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Q3 came in line with estimates
IGD posted a set of results in line with estimates. Net rental income was cEUR29m in Q3 and increased by c11% YoY (almost stable QoQ). Occupancy improved QoQ both in Italy (95.3%) and Romania (97.1%) by 10bps and 30bps, respectively. Q3 recurring EBITDA grew by 13% mirroring the operational improvement at the rental level and the sequential improvement from services. FFO at EUR13.5m came down by 18% in Q3 as the increase in cost of debt (now at 3.48% vs 3.22% in H1
Companies: Immobiliare Grande Distribuzion SIIQ (IGD:BIT)IGD SIIIQ S.p.A. (IGD:MIL)
BNP Paribas Exane - Sponsored Research
Mixed results in Q2 2023, bang in line with our estimates
IGD has announced its Q2 results: net rental income was up by around 5.6% YoY, EBITDA +5.1%, FFO -12.7%, mainly due to the higher incidence of financial charges (ca. EUR 9.3m in Q2 2023 vs. ca. EUR 6.1m in Q2 2022). The net financial position reached ca. EUR 982m; it was EUR 966m as at the end of Q1 2023. The market value of the portfolio was reduced to ca. EUR 2,052m from EUR 2,132m as at the end of 2022 (-3.7%). This is consistent with
Mixed results in Q1 2023, bang in line with our estimates
IGD has announced its Q1 results: net rental income was up by around 1.3% YoY, EBITDA +2.5%, FFO -5.6% mainly due to the higher incidence of financial charges (ca. EUR 9.2m in Q1 2023 vs. ca. EUR 7.6m in Q1 2022). The net financial position reached ca. EUR 966m, it was EUR 977m as at the end of 2022. The LTV was 45.3% (45.7% as at the end of 2022). Occupancy was slightly down vs Q4 2022 at ca. 95.3% in Italy and 97.0% in Romania. The coll
Q4 2022 results: FFO was a tad above the +2/3% guidance
IGD has announced Q4 results: net rental income was -3.7% YoY, EBITDA -3.6% FFO +3.8%. Occupancy was up vs Q3 2022 at ca. 95.7% in Italy and 98% in Romania. The market value of IGD''s portfolio was ca. EUR 2,081m, or -2.8% YoY. EPRA NAV and NRV reached EUR 10.28 p.s. or -5.3% YoY. The collection rate was 96% in Italy and 97% in Romania as at the end of 2022, up vs. September 2022. Footfall and tenant sales were up vs. 2021 (ca. +7% and 13%
As a real estate player, IGD is affected by changes in asset values, refinancing risks and potential dividend cuts. The current environment calls for prudence when rethinking estimates; despite these factors, IGD still offers investment positives including a high yield and positive inflation link.
The sector is starting 2023 from a low base
2022 saw the European Real Estate sector lose 40% of its market cap and we start 2023 with the sector trading at a substantial discount to our NTA forecasts
Declining results in Q3 2022 YoY, bang in line with our estimates
IGD has announced its Q3 results: net rental income was down by around 15.6% YoY (-7.3% at a like-for-like perimeter of consolidation, i.e., restating Q3 2021 results for the EUR 140m asset portfolio sold in November last year), EBITDA -16.6% (-7.6% like-for-like), FFO -7.9% (+3.1% like-for-like). The net financial position reached ca. EUR -989m (it was ca. EUR -1bn as at the end of H1 2022). The LTV was 44.8% (45.5% as at the end
Elections confirm polls, with the right-wing coalition winning a majority of seats
The Italian elections resulted in the right-wing coalition led by Giorgia Meloni of the Brothers of Italy winning a majority of seats in both lower and upper chambers, though far from the 2/3 needed to change the constitution. The new government will officially start in the week of Oct 10th, and after an initial phase of selecting ministers, it can begin effectively governing from early November. Thus, we may ne
Companies: SAB LUVE FNM IRE MN SES HER AIW IF TIP FNM IRE GHC CEM IGD WIIT COM SAB IF UNIR SCF CEM ILTY MN LUVE IGD TIP HER SES ORS
Results bang in line with our estimates
IGD has announced its Q2 results: net rental income was down by around 3.6% YoY (+6.4% at a like-for-like perimeter of consolidation, i.e., restating Q2 2021 results for the asset portfolio sold), EBITDA -4.2% (+6.1% l-f-l), FFO +3.0% (+17.7% l-f-l) mainly due to the lack of direct COVID costs (ca. EUR 2.4m in Q2 2021). Q2 2022 occupancy was 95.1% and 92.9% vs. 94.8% and 94.1% respectively in Italy and Romania as at the end of Q1 2022. Net debt was c. EUR
Q1 2022 results were well up YoY, almost in line with our estimates
IGD has announced its Q1 results: net rental income was up by around 9.6% YoY (+22.4% at a like-for-like perimeter of consolidation, i.e. restating Q1 2021 results for the EUR140m asset portfolio sold in November last year), EBITDA +10.0% (+24.5% like-for-like), FFO +20.7% (+46.0% like-for-like) mainly due to the lack of direct COVID costs (ca. EUR5.4m in Q1 2021). The net financial position reached ca. EUR976m, it was EUR 984m
Q4 2021 results were considerably up YoY, a tad better than expected
IGD has announced its Q4 results: net rental income was up by around 60% YoY, EBITDA 67% FFO +176% mainly due to lower direct COVID costs of about EUR 9m. Occupancy was almost stable vs Q3 2021 at ca. 95% in both Italy and Romania. Market value of IGD''s portfolio was ca. EUR 2,140m, or +0.64% YoY on a like for like basis. EPRA NAV and NRV reached EUR 10.85 per share or +4.5% YoY. The collection rate was 94% in Italy and 96% i
2022-2024 business plan: enhancing DPS, NRI and FFO almost in line with 2019, LTV decline
The company has unveiled its new business plan covering 2022-2024. The main highlights are: NRI 2021-2024 CAGR of 5/6% (ca. +17/20% vs. 2021) and FFO up by more than 30% vs. 2021 restated for the asset sold (this ought to bring the two parameters ca. in line with 2019 levels); asset portfolio valuation to remain broadly stable; LTV expected to decline to around 40/43% in 2024 vs. ca. 45% in 2021E including
Q3 2021 results were down YoY, bang in line with our estimates
IGD has announced its Q3 results: net rental income was down by around 6% YoY, EBITDA -8% FFO -13%. The net financial position reached EUR 1,116m, slightly better vs H1 2021. The LTV was 48.3% (vs 49.1% at the end of H1 2021), or ca. 45.6% if we include the recently announced disposal. Occupancy was almost stable vs H1 2021 at ca. 95.4% in Italy and 94.9% in Romania. The collection rate reached 86% in Italy and 96% in Romania in Q3
As a leading real estate retail operator in Italy, we expect the company to take advantage of the improving macroeconomic environment. LTV reduction should support a rerating in comparison to peers, with the NTA discount to narrow vs. historical levels too.
Retail market - where are we?
Rents have stabilised in H1, but we expect some pressure until sales/footfall returns close to pre-pandemic levels. Yields for prime shopping centres expanded and we expect a similar dynamic to continue. By co
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Kepler | Trust Intelligence
AUM closed FY23 (30 Sep 23) on £37.4bn, 5% up y-o-y. Net flows were slightly negative (-£92m or -0.3% of opening AUM), with investment performance adding £1.8bn. It’s been a tough year for asset managers, but in a London-listed peer group, Impax recorded the second-strongest net flow rate (median -7%, see note). Some experienced heavy (double-digit) net outflows.
A profit fall was due to adjusted operating costs increasing faster than revenue, by 11% from £108.0m to £120.3m. Part of this increas
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LIFS' announcement this morning discloses strong revenue growth, with sales in the first eleven months up 62%, highlighting the attractiveness of their innovative fire products. These have made them leaders on Amazon both in the UK and in the substantial US market, where they were successfully launched early last year. However, disappointing sales from one partner, combined with enhanced competition, have caused a pull-back in sales forecasts combined with increased losses in the current year; a
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Although the UK now represents a paltry 3.5-4.0% of global equity indices, home bias in the domestic stock market is estimated at c 25% across institutional and retail investors. This persists across asset classes: in the Investment Association universe of open-ended funds, 28.1% of total AUM at the end of September 2023 was invested in UK sectors. This leaves a significant amount of investors' assets exposed to overseas markets that may be unfamiliar and harder to access. In such a situation, t
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Capital Access Group
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Hardman & Co Research’s focus is on the nine quoted infrastructure investment companies (IICs) and on the 22 renewable energy infrastructure funds (REIFs), most of which saw their share prices fall during 2022, while the FTSE 100 rose by just 0.9%. In our Quoted UK Infrastructure and Renewable Energy – Prospects for 2023 publication, we have addressed the three key issues of recent months: higher inflation, extremely volatile power prices and rising interest rates.
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Hardman & Co
Companies: Duke Royalty Limited
Agronomics (ANIC) invests in cellular agriculture companies. Since mid-2022 it has placed increasing emphasis on companies using precision fermentation technology or providing contract precision fermentation services, as these appear to have greater near-term commercial potential than cultivated meat and seafood. Agronomics’ NAV has risen almost 100% since the inception of the current strategy in April 2019, and looks set to increase further as the company’s portfolio holdings receive regulatory
Companies: Agronomics Limited
Positive interims from Vp this morning highlight another period of growth despite the mixed market backdrop. The results again illustrate the benefit of Vp’s diverse mix of specialist activities, with the quality of earnings confirmed by further growth in operating margin (now 13.9%) and ROCE (14.7%).
Strategic priorities include continued progress with ESG initiatives and a greater emphasis on Digital, with more on this likely to follow later in the year.
We maintain our Fair Value estimate o
Companies: Vp plc
Duke has released its H1/24A interim results for the period ending 30th September 2023 that are in-line with expectations. Recurring cash revenues increased 17% to £12.2m, whilst total cash revenues increased 35% to £14.1m. The portfolio continues to be resilient despite macroeconomic headwinds, and c£18m of capital was deployed across new and existing investments. We iterate a 1-year price target of 45p based on a target FCF yield of 8%.