Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ADVENIS SA. We currently have 4 research reports from 1 professional analysts.
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Time to determine the strategy pay off
14 Dec 15
We update our figures on the company’s recent publication and news on the Real Estate development in Germany. Overall, the top-line increased by 8% in Q3 on a pro-forma basis. By segment, revenues stood at €7.3m in Distribution and Asset Management, €6.3m in Production and €7.6m in Services. The German fund Eurovalys has just acquired its first office building for €20m in Cologne, at a 5.1% gross yield, in a JV with Inovalis Real Estate Investment Trust. The 6,000sq.m building is currently rented to GDF Suez on a 10-year lease. Management maintains its guidance and its ambition to reach revenues of €110m and collect capital of €800m by 2017.
Positive operating results by 2016
18 Sep 15
We have updated our model after Advenis’ H1 report publication. Revenues stood at €40.9m, up 4.4% yoy on a pro forma basis, and the gross margin stood at 52% (from 59% yoy) due to higher operating charges — €19.8m from €16m yoy. Wages and external costs amounted to €24.9m, ahead of the pro forma €21.19m in H1 14, resulting in an operational loss of €5.6m in H1 15. Net financial charges now represent 4.9% of sales, an improvement from the 7.7% yoy and in line with the decreased level of debt, now standing at €18.4m from €19m at FY14. Net results stood at -€6.8m from a positive €3.9m yoy.
H1 interim — acceleration expected in H2
31 Jul 15
Advenis (aka Avenir Finance) published its interim H1 results. Revenues stood at €40.95m, up 4% on a pro-forma basis, the gross margin at €21.1m, down 9%, and the net result at -€6.9m. Management has confirmed its medium-term guidance of a turnover of €110m by 2017 and fund inflows of as much as €800m by the same year.
Slowly but surely
17 Jun 15
Avenir Finance published revenues of €80m in FY 14 (on a pro forma basis) up 20% on a yoy basis, evenly distributed between its three new segments: 35% from Distribution & Asset management, 36% from Real Estate Production and 29% from Real Estate Services. The new segments are as follows: - Distribution & Asset Management: Avenir Finance Investment Management and Avenir Finance Gestion Privée; - Real Estate Production: Inoprom, Avenir Finance Immobilier, and Realista Residences? - Real Estate Services: Realista (o/w the Adyal activities), AF Gestion & Property, as well as the German activity Inovalis Asset Management). FY 14 EPS stood at 17 cents and Avenir Finance is targeting a turnover of €110m by 2017 and as much as €800m fund inflows by the same year.
Lloyds, Best Of The Banks
23 Feb 17
Lloyds Banking Group PLC (LLOY) reported a strong result for FY-16, which has allowed it to pay a special dividend, plus has encouraged the UK government to reduce its stake in the bank to below 5%. Lloyds’ acquisition of the MBNA credit card business is proceeding on track, with all key M&A metrics being well satisfied. The outlook for Lloyds’ capital base, its profitability and thus the dividend prospects have all improved. This encourages us to ascribe a Buy rating to the stock, with a target price of 80p per share, derived from a prospective Price / Book value of 1.3x and a P/E ratio of 13x which we think are justifiable ratios.
Industry fundamentals remain positive
21 Feb 17
The Biotech Growth Trust (BIOG) is a specialist vehicle, aiming to generate long-term capital growth via investment in global biotech stocks. Following a particularly volatile period for the biotech industry, where concerns about drug pricing and investor risk aversion have weighed heavily on stock prices, the managers are hopeful that greater clarity regarding US healthcare policy will lead to continued improved performance of biotech stocks. Industry fundamentals remain attractive, including continued innovation and valuations are very supportive, which offers the potential for higher industry merger and acquisition activity.
Marked confidence in profitability resilience
22 Feb 17
LBG posted a good set of results at the operating level. Management showed its confidence in the group’s ability to protect its indecent profitability levels over the next three years by recommending an increased ordinary dividend and the payment of a special dividend, and by setting a stable return on required equity objectives.
Accelerated non-core assets rundown
23 Feb 17
The quarterly results were depressed by some one-offs or seasonal charges and by the costs associated with the accelerated run-down of non-core assets. The underlying profitability remained remarkably stable at a decent 11% ROTE. The regulatory capital position enjoyed a strong boost from non-organic items.
We maintain our ADD recommendation on an OK UK
23 Feb 17
We have updated our model after Hammerson’s FY16 results. As a reminder, the group published positive numbers with NRI standing at £346.5m and gaining 2.2% lfl. This stood marginally ahead of our expectations. EPS stood at 29.2p, gaining 8.6% and the dividend was announced at 24p. The group’s NAV at 739p was up 4.1%, standing at a substantial premium to the current stock price, and the company’s GAV at £9.97bn gained 19.1% yoy on acquisitions. Leasing activity reached 142,000sqm, major acquisitions include Grand Central in the UK (£350m) which was acquired in H1 and the Dundrum Town Centre in Dublin. Disposals stood at £365m for eight properties in all regions. So far leasing activity has remained positive, although the group has noticed a deceleration compared to FY15, with £24.9m let vs £27.9m in 2015, thus a decrease in occupancy rate from 97.7% in FY15 to 97.5%. Average cost of debt has been reduced further to 3.1% by the recent debt issues of over £1.2bn, and the LTV now stands at 41% (or 36% under the new methodology) compared with 38% yoy. Management maintains confidence for FY17 with guidance of EPS growth between 6% and 8%.
Licenced to Grow
27 Feb 17
PCFG is embarking on an exciting journey as a bank which we believe is transformational, providing the group access to a wider part of the asset finance market, entry to which is currently restricted due to its higher cost of funding. We forecast an acceleration of growth higher up the credit spectrum which constitutes c80% of the broker business which PCFG cannot currently access. We estimate that PCFG may look to raise c£10m of equity this year to operate as a bank and fund growth which we have factored into our forecasts. We maintain our TP of 38p, implying a 2017E P/B of 2.1 which we think is fair for a bank in its infancy and in the medium term targeting RoE of 17.5% and loan growth of 35% CAGR.