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.
|21Apr17 06:31||GNW||Wereldhave N.V.: Trading update Q1 2017|
|06Mar17 12:42||GNW||Wereldhave N.V.: Wereldhave publishes 2016 Annual Report|
|09Feb17 07:30||GNW||Wereldhave N.V.: New appointments at Wereldhave|
|06Feb17 16:40||GNW||Wereldhave N.V.: Wereldhave refinances €300M syndicated revolving credit facility at improved terms|
|03Feb17 06:45||GNW||Wereldhave N.V.: Results 2016: Strong leasing performance backs solid results|
|13Jan17 07:30||GNW||Wereldhave N.V.: Wereldhave reorganises; results fully on track|
|07Dec16 07:30||GNW||Wereldhave N.V.: New generation of cinema to open in Itis|
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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.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
Non Life Insurance - Growing impact of hacks on share prices
18 Apr 17
Our November 2016 Cyber report flagged the growing impact of cyber attacks on quoted companies, noting that Yahoo’s breach would inevitably negatively impact Verizon’s offer price, which it did. A report by CGI and Oxford Economics has found that, to date,severe hacks on UK companies permanently reduced their share price by 1.8% - or approximately a £120m hit to MCap for a FTSE 100 firm. With GDPR coming into effect next year, we expect more headlines. That has got to be good for cyber insurers and cyber security firms.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
UK Housebuilding Sector: Q1 2017
10 Apr 17
Baron King of Lothbury, also known as Mervyn King former Governor of the Bank of England, is married to Barbara, a Finnish lady. She was his girlfriend in 1970 but distance and steam-driven telecoms conspired to keep them apart. Barbara went on to marry someone else and divorce - before being reunited with King in the late 1990s. They married in 2007 and King, who had never had children, was presented with two step-children and four grandchildren; and, in a Sunday Times interview, he quoted the Finnish apothegm “Grandchildren are the dessert of life”.
Small caps continue to outperform
12 Apr 17
We have seen continued outperformance of smaller company market indices. These indices (refer table 1 below) have at least matched the major indices in the last 12 months and surpassed them in the year to date. Corporate action continues apace. The majority of results have been in line with expectations, with some surprises and setbacks. The outlook is focused upon the current state of the economy with contrasting indications. In Share News & Views we have covered AdEPT Telecom, APC*, Brave Bison*, EU Supply*, Helios Underwriting*, Quarto Group*, Synectics*, Sprue Aegis* and M Winkworth*.