernier), qui couvre déjà confortablement ses besoins jusqu’à début 2028. - >Avis crédit Stable - ...
- Carole Braudeau
- Carole Braudeau
- Research Department
IBERIAN DAILY 26 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ECOENER, GREENING, GRIFOLS, TELEFÓNICA. Optimism wanes It was a negative session on European stock markets after the gains from the past few days that had brought the IBEX above 11,800 points and a high since 2015. In the STOXX 600, the best-performing sectors were Consumer Goods and Household Goods, with Energy and Autos suffering the biggest losses. On the macro side, in the US, new home sales fell less than expected. The Congress approved a measure to a avoid the shutdown until...
- Carole Braudeau
- Carole Braudeau
Eurofins Sustainability Services lance l'évaluation de l'impact de la ...
NORTHAMPTON, Royaume-Uni--(BUSINESS WIRE)-- Eurofins Sustainability Services (Paris : ERF), un fournisseur de services complets pour les détaillants, marques et fabricants de produits de consommation, a élargi son offre de services en y intégrant une . Le Règlement de l'Union européenne sur la déforestation (EUDR) veut empêcher l'importation et la vente de produits liés à la déforestation sur le marché de l'UE. Ce règlement couvre des produits spécifiques, notamment le bétail, le cacao, le café, l'huile de palme, le soja, le bois et le caoutchouc, ainsi que des produits dérivés de ces matières...
Eurofins CDMO Alphora Inc. Announces Construction of GMP Biologics Man...
MISSISSAUGA, Ontario--(BUSINESS WIRE)-- Eurofins CDMO Alphora Inc. announces the construction of a new GMP Biologics manufacturing facility in Mississauga, Ontario, to manufacture monoclonal Antibodies (mAbs) and protein therapies for clinical and commercial applications. (SIF), and the facility will bolster Canada's biomanufacturing capabilities and preparedness for future pandemics, while strengthening the biologics ecosystem and employment base in Canada. The 50,000 sq ft biologics manufacturing facility, scheduled for completion in April 2026, will be housed within a new 112,000 sq ft b...
- Joan Sehim
Altarea : Focus Emission
Altarea commercialise 300 m EUR d’obligations senior unsecured à échéance 2031 (7NC) afin de financer des besoins généraux. Nous comprenons qu’Altarea profite des conditions de marchés, encouragé par les émissions réussies de nombreux émetteurs du secteur de l’immobilier ces dernières semaines (Mercialys, Unibail, LEG Immobilien, Klepierre…) pour accroitre sa liquidité suite 1/ au remboursement des obligations 2.25% de 255 m EUR à échéance 2024 en juillet dernier, et 2/ en vue de...
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