ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2024

We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully reflec...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2024

Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété dans ...

ODDO : Spain: the PSOE and SUMAR looking to abolish the SOCIMI regime

>PSOE and Sumar spring a surprise in seeking to suddenly abolish the SOCIMI regime - On Monday 11 November, the PSOE reached a tax agreement with its Spanish government ally, “Sumar”, whereby the two parties want to abolish the SOCIMI REIT regime or at least part of its tax advantages. This sudden stance, which surprised Spanish property professionals, is thus different from the position that was presented just last week, namely to “encourage the construction of affor...

ODDO : Espagne : le PSOE et SUMAR souhaiteraient abolir le régime SOCI...

>PSOE et Sumar créent la surprise en voulant supprimer soudainement le régime SOCIMI - Ce lundi 11 novembre, le PSOE sont parvenus à un accord fiscal avec son allié au gouvernement espagnol, « Sumar », par lequel les deux partis veulent supprimer le régime SOCIMI ou au moins une partie de ses avantages fiscaux. Cette prise de position soudaine qui a crée la surprise auprès des professionnels de l’immobilier espagnol, diffère ainsi de la position qui était encore mise ...

INVEST SECURITIES - COVIVIO : Amélioration générale des performances -...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/23/2024

Last week, we organised an Expert Access event on multiple sclerosis (MS) with the participation of Dr Géraldine Androdias, a neurologist at Lyon University Hospital. Dr Androdias presented the key points of the ECTRIMS 2024 conference, as well as new trends in treating the illness. We note an unmet need in the primary progressive and secondary progressive forms, a real interest for the BTKi class with the greater penetration of the blood-brain barrier, and expectations for the anti-C...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/10/2024

Nous avons organisé la semaine dernière un Expert Access autour de la sclérose en plaques (SEP) avec la participation du Dr Géraldine Androdias, médecin neurologue au CHU de Lyon. Le Dr Androdias a présenté les points saillants du congrès de l’ECTRIMS 2024 ainsi que les nouvelles tendances dans la prise en charge de la maladie. Nous retenons un besoin insatisfait dans les formes progressives et secondairement progressives, un vrai intérêt de la classe des BTKi avec le passage accru de...

Covivio : Very strong operating momentum in Q3, encouraging going forw...

>Organic growth ramps up at +6.8% at constant scope vs +6.5% at constant scope in H1 2024 - Organic growth in Covivio’s group share rental income accelerated in Q3 to +6.8% vs 6.1% for revenues at € 508.8m in 9M 24 (+4.9% y-o-y vs +1.9% in H1). At constant scope (cs), this acceleration is due mainly to the increase in the occupancy rate (+20bp q-o-q) notably in offices, as well as in variable revenues in hotels (+10.4% in 9M) but also an improvement in the German resi...

Covivio : Très forte dynamique opérationnelle au T3, encourageante pou...

>Accélération de la croissance organique à 6.8% à pc vs 6.5% à pc au S1 24 - La croissance organique des revenus locatifs PdG de Covivio accélère au T3 à 6.8% vs 6.1% pour des revenus à 508.8 M€ sur 9M 24 (4.9% yoy vs 1.9% au S1). A périmètre constant (pc), cette accélération s’explique principalement par la hausse du taux d’occupation (20 pb qoq) notamment dans les bureaux ainsi que par celle des revenus variables dans les hôtels (10.4% sur 9M) mais également une amé...

Coffee, Croissants & Credit/Iberdrola, Verizon, Covivio, Klepierre, PR...

Utilities: Iberdrola posted very strong 9M24 results. Telecom: Verizon reports a somewhat soft set of 3Q24 results. Real Estate: Covivio 9M24 results are good across the board. Klepierre posts strong 9M24 trading update and increases FY guidance. PRIFII ratings affirmed by Moody's. SEGPLP ratings affirmed by Moody's

ODDO : Offices in the Paris region, more interest in investment but in...

>Rental market: still marked polarisation in Q3, lower volumes - The 9M 2024 figures published by Immostat on office rental activity in the Paris region show a fall in uptake in Q3 as a result of a very specific context combining political instability and access difficulties stemming from the Olympics whereas H1 had shown good resilience. The desire for central locations is nonetheless still obvious in Paris outside the CBD, as is that for assets offering good environ...

ODDO : Bureaux IDF, plus d’intérêts à l’investissement mais dans un co...

>Marché locatif : polarisation toujours marquée sur un T3 plus faible en volume - Les données sur 9M24 publiées par Immostat sur l'activité locative des bureaux franciliens montrent une demande placée baissière sur le T3 suite à un contexte très spécifique mêlant instabilité politique française et accessibilité difficile liée aux jeux olympiques alors que le S1 24 avait montré une bonne résilience. Le désir de centralité se fait néanmoins toujours sentir surtout dans ...

ODDO BHF Small & MIDCAP MORNING NEWS - 10/07/2024

Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/07/2024

Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...

ODDO BHF Small & MIDCAP MORNING NEWS - 07/10/2024

Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/10/2024

Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...

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. - >...

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...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/08/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/01/2024

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