reports
- ING Helpdesk
Benelux Morning Notes
Azelis: Strong margin performance in weak trading results in 3% EBITA beat. BE Semiconductor Industries: 1Q24 results; prolonged downcycle. Coca-Cola Europacific Partners plc: Messy but good. DWS: Record breaking. Flow Traders: Crypto Kings. Fugro: Here we go again. Kinepolis: Weak start to the year, but a bit better than feared. UCB: Changes in the group executive committee. Unilever: Heading in the right direction. Vonovia: Disposal of 4,500 apartments for €700m. Wolters Kl...
EQS-News: Vonovia: SBTi confirms climate targets align with 1.5-degree...
EQS-News: Vonovia SE / Key word(s): Sustainability/Rating Vonovia: SBTi confirms climate targets align with 1.5-degree target of Paris Climate Agreement 18.04.2024 / 13:26 CET/CEST The issuer is solely responsible for the content of this announcement. Vonovia: SBTi confirms climate targets align with 1.5-degree target of Paris Climate Agreement Vonovia is one of six companies in Germany's property sector to be validated by the Science Based Targets initiative (SBTi). According to the CDP, Vonovia is recognised as one of the world’s leading companies in climate prot...
EQS-News: SBTi bestätigt: Klimaziele von Vonovia im Einklang mit 1,5-...
EQS-News: Vonovia SE / Schlagwort(e): Nachhaltigkeit/Rating SBTi bestätigt: Klimaziele von Vonovia im Einklang mit 1,5-Grad-Ziel des Pariser Klimaschutzabkommens 18.04.2024 / 13:26 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. SBTi bestätigt: Klimaziele von Vonovia sind im Einklang mit 1,5-Grad-Ziel des Pariser Klimaschutzabkommens Vonovia ist eines von sechs Unternehmen im Immobiliensektor in Deutschland, das durch die Science Based Targets initiative (SBTi) validiert wurde. Laut CDP gehört Vonovia zu den weltweit führenden...
EQS-News: Vonovia emittiert erneut Social Bond in Höhe von insgesamt 8...
EQS-News: Vonovia SE / Schlagwort(e): Anleiheemission Vonovia emittiert erneut Social Bond in Höhe von insgesamt 850 Mio. € und einer Laufzeit von 10 Jahren 03.04.2024 / 18:45 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Vonovia emittiert erneut Social Bond in Höhe von insgesamt 850 Mio. € und einer Laufzeit von 10 Jahren Unbesicherter Social Bond mit einem Volumen von 850 Mio. € und einer Laufzeit von 10 Jahren emittiert. Philip Grosse, CFO von Vonovia: „Zeigt, dass wir unsere soziale Verantwortung mit unserem hervorragenden Zug...
EQS-News: Vonovia again issues social bond with a total volume of € 85...
EQS-News: Vonovia SE / Key word(s): Issue of Debt Vonovia again issues social bond with a total volume of € 850 million and a maturity of 10 years 03.04.2024 / 18:45 CET/CEST The issuer is solely responsible for the content of this announcement. Vonovia again issues social bond with a total volume of € 850 million and a maturity of 10 years Unsecured social bond with a volume of € 850 million and a maturity of 10 years issued. Philip Grosse, CFO of Vonovia: “Shows that we can combine our social responsibility with our excellent access to the capital market.” In additio...
- Jesse Norcross
Real Estate Recap/1Q24 real estate bonds – short end rally
As we move into 2Q, we take a look back at real estate credit markets in the furst quarter of the year. EUR-denominated real estate bonds performed well with a 181bp total return at the index level. This marginally underperformed EUR BBs but outperformed broader credit markets as spreads broadly held on to the rally from the end of last year.
Vonovia SE: 1 director
A director at Vonovia SE bought 13,872 shares at 25.289EUR and the significance rating of the trade was 85/100. 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 sh...
- 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
- Jean Danjou
BMW BAYERISCHE MOTOREN WERKE AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VNA VONOVIA SE
01913 PRADA S.P.A.
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
NN NN GROUP N.V.
HLAG HAPAG-LLOYD AG
- 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
- Manuel Martin
- CEFA
- CREA
Vonovia SE : KPI change not well perceived but good rental business, d...
>Group FFO will be discontinued and substituted by adj. EBT from FY24e onwards - Last Friday, VNA held a long FY23 earnings conference call. A prominent topic was the substitution of Group FFO as its earnings guidance by a new KPI, i.e. adj. EBT. It will discontinue Group FFO and link VNA´s dividend payout ratio to adj. EBT. In VNA’s view, Group FFO is no longer adequate in terms of earnings and liquidity management, i.e. capital allocation, but the KPI change was not...
- 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
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/15/2024
After a terrible start to the year with the fall in gas prices and interest rate pressures, utilities have staged a slight recovery since the second half of February thanks to an uptick in electricity prices and slight decline in long rates. The most recent US macro figures support our scenario of higher long rates in the coming months, stymieing a sector recovery. A recovery will have to wait for a hypothetical collapse in consumer spending in Europe and the first policy rate cuts by...
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/03/2024
Après un début d’année horribilis avec la chute des prix du gaz et les tensions sur les taux, les Utilities ont marqué un léger rebond depuis la deuxième moitié de février grâce à un rebond des prix de l’électricité et un léger reflux des taux longs. Les derniers chiffres macro US soutiennent notre scénario de taux longs plus hauts dans les mois qui viennent, empêchant le rebond du secteur. Celui-ci devra attendre un hypothétique effondrement de la consommation en Europe et les premiè...
- ING Helpdesk
- Manuel Martin
- CEFA
- CREA
Vonovia SE : FY 2023 results broadly in line – change of dividend poli...
>FY24e earnings guidance seems to be in line with initial guidance - Vonovia (VNA) this morning published FY23 figures broadly in line with our estimates. VNA substituted its group FFO guidance for FY24e by a new KPI which is adj. EBT of € 1.7-1.8bn which compares to € 1.9bn for FY 2023. Therefore it seems to be in line with VNA´s initial guidance of a “moderate decline in group FFO” provided during its Q3 2023 reporting. VNA posted a property valuation loss of ...
EQS-News: Positive developments in Vonovia’s core business with dispos...
EQS-News: Vonovia SE / Key word(s): Annual Report/Real Estate Positive developments in Vonovia’s core business with disposals well above target and confident outlook for 2024 financial year (news with additional features) 14.03.2024 / 18:18 CET/CEST The issuer is solely responsible for the content of this announcement. 2023 Financial Year Positive developments in Vonovia’s core business with disposals well above target and confident outlook for 2024 financial year Overall EBITDA contribution of around €2,652 million and FFO of around €1,847 million are within guidance. ...
EQS-News: Vonovia entwickelt sich im Kerngeschäft positiv, verkauft d...
EQS-News: Vonovia SE / Schlagwort(e): Jahresbericht/Immobilien Vonovia entwickelt sich im Kerngeschäft positiv, verkauft deutlich über Ziel und blickt zuversichtlich auf das Geschäftsjahr 2024 (News mit Zusatzmaterial) 14.03.2024 / 18:18 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Geschäftsjahr 2023 Vonovia entwickelt sich im Kerngeschäft positiv, verkauft deutlich über Ziel und blickt zuversichtlich auf das Geschäftsjahr 2024 EBITDA-Beitrag insgesamt mit rund 2.652 Mio. € und FFO mit rund 1.847 Mio. € innerhalb der Guidance....
EQS-News: More than 2,400 housing units built: Vonovia completes new c...
EQS-News: Vonovia SE / Key word(s): Real Estate More than 2,400 housing units built: Vonovia completes new construction with a living space of more than 157,000 m² (news with additional features) 06.02.2024 / 14:27 CET/CEST The issuer is solely responsible for the content of this announcement. More than 2,400 housing units built: Vonovia completes new construction with a living space of more than 157,000 m² Vonovia completed a total of more than 2,400 housing units during the year 2023. The Bochum-based company expects a similar number of new homes to be completed duri...
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