ODDO BHF Small & MIDCAP MORNING NEWS - 04/26/2024 Date Performance sin...

Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/26/2024

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Credit Morning 04/26/2024

Ardagh reports very weak Q1 2024 results, confirms guidance and gives details about Apollo deal>...

ODDO BHF Small & MIDCAP MORNING NEWS - 26/04/2024

Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/04/2024

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Morning Crédit 26/04/2024

Ardagh publie un T1 2024 très faible, confirme sa guidance et donne quelques détails sur le deal avec Apollo>...

Cofinimmo : Q1 2024 results: Inline results, with a reiterated outlook...

>Outlook reiterated, inline results, underlying metrics look good - Outlook FY2024 Net result from core activities reiterated at €6.40 and €6.20 DPS.Like-for-like devaluations of -€46m or -0.7% (FY 2023: -2.7%).Healthcare operator performance is improving, with underlying occupancy being strong at >90% for all countries with the exception of Germany (84%) from the data collected.Gross rental income up +2.2% on a like-for-like basis (vs FY2023: +5.5% and...

Gecina : Very good topline performance, with improved visibility on fu...

>Solid operating performance, with organic growth remaining strong at 6.2% - Gecina delivered a solid operating performance in Q1 2024, in line with 2023, with gross rental income of € 173.8m (€ 170.9m), up 4.3% as reported and 6.2% on a like-for-like basis, driven in particular by indexation of +5.2% yoy, the effects of a generally stable occupancy rate over the quarter (contribution -0.2%) and the positive impact of reversion in both offices and residential properti...

Unibail-Rodamco-Westfield : Positive momentum in both operations and d...

>Momentum in shopping centres remains brisk in Q1 - URW yesterday evening reported Q1 2024 revenues of € 942.8m, up +3.7% y-o-y at current scope and +10.5% at constant scope mainly reflecting still positive operating momentum in shopping centres as well as the first positive effects from the Olympic Games in Paris in the convention and exhibition (“C&E”): division:Tenant sales up + 5.5% y-o-y in Q1 2024: tenant sales remained positive with +5.8% y-o-y in continen...

Coffee, Croissants & Credit/IBM, Cellnex, Proximus, Unibail and Gecina

Technology - IBM 1Q24 figures reasonable, but potential acquisition could worsen credit metrics

Gecina : Très bonne tenue de la topline et meilleure visibilité sur sa...

>Solide performance opérationnelle avec une croissance organique toujours aussi soutenue de +6.2% - Gecina a délivré une performance opérationnelle solide sur le T1 2024 dans la continuité de 2023 avec des revenus locatifs bruts à 173.8 M€ (170.9 M€e) en croissance aussi bien à périmètre courant de 4.3% qu’à périmètre constant (pc) de 6.2% sous l’effet notamment d’une indexation à +5.2% yoy, des effets liés au taux d’occupation globalement stable sur le trimestre (con...

Xior Student Housing : Q1 2024 results: Debt defeated, disposals domin...

>Additional disposals of €110m in Q1 2024, all debt maturities until Q2 2025 extended/repaid, outlook reiterated - Of the €340m disposal program €220m is now fully sold/closed, of which €100m in funds are already received and the remaining €120m will be received in cash before 30-06-2024 (YE 2023: €66m fully sold/closed; €44m under agreement/ exclusivity). All loans have been refinanced for the coming 12 months, where the (expensive) bridge loan has now been rep...

Benelux Morning Notes

Basic-Fit: 1Q24 update in line, FY24 outlook in line with consensus at mid-point. bpost: Agreement on Flemish newspaper delivery; risk of provisions largely removed. Cofinimmo: Q1 results in line. Corbion: Tail wags the dog. IMCD: The last hurdle was a harsh clip. Proximus: Strong start to the year, guidance unchanged ahead of Digi arrival. Recticel: Kingspan 1Q24 trading update. Signify: 1Q24 results; revenue decline accelerates. Umicore: Confirms FY 2024 EBITDA guidance range. ...

Xior 1Q24 Results show strong underlying performance, no JV deal

Xior 1Q24 EPRA EPS came far above our expectations at EUR 0.52 vs. 0.42 expected, thanks to a mix of factors: new assets + lfl growth, rental guarantees, cost savings and permitted hedging results. All these factors combined compensated the cost of debt increase to 3.18% (+88bps, bridge loan). The LTV came slightly below our expectation at 52.4% vs. 52.7% exp. The asset sale disposals advance with 100m closed and 220m committed, but Xior abandoned the route of a JV deal. The large asset sales l...

INVEST SECURITIES - UNIBAIL-RODAMCO : Un trimestre sans surprise mais ...

Morning Notes : BFIT NA, BPOST BB, COFB BB, CRBN NA, MTLS US, PROX BB,...

: BFIT NA, BPOST BB, COFB BB, CRBN NA, MTLS US, PROX BB, UMI BB, XFAB FP, XIOR BB, IMCD NA

Unibail-Rodamco-Westfield : Dynamique positive aussi bien sur les opér...

>La dynamique sur les centres commerciaux reste soutenue sur le T1 - URW a publié hier soir un CA sur T1 2024 à 942.8 M€ en hausse de 3.7% yoy à périmètre courant et de 10.5% à périmètre constant (pc) et qui reflète surtout la poursuite d’une dynamique opérationnelle toujours bien orientée sur les centres commerciaux ainsi que les 1ers effets positifs liés aux Jeux Olympiques de Paris sur le Pôle congrès et expositions (« C&E ») :CA commerçants au T1 2024 à + 5.5...

Cofinimmo Results in line, all eyes on the divestment program

Cofinimmo reports 1Q24 results in line with our expectations. We were however more negative on potential fair value corrections (-46m,-0.7% vs -99m exp). They were mainly driven by the office segment -1.3% versus -0.7% in HC. In FY24 it expects divestments to be almost net neutral. This was the case in 1Q24 with both 30m divestments and investments. There is another 31m assets held for sale (60/270m confirmed). To date asset sales are lagging a bit but markets are likely to pick up in 2H24. Div...

Gecina - Strong rental growth continues

Rental income stood at EUR 173.8m, up 6.2% YoY on a LfL basis, driven by accelerating indexation (+5.2%) and rental reversion captured (+1.2%).Strong performance in Paris City offices continues, with 30% reversion achieved.2022 recurrent net income per share guidance reiterated at EUR 6.35-6.40 (+5.5-6.5%).The company hosts a conference call today at 9:00 CET. Hold.

Xior - Progress on disposals, guidance reiterated

LfL rental growth continues to accelerate and is now at 6.9% YoY, with occupancy remaining stable at 98%.Portfolio value stood at EUR 3.2bn, with -0.25% revaluation vs December end.Divestments – committed divestments increased to EUR 220m from EUR 110m. The closing is anticipated at the end of June 2024. The sales were committed at a 10% discount on average. To date, the company completed EUR 100m of disposals (funds received). LTV stable at 52.4%, with cost of debt rising to 3.18% (+49bps).Xior...