Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on WERELDHAVE NV. We currently have 2 research reports from 1 professional analysts.
|07Dec16 07:30||GNW||Wereldhave N.V.: New generation of cinema to open in Itis|
|24Oct16 04:06||GNW||Wereldhave N.V.: Change to the organisation of Wereldhave in the Netherlands|
|21Oct16 06:45||GNW||Wereldhave N.V.: Press Release Trading update Q3 2016|
|30Aug16 07:35||RNS||N.V. proposes nomination|
|21Jul16 07:10||RNS||Results first half 2016|
Frequency of research reports
Research reports on
2016 should focus on improving occupancy
04 Feb 16
GRI stood at €207m, a jump from €126m in FY14, mainly coming from massive acquisitions: a portfolio of 6 shopping centres in France (from Unibail end-2014) and 9 additional shopping centres acquired from Klepierre in the Netherlands in 2015. Net profit increased to €27m and EPS at €3.23 gained 9% yoy and the dividend proposed at €3.01 per share is up 5% and exceeds our expected €2.87. Wereldhave also exited the office segment in France, with the disposal of the three remaining assets for €401m. The proceeds - coupled with a capital increase — partially funded the acquisition of the Dutch retail portfolio, bringing down the LTV to 37.5% from 40% at Q3 15 and maintaining the cost of debt stable at 2.2%. For 2016, management plans to focus on operations. EPS growth is expected at 6-9% and dividend at 4-6%, while the LTV is expected to be maintained below the 40% threshold.
Increasing scale in the Netherlands
29 Jun 15
Wereldhave has announced the acquisition of a 9 shopping centre Dutch portfolio from Klepierre for €730m, consisting of €687m for operational properties and €43m for the development (in the CityPlaza). The assets acquired at a 6.2% yield are expected to contribute as much as €45.1m to NRI from 2016. 25 professionals will be joining Wereldhave from Klépierre (o/w 15 entirely dedicated to the new portfolio). The transaction is expected to be EPS accretive as soon as 2016. To finance the acquisition, Wereldhave raised €275m in an equity issue (5,250,000 new shares) and plans to fund the remaining by debt c.€500m, through cash and debt facilities (in the short term), but also plans on disposing assets of €350-450m to repay additional debt and maintain a targeted LTV of 35-40% in the medium term. Management also confirms the guidance of a direct result CAGR (prior to the share issue) of 6-9% over 2014 to 2016.
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.