reports
- Simen Mortensen
Sector optimism
In the past week, Citycon divested a retail asset in Norway, Logistea updated its financial targets following the merger with KMC Properties, Cibus carried out a rights issue as it is targeting M&A in the daily-goods property sector, and we saw sector optimism at DNB’s Nordic Real Estate & Construction Conference. The weighted-average implied EBITDA yields on the stocks we cover are 4.21% for 2024e and 4.65% for 2025e.
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
Scorpio Tankers Inc. Announces an Update to its Securities Repurchase ...
Scorpio Tankers Inc. Announces an Update to its Securities Repurchase Program MONACO, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers,” or the “Company”) announced that since July 30, 2024, the Company has repurchased 2,415,321 of its common shares in the open market at an average price of $72.45 per share under the Company’s 2023 Securities Repurchase Program. Since April 1, 2024, the Company has repurchased an aggregate of 3,813,287 of its common shares in the open market at an average price of $74.54 per share. As of September 6, 2024, there are...
- Kristof Samoy
CMB.Tech Market court ruling opening door to $0.52 MTO bid price incre...
In a press release Euronav (soon to be renamed CMB.TECH) informed that the Market Court in Belgium has largely rejected the claims brought forward by FourWorld in connection with CMB's mandatory public bid for the Euronav shares that ended March 15, 2024. However, the Court did find that the pricing of certain vessels sold by Euronav to Frontline implied certain special benefits to Frontline. The Court calculated these benefits to be $0.52 p.s.. The judgment indicates that the FSMA retains discr...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Wim Lewi
- Simen Mortensen
Bonds, market data and investments
This week, Castellum issued a EUR500m bond loan, and according to Bloomberg, Catena is contemplating launching 1–2 green bonds next week. Pandox acquired another UK asset, Logista and Public Property Invest look set to join the FTSE EPRA index, and finally, August data for Swedish and Norwegian house prices and commercial transaction volumes was published. The weighted-average implied EBITDA yields on the stocks we cover are 4.26% for 2024e and 4.70% for 2025e.
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
- Jørgen Lian
Euronav (Hold, TP: USD16.30) - Charting a new course
Crude tankers remain the main earnings driver for now, but Euronav is steadily steering towards diversified shipping, with particular focus on sustainable solutions. A by-product of this is increasingly diversified cash flows supporting through-the-cycle investments – but also significant capex needs potentially straining the balance sheet and curtailing shareholder distributions medium-term. We reiterate our HOLD and have lowered our target price to USD16.3 (17.9).
Scorpio Tankers Announces Vessel Sales Agreements and a New Time Chart...
Scorpio Tankers Announces Vessel Sales Agreements and a New Time Charter-Out Agreement MONACO, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers,” or the “Company”) announced today that it has entered into agreements to sell two vessels and a new time charter-out agreement. Vessel Sales The Company has recently entered into agreements to sell two 2014 built scrubber fitted MR product tankers, STI San Antonio and STI Texas City, for $42.5 million per vessel. These sales are expected to close within the fourth quarter of 2024. Time Charter-Out Agreemen...
- Simen Mortensen
Hufvudstaden up to HOLD, layoffs in construction sector and rate cut
This week we upgraded Hufuvdstaden to HOLD following its Q2 results, JM is laying off 145 employees, and the Riksbank cut the policy rate by 25bp to 3.50%. While we retain our neutral stance on the Swedish real estate sector, we have turned slightly more positive since last month’s reduction in long-term market interest rates. The weighted-average implied EBITDA yields on the stocks we cover are 4.27% for 2024e and 4.71% for 2025e.
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
Fastighets AB Balder: 1 director
A director at Fastighets AB Balder sold 1,981,500 shares at 80.743SEK and the significance rating of the trade was 68/100. 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...
- Simen Mortensen
More Q2 results and other news
The Q2 reporting season is again underway, following the summer break, with results from Olav Thon and Kojamo. In other news, Pandox announced it is considering a large UK investment, Norges Bank signalled the policy rate will not be cut near-term, and in Sweden, CPI has increased on an expected cut. The weighted-average implied EBITDA yields on the stocks we cover are 4.29% for 2024e and 4.74% for 2025e.
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
- Kristof Samoy
CMB.Tech Key take-aways analyst call
Following this morning's publication of the 2Q release herewith key elements from Q&A with management during this afternoons analyst call. This morning we already published a FRN on the earnings release itself. All in all CMBT posted nice results showing diversifications pays off. The newly formed company is successfully disposing older vessels at high prices, reinvesting crude tanker cash flows and concluding LT contracts to finance its massive fleet transformation.
- Kristof Samoy
CMB.Tech Good 2Q24 results, swift execution of fleet rejuvenation plan...
Over 2Q24 CMB.Tech reported adjusted EBITDA (excl. capital gains) of $164m above our $129m estimate. The company is swiftly executing its new build programme and recycling cash through disposals of older vessels. Favourable dynamics in the Euronav tanker fleet finance the transformation towards a sustainable shipping platform. Following the recent $6.72 p.s. distribution bonanza no further distribution over 2Q was declared as we expected given CMBT' s discretionary dividend policy. Company manag...
- ING Helpdesk
Benelux Morning Notes
Corbion: Swings and roundabouts. CTP: Good operational trends, guidance reiterated. dsm-firmenich: Another cheque from BASF. Euronav: 2Q beats expectations. KBC: 2Q well above, NII guidance up, ready for 3Q State Bond release of c.€22bn. SBM Offshore: Strong set of 1H24 results, more to come. TKH Group: 2Q is not going to be the quarter. Xior Student Housing: Positive portfolio revaluation
- Hilde Van Boxstael
- Kristof Samoy
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Quirijn Mulder
Euronav/Leading edge in shipping transition/BUY
We believe Euronav, soon to be renamed CMB.TECH, has a good outlook on the back of cash flow from its existing crude tankers, future cash flow from the build-up of a diversified eco-fleet and fixed contracts worth US$2bn in the pocket. The markets Euronav operates in are in general attractive with some demand growth. More important is limited supply in the years to come. So, a good outlook both for cash flow and value. Currently, we estimate that Euronav's share price has a 10% premium to its ad...
Scorpio Tankers Inc. Announces Financial Results for the Second Quarte...
Scorpio Tankers Inc. Announces Financial Results for the Second Quarter of 2024, the Declaration of a Dividend and an Increase to its Securities Repurchase Program MONACO, July 30, 2024 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers" or the "Company") today reported its results for the three and six months ended June 30, 2024. The Company also announced that its board of directors (the "Board of Directors") has declared a quarterly cash dividend on its common shares of $0.40 per share. Results for the three months ended June 30, 2024 and 2023 For the three month...
Tellurian Inc: 1 director
A director at Tellurian Inc sold 1,000,000 shares at 0.949USD and the significance rating of the trade was 81/100. 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...
- Simen Mortensen
More Q2 results, a profit warning and an equity raise
This week, Kojamo issued a profit warning for Q2 and the full year. Balder, Castellum, Citycon and Sagax reported Q2 figures. Corem issued new shares. The weighted-average implied EBITDA yields on the stocks we cover are 4.26% for 2024e and 4.69% for 2025e.
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
Scorpio Tankers Inc. Announces That on July 30, 2024, the Company Plan...
Scorpio Tankers Inc. Announces That on July 30, 2024, the Company Plans to Issue Its Second Quarter 2024 Results and Have a Conference Call MONACO, July 17, 2024 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE:) (“Scorpio Tankers,” or the “Company”) announced today that on Tuesday, July 30, 2024, the Company plans to issue its second quarter 2024 earnings press release in the morning (Eastern Daylight Time) and host a conference call at 9:00 AM Eastern Daylight Time and 3:00 PM Central European Summer Time. Conference Call Information Title: Scorpio Tankers Inc. Second Quarter 2024 Confe...
- Niklas Wetterling
Balder (Hold, TP: SEK83.00) - FCF finally positive on R12-basis
A solid Q2 included positive FCF and a 4% drop in NIBD QOQ (ending 1% below our forecast). Sato’s improved vacancy rate QOQ was a positive, but risks in Finland’s residential market remain. We have raised our 2025–2026e FFOps by 6–10% on falling market interest rate expectations, and our target price to SEK83 (70). However, after a strong share-price performance and muted investment capacity expectations, we consider the stock fully valued at a 3% discount to the last reported NAV (and a 2025e P...
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