reports
- Jeroen Van Den Bossche
- Olivier Vandewoude
- Sharad Kumar S.P
- Thomas Vranken
- Wim Lewi
Morning Note: AED BB, ARGX BB, BOKA NA, CPINV BB, HOMI BB, UCB BB, XIO...
Aedifica: ABB to secure pipeline Argenx: Luring the European fish Boskalis: HAL officially launches offer for Boskalis CP Invest: Spanish REIT status Home Invest Belgium: Shoring up the cash position UCB: The benefit of clarity: CRL & financial guidance Xior: Spanish REIT status approved
- Guy Sips
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Morning Note: EVS BB, INTO BB, MITRA BB, RAND NA, REC BB, SIP BB, XIOR...
EVS: MediaInfra contract with FOX Sports for live events IO&W: Bold move into Zeebrugge Sea Port Terminal Mithra: CDMO takes further aim at injectables Randstad: Strong 1Q22 results & positive outlook Recticel: Preview 1Q trading update Sipef: CPO excluded from Indonesian export ban Xior: 1Q22 – Rental growth and cost inflation
- Wim Lewi
KBCS REAL ESTATE CONFERENCE BOOK
Today we publish a conference book to our Real Estate event that starts tomorrow. It contains 18 company profiles and a section on general and specific factors that can impact the real-estate segments over the next couple of quarters. The real estate market was already impacted by most of these factors even before the Russian troops crossed the Ukraine borders. However, the conflict accelerates certain trends. We have no clue on how long this conflict will last, but are convinced the fall-out an...
INTO INTERVEST OFFICES & WAREHOUSES SA
HOMI HOME INVEST BELGIUM SA
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
WDP WAREHOUSES DE PAUW SCA
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
VGP VGP NV
TEXF TEXAF
XIOR XIOR STUDENT HOUSING NV
SHUR SHURGARD SELF STORAGE SA
- Michiel Declercq
- Olivier Vandewoude
- Ruben Devos
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
Morning Note: AD NA, HEIO NA, HEIA NA, TESB BB, UMI BB, VPK NA, XFAB F...
Ahold Delhaize: 4Q21: Another beat on expectations Heineken: FY EBIT slight beat, some doubts on 2023 target Heineken Holding: FY2021 Results Tessenderlo: Resubmits permit request for power station Umicore: Record FY21 (in line), FY22 guidance of EST growth Vopak: Q4 Results: EBITDA in line, net profit below CSS X-FAB: Gearing up for growth Xior: FY21 broadly in line, outlook confirmed
- Wido Jongman
XIOR: Fervet opus XIOR BB
In this note we present our expectations for 4Q21/FY21 due 16-Feb. Next to that we have a closer look at the most recent Belgian QSH acquisition and discuss Co’s largest single development of which delivery should significantly improve balance sheet efficiency. We reiterate our BUY and target price of € 60 p.s.
- Guy Sips
- Jeroen Van Den Bossche
- Olivier Vandewoude
- Thomas Couvreur
- Wido Jongman
- Wim Hoste
- Wim Lewi
Morning Note: ABN NA, DSM NA, EURN BB, FLOB BB, IVA FP, INTO BB, RAND ...
ABN Amro: Selling AAV Life Insurance stake to NN Group DSM: 4Q adj. EBITDA beat of 5%, FY22 guidance in line Euronav: Welcoming back an old friend Floridienne: The fairy tale of ‘The Bee’ and ‘The Unicorn’ Inventiva: 2021: Increased cash burn due to Native3 trial IO&W: FY21 Results, Positive Guidance Randstad: 4Q21: Again comfortably beating expectations Resilux: Quvadec(Quva) acquires De Cuyper Family’s shares Ter Beke: RawMat issues and issues with important client Xior: Fervet opus
- Cedric Duinslaeger
- Jan Opdecam
- Marcel Achterberg
- Jan Opdecam
XIOR: Asset valuations stretched & life cycle cost to be monitored
We have revised upwards our estimates for the future expansion pipeline to € 120m p.a., but have on the other hand lowered our rental LFL assumptions to a small positive. Also we believe that the asset valuations are too stretched compared to peers and the non-yielding capex budget to sustain the existing portfolio might be underestimated and hence have increased this to 10% of NRI, and this on top of the recurrent technical costs they already make. Our blended valuation model leads us to incr...
- Guy Sips
- Jan Opdecam
- Joachim Vansanten
- Lenny Van Steenhuyse
- Sandra Cauwenberghs
Morning Note: BAR BB, CYAD BB, KDS NA, TINC BB, XIOR BB
Barco: Investing € 54m in Chinese LED player Unilumin Celyad: Global offering of ordinary shares (US ADS, EU PP) Kiadis: 1H19 feedback: increased costs are here to stay TINC: Strong FY results, NAV +1.9% y/y Xior: Invests in Madrid and needs a new capital round
- Alan Vandenberghe
- Cedric Duinslaeger
- Guy Sips
- Jan Opdecam
- Lenny Van Steenhuyse
Morning Note: EURN BB, FAGR BB, FFARM NA, PIC BB, SIP BB, TERB BB, XIO...
Euronav: Sells VLCC for Offshore project Fagron: 1H19 results conf call feedback ForFarmers: African swine fever gripping Asia could hit Europe Picanol: To consolidate or not to consolidate Sipef: Palm oil production impacted by volcano eruption Ter Beke: Pork prices soar as swine fever is in Eastern Europe Xior: 1H19 results: solid first half with a strong eps beat
- Alexander Makar
- Jan Opdecam
- Lenny Van Steenhuyse
- Thomas Couvreur
- Alan Vandenberghe
- Alexander Makar
- Bart Cuypers
- Jan Opdecam
- Alan Vandenberghe
- Alexander Makar
- Jan Opdecam
- Lenny Van Steenhuyse
- Ruben Devos
- Sandra Cauwenberghs
Morning Note: AED BB, BOTHE BB, CPINV BB, SIP BB, XIOR BB
Aedifica: Resuming coverage after equity raise Bone Therapeutics: Positive data for Spinal Fusion ALLOB phIIa CP Invest: New € 5.5m redevelopment project in NL Sipef: Interim update during AGM Xior: € 29m expansion in Leuven, Belgium Telecom: Belgian Data Alliance explores targeted ad services
- Alexander Makar
- Jan Opdecam
BE-REITS: A new game in town: Accelerated Book Buildings
On 26 April 2019, an amendment was passed to the Law of 12 May 2014 outlining the conditions in which Belgian REITs are allowed to raise capital. The amendment gives BE-REITs the flexibility to issue equity through an Accelerated Book Build (ABB). Following this change in the law, other than using retained earnings, Be-REITs can raise equity through (i) optional dividends, (ii) contributions in kind, (iii) capital increases with preferential subscription rights and (iii) accelerated bookbuilds. ...
INTO INTERVEST OFFICES & WAREHOUSES SA
LEAS LEASINVEST REAL ESTATE SCA
HOMI HOME INVEST BELGIUM SA
COFB COFINIMMO SA
RET RETAIL ESTATES NV
WDP WAREHOUSES DE PAUW SCA
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ASC ASCENCIO SCA
XIOR XIOR STUDENT HOUSING NV
- Alan Vandenberghe
- Cedric Duinslaeger
- Guy Sips
- Jan Opdecam
- Joachim Vansanten
- Ruben Devos
- Sandra Cauwenberghs
- Wim Hoste
Morning Note: BEFB BB, BREB BB, EURN BB, EXM BB, GIMB BB, GREEN BB, KI...
Befimmo: First sale of 2019 closed – € 93m Brederode: 1Q19, Steady NAV growth (+7.3%) Euronav: Euronav: 1Q19 update in line EXMAR: Contracting two VLGCs with Jiangnan Gimv: Life sciences team establishes advisory board Greenyard: Strategic partnership with Tesco for frozen Kinepolis: Canadian expansion not yet in Endgame modus Nyrstar: Update on support for Recapitalization plan Orange Belgium: Expands portfolio of IT services Sequana Medical: Heart Failure – first data coming up May 27th...
- Alan Vandenberghe
- Alexander Makar
- Bart Cuypers
- Jan Opdecam
- Alexander Makar
- Jan Opdecam
PROPERTY BOOK 2019 Real Estate Conference 21-3-2019
On 21 March, KBC Securities holds its annual real estate conference in Brussels. On the occasion of this event, we publish our annual Property Book with an analysis of the latest trends in Belgium’s different real estate sectors while this year’s edition also includes the views of CEOs, a guide to REIT balance sheet sensitivity tables, our view son current valuations, data tables and short profiles on each of the real estate companies under coverage, including our new forecasts post the FY18...
LEAS LEASINVEST REAL ESTATE SCA
HOMI HOME INVEST BELGIUM SA
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
WDP WAREHOUSES DE PAUW SCA
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
VGP VGP NV
BANI BANIMMO
XIOR XIOR STUDENT HOUSING NV
- Guy Sips
- Jan Opdecam
- Alan Vandenberghe
- Alexander Makar
- Cedric Duinslaeger
- Guy Sips
- Jan Opdecam
- Lenny Van Steenhuyse
- Sandra Cauwenberghs
KBC Securities Morning Note 7-2-2019 BAR BB, FAGR BB, GLPG NA, SIP BB,...
Barco: No Barco, no Party! Fagron: Staying the course for 2018 Galapagos: Joining forces with Evotec on fibrosis Sipef: Patience is a virtue Vopak: FY18 results preview, TP to € 45 p.s. Xior: FY18 results – Growth ambitions sustained
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