reports
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
Coffee, Croissants & Credit/Swisscom, Telefonica, Wolters Kluwer, Klep...
Telecom: Swisscom 1H24 results point to a though domestic market. Telefonica reports soft 2Q24 results. Technology: Wolters Kluwer reports strong 1H24 results. Real Estate: Klepierre boosts 2024 guidance after strong first half results. Colonial reports mixed first half results. Public storage reports weaker results, cuts FY guidance. WP Carey lowers FY guidance on lagging deal volumes Aedifica reports good numbers and upgrades FY guidance
- Juan Moreno
COL: 1Q19 results undermined by one-offs from Axiare
The GRI increased by +4.9% YoY to €86mn in 1Q19. Barcelona increased by +10.0% to €11mn in 1Q19 and Madrid +9.5% to €23mn in 1Q19, while Paris remained unchanged at €48mn in 1Q19. The occupancy rate remained almost flat in 1Q19 at 99% in Barcelona and Paris, while it improved by 100b.p. in Madrid to 100%. The bad news came from the EBITDA margin, which decreased by 120bp to 74.4% mainly affected by a higher SG&A. Below EBITDA, the financial results were higher than expected (€28mn vs. €26mn BKTS...
- Juan Moreno
Operating 3Q18 results in line and FFO affected by one-offs. Pro-forma...
The FFO was lower than our estimates in 3Q18 results, eroded by a €19mn non-recurrent financial cost, from: 1) Colonial’s bond buyback, maturing in 2019; 2) the cancelled debt of Axiare and the associated derived instruments. Excluding these impacts, the FFO would be slightly higher than our estimates (€23mn in 3Q18 vs. €21mn BKTSe).
- Juan Moreno
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