Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on FONCIERE DES REGIONS. We currently have 3 research reports from 1 professional analysts.
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FONCIERE DES REGIONS
FONCIERE DES REGIONS
Better than expected numbers
26 Jul 16
We have updated our model after Fonciere des Regions’ H1 numbers. GS rent stood at €287m, up 5.9% yoy and flat on an lfl basis. By segment, French offices came in flat at -0.3%, Italian offices -0.8%, Hotels and Services -2.1% (due to the terrorism impact on AccorHotels) and German Resi gained 2.1% lfl. Net income was up 4.2% yoy to €176.6m, or €2.64 per share (decrease due to share issues). This comes slightly ahead of our expectations. The group’s GAV has reached €18.3bn, or €11.7bn at GS (up 3.2% lfl), and NAV at €82.40 per share is up 9%, also standing ahead of our expectations. The occupancy rate has increased marginally from FY15, stable at 96.7% (from 96%), and the company’s average lease term now stands at 7.5 years (from 7.3 years at FY15). Beni Stabili’s stake has been increased to 52.2% from 48.3% and FDM’s to 49.6% from 43.1%. Management has maintained its FY16 target of a stable EPS outlook.
An asset rotation year, higher quality ahead
19 Feb 16
- GS rent stood at €549.4m, down 0.1% lfl, and net income was up 6% to €333m or €5.07 per share, marginally in line with our expectations, and the dividend is announced at €4.30 per share; - GAV has reached €18bn or €11bn at GS (up 4% lfl) and NAV at €79.4 per share is up 7% and now only stands 8.5% below our 18 months forward NAV valuation; - Occupancy remained stable at 96% and the company’s average lease term now stands at 7.3 years; - Cost of debt now stands at 2.8% (from 3.29% yoy), with maturity increased to five years (from 4.1 years yoy) after €4.2bn (€2.5bn GS) of debt financing; For 2016, management targets a stable level of EPS and payout.
A positive H1, and positive stance maintained
29 Jul 15
FDR published it H1 figures with GS rental income up 3% yoy to €271m (-0.1% lfl), NAV per share up 2% to €75.8 and a total portfolio revaluation of 2.1% lfl to €17.4bn and €10.8bn at GS. EPRA net income stands at €170m up 4% or €2.62 per share, marginally in line with our expectations and occupancy remained high at 97% (with Hotels always leading with 100% and a weaker Beni Stabili at 94.1%). Its financial position remains strong with net debt GS standing at €5.5bn and an LTV slightly increased to 47.5% due to recent operations. Management maintains the outlook of a slight increase in EPRA NRI for FY15.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
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Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.