reports
- Sharad Kumar S.P
Gimv Sale Of Majority Stake In KÖBERL Group
Gimv announced that it has sold its majority stake in KÖBERL Group (facility management and building technology services) to Hungarian company B+N Referencia Zrt. The transaction is anticipated to have a positive impact of approximately €1.0 on Gimv's NAVps and the return on this investment has significantly exceeded Gimv's long-term portfolio return target of 15.0%. This is the third transaction that Gimv has complete post its 1H results. We see this as an indication of the superior quality of ...
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List How to start 2025?
On this Friday the 13th we select for you 13 stocks to start 2025 with a bang : ABN Amro, Ackermans & van Haaren, Bekaert, D'Ieteren, EVS, Fagron, Fugro, Gimv, Melexis, Shurgard, Sofina, WDP and Xior However, we maintain a defensive stance in our Benelux selection at the start of 2025.. The long anticipated interest rate cuts by central banks are expected to continue their decline into 2025 (see graph above). However, the Trump election victory in the US hits European stocks even before he tak...
- ING Helpdesk
- Hilde Van Boxstael
- Kristof Samoy
- Wim Lewi
- Lynn Hautekeete
- Wim Lewi
Real Estate Report December 2024
BE-REITS suffer from macro-worries (logistics) and post-Trump knee-jerk reaction. We believe that especially money flows are pushing stocks down as interest rate fears resurfaced in the US. Our top-picks are Shurgard, WDP and Xior. SHUR and WDP have ample headroom on their balance sheet to continue their growth track record. WDP is also very cheap on cash earnings metrics vs. peers. Xior can grow and fix its balance sheet at the same time through contributions in kind.
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
ARG ARGAN SA
VGP VGP NV
WDP WAREHOUSES DE PAUW SCA
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
SHUR SHURGARD SELF STORAGE LIMITED
- Sharad Kumar S.P
Holdings Report - November 2024 KBCS Holdings Universe Returns -3.6% D...
1M Performance - Absolute: During Nov'24 (1M period), the KBCS Holdings Universe posted a return of -3.6% which was mainly driven by single-asset holdings (-6.9%) while multi-asset holdings posted a slightly less negative return of -2.2%. The 3 top performers during the period were D'Ieteren Group (+5.4%), Gimv (+5.1%) and KBC Ancora (+0.6%) while the 3 worst performers were Compagnie du Bois Sauvage (-10.1%), Heineken Holding (-9.6%) and Quest For Growth (-7.5%). YTD Performance - Relative: O...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- ING Helpdesk
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Lewi
- Wim Lewi
Warehouses De Pauw WDP buys 2 logistics parks in France, EUR 315m inve...
WDP acquires 2 new logistics platforms (Bollène and Puceul) from the listed real estate group Altarea. The investment amounts to EUR 315m for a total GLA of 305k sqm, of which 76k sqm under development for completion in 2026. The initial net yield is expected 5.2% with an upside rental potential of 15%. We believe that recent press speculation that Hines is not selling the Auchan portfolio anymore. WDP was rumoured to be in final negotiations for a part of 200m at a 5.0% yield. This deal is sim...
- Thibault Leneeuw
TKH Group Revised projections after the recent setback
We lower our estimates after the weak 3Q24 results. Lower demand for 3D Machine vision drives lower FY24 estimates. We also lower revenue growth forecasts for FY25 and FY26 as we expect no strong recovery in the vision end markets. This has a negative impact on the margins given an operational deleverage effect. Modest changes in our Smart Manufacturing estimates as this segment performed as expected. The largest disappointment was in Smart Connectivity. We reduce revenues and margins due to low...
Gimv NV: 1 director
A director at Gimv NV bought 959 shares at 39.860EUR and the significance rating of the trade was 54/100. 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 showing ...
- ING Helpdesk
Benelux Morning Notes
Aalberts: highlights ING Benelux Conference Brussels 2024, Ackermans & Van Haaren: Highlights ING Benelux Conference Brussels,Ackermans & Van Haaren: Strong operational performance of underlying companies and guidance fine-tuned upwards, AMG: Highlights ING Benelux Conference Brussels, Aperam: Highlights ING Benelux Conference Brussels, Arcadis: Highlights ING Benelux conference, Azelis: Highlights ING Benelux Conference Brussels, Bekaert: Guidance cut and €200m buyback as sweetener, CFE: No new...
BEKB BEKAERT SA
APAML APERAM SA
EVS EVS BROADCAST EQUIPMENT SA
DIE D'IETEREN SA
CFEB COMPAGNIE D'ENTREPRISES CFE SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
MONT MONTEA SCA
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
KIN KINEPOLIS GROUP NV
INX IMCD N.V.
JDEP JDE PEET'S NV
UMG UNIVERSAL MUSIC GROUP NV
AZE AZELIS GROUP NV
- Emmanuel Matot
- Emmanuel Matot
- ING Helpdesk
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Wim Lewi
- Sharad Kumar S.P
Gimv 1H24/25 Results: Preparations For A Potential Rights Issue
In its 1H24/25 press release, Gimv announced it is preparing for a potential capital increase (rights issue) over the coming months. A CMD on 22/01/25 will provide more details about its new strategy linked to this transaction. Over 1H24/25, the NAV rose by 9.4% to €55.6 while the overall portfolio's value hit a record high of >€1.7b. Portfolio result came in at €186.8m, a portfolio return of 12.0%. Net result clocked in at €144.9m (€5.1ps), a net return of 9.7%. Portfolio companies posted an ov...
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