Acomo: Organic disappointment. Adyen: First acquisition, solid 1Q26 net revenue growth, FY26 reiterated. Flow Traders: Steady Flow. GBL: €0.5bn investment for majority stake in BUKO, a Dutch traffic mgt company. Signify: 1Q26 results, reasonable performance in weak markets. WDP: Positive message on market dynamics. Xior Student Housing: Strong organic dynamics continue
1Q26 EPRA EPS of €0.38 came slightly above our expectation of €0.37. Like-for-like growth amounted to 1.7%, down from 2.3% as some frictional vacancy offset the indexation and rent reversion. However, occupancy remained relatively stable at 97.3% vs. 97.7% at FY25-end. Current development pipeline remains on track at 430k sqm of which 80% is pre-let with an expected NOI yield of 7.3%. The high pre-let level makes WDP a solid investment in current uncertain macro-economic times. WDP repeated its ...
In this note we present our assessment of the two-day Capital Markets Day and update our model to reflect the €307m convertible bond issuance and the €10.0m increase in underlying EBITDA guidance communicated at the 1Q26 results. We view the EBITDA uplift as conservative. The convertible results in approximately €2.0/share dilution, including our updated treatment of the waiver amount related to the first convertible bond. Despite the extensive CMD, limited guidance was provided on the franchise...
AkzoNobel: 1Q26 beat and FY guidance maintained. ASM International: 1Q26 results, great start to the year. Basic-Fit: Highlights of Capital Markets Day 2026. BE Semiconductor Industries: 1Q26 Preview - building strength. Cofinimmo: Earnings beat, muted investments; Armonea agreement reached. Corbion: Not so sweet. MICC: Peer Danone 1Q26 results. Randstad: Slight beat on 1Q26, trends improving; 2Q26 guidance at least in line. Recticel: 1Q26 in line, sharp pick-up expected in 2Q. ...
BasicFit announced the successful pricing of a EUR 307.6m senior unsecured convertible bond due April 2031. The 5year bonds were issued at par with a 2.50% semiannual coupon and an initial conversion price of EUR 46.62, implying a 45% premium. Proceeds will be used for general corporate purposes, refinancing and to support accelerated organic and/or inorganic growth. Basic-Fit announces it has obtained a waiver for approx. €159.0m on its 2028 outstanding €303.7m convertible with a put option in ...
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