Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on INMOBILIARIA COLONIAL SA. We currently have 5 research reports from 1 professional analysts.
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INMOBILIARIA COLONIAL SA
INMOBILIARIA COLONIAL SA
Positive 9M figures, Buy recommendation maintained
15 Nov 16
Colonial published its Q3 figures. 9-month revenues stood at €205m, up 21% yoy (and 8% lfl), EBITDA of €166m gained 29% yoy (13% lfl) and net profit of €51m gained 86% yoy. The financial position remains strong following the issuance of €600m notes in October, an increased debt maturity and a lower cost of debt.
Strong H1 16 figures - Buy recommendation maintained
28 Jul 16
Colonial has published solid H1 16 figures with GRI up 10% lfl to €137m, well ahead of our aggressive €263m for the year. All markets show a positive trend and Barcelona performed particularly well with a GRI lfl growth of 13.2%, 5% for Madrid and another 10.5% for Paris (supported by In&Out). All renewals were made above ERV and the occupancy rate now stands at 97% (up 8.3%). The group’s GAV has gained 5% lfl to €7.6bn and EPRA NAV now at €6.8 per share, or only at 6% discount to our previous 18-months forward expectations. The financial position remains contained, with LTV still under 40%, despite the recent “Alpha Project” acquisitions for €400m. Cost of debt has been reduced to 2.06% (-21bp) and the group’s net debt now stands at €3.1bn.
FY15: solid lfl growth on positive strong rental activity
23 Feb 16
- Rents at €231m are up 6% lfl and 9% yoy, and EBITDA increased by 8% lfl to €178m; - NAV was up 13% lfl to 62 cents and now only stands 6% below or 18 months forward NAV. GAV increased by 16% lfl to €6.9bn, supported by both rental growth particularly from the French rental activity — Cloud and In & Out and 90 CE in France — and yield compressions from all regions. - Asset valuation was supported by additional improvements in financial occupancy which gained 698bp to 94%: Barcelona 89%, Madrid 96% and Paris 94%. - The dividend has finally returned with an announcement of 1.5 cents a share.
Colonial—visiting the Barcelonan assets: hotels to absorb the excess supply in offices
29 Jan 16
Barcelona is still a difficult market, but Colonial is good on execution. Although voids are generally an issue in Barcelona, Colonial is still beating the market. Colonial’s Barcelonan vacancy rate stands at 7.5% vs 11.4% for the market. Prime rents currently at €19/s.qm/month are still below the peak of €28. Improvements are expected, however at a lower rate as compared to expectations for Madrid. As a result, Colonial is primarily searching for investment opportunities in Madrid. Family offices holding buildings represent a threat to rental activity as they tend to put downwards pressure on rents in times of recession.
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.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.