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.
|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|
|24Oct16 16:06||GNW||Wereldhave N.V.: Change to the organisation of Wereldhave in the Netherlands|
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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.
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
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017