Befimmo S.C.A.

Befimmo is engaged in real estate investments. Co.'s activities are dedicated solely to the ownership and management of a real-estate portfolio. As of Dec. 30, 2012, the portfolio consisted principally of office buildings located in Brussels and let to public authorities or private businesses, and office buildings in various town centres in Flanders and Wallonia, let long-term to public authorities, and a building located in the city of Luxembourg.
  • TickerBEFB
  • ISINBE0003678894
  • ExchangeEuronext Brussels
  • SectorReal Estate Investment Trusts
  • CountryBelgium

Analysts

BEFIMMO SCA sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of BEFIMMO SCA (BE), a company active in the Real Estate Investment Trusts industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date September 13, 2019, the closing price was EUR 54.20 and its potential was estimated at EUR 57.68.

ING
Research Department

Benelux Morning Notes

AB InBev: You beauty, right on target. Accell: Solid 1H results, leverage ratio drops to 1.7x. Acomo: Not so nuts. Befimmo: Still bridging the gap. Belgian telecoms: OBEL's new Love Duo packs priced at €15 discount to the Love packs. Beter Bed: Financing secured to execute MC disposal. Cofinimmo: Killing the zombie. Gecina: Hikes guidance, steady growth. Wereldhave: WHA Belgium reports 1H19. Wessanen: Slow food movement

Alan Vandenberghe ...
  • Alexander Makar
  • Jan Opdecam
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wim Hoste

Morning Note: ABI BB, ADYEN NA, AKZA NA, ATEB BB, BEFB BB, BEKB BB, BBED NA, COFB BB, GLPG NA, REC BB, SLIGR NA, WES NA

AB InBev: Sale of Carlton & United Breweries for $ 11.3bn Adyen: Postmates chooses Adyen as payment mate Akzo Nobel: Preview 2Q: earnings acceleration expected Atenor: 4th office development project in Budapest Befimmo: HY19 trading update Bekaert: Preview 1H : turning the corner ? Beter Bed Holding: Not that bed after all Cofinimmo: Sale of Souverain (former AXA building) for € 50m Galapagos: Post-Gilead deal take-aways on the 10y alliance Recticel: Quo vadis, Recticel ? Sligro: Prudent analyst meeting, confident about the LT Wessanen: Strong sequential development Various: Removing Recticel ...

Alan Vandenberghe ...
  • Alexander Makar
  • Jan Opdecam
  • Ruben Devos
  • Wim Hoste

Morning Note: AED BB, ATEB BB, BEFB BB, BEKB BB, ONTEX BB, TWEKA NA

Aedifica: Three new HC sites in The Netherlands Atenor: Expansion in Luxembourg Befimmo: Company update: overestimated valuation Bekaert: New CFO appointed Ontex: Ontex reacts to press speculation on takeover TKH Group: Vertical take-off

Jan Opdecam

BEFIMMO: Valuation underestimates challenging future

Befimmo, the Belgian pure play office investor and developer, is at a crossroads, trying to identify new opportunities and reinvent the company as various problems have skewed the playing field. With tail risks in the big chunks of the portfolio, we do not rule out a possible 10% rent loss in the Fedimmo portfolio, a need to redevelop assets to find extra yield, and continued pressure on EPS and the debt ratio. Management finally needs to make the right strategic decisions. With this rather gloomy outlook we downgrade the stock from € 49.5 to € 47 with a Reduce rating coming from Hold.

ING
Research Department

Benelux Morning Notes

AB InBev: You beauty, right on target. Accell: Solid 1H results, leverage ratio drops to 1.7x. Acomo: Not so nuts. Befimmo: Still bridging the gap. Belgian telecoms: OBEL's new Love Duo packs priced at €15 discount to the Love packs. Beter Bed: Financing secured to execute MC disposal. Cofinimmo: Killing the zombie. Gecina: Hikes guidance, steady growth. Wereldhave: WHA Belgium reports 1H19. Wessanen: Slow food movement

Alan Vandenberghe ...
  • Alexander Makar
  • Jan Opdecam
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wim Hoste

Morning Note: ABI BB, ADYEN NA, AKZA NA, ATEB BB, BEFB BB, BEKB BB, BBED NA, COFB BB, GLPG NA, REC BB, SLIGR NA, WES NA

AB InBev: Sale of Carlton & United Breweries for $ 11.3bn Adyen: Postmates chooses Adyen as payment mate Akzo Nobel: Preview 2Q: earnings acceleration expected Atenor: 4th office development project in Budapest Befimmo: HY19 trading update Bekaert: Preview 1H : turning the corner ? Beter Bed Holding: Not that bed after all Cofinimmo: Sale of Souverain (former AXA building) for € 50m Galapagos: Post-Gilead deal take-aways on the 10y alliance Recticel: Quo vadis, Recticel ? Sligro: Prudent analyst meeting, confident about the LT Wessanen: Strong sequential development Various: Removing Recticel ...

Alan Vandenberghe ...
  • Alexander Makar
  • Jan Opdecam
  • Ruben Devos
  • Wim Hoste

Morning Note: AED BB, ATEB BB, BEFB BB, BEKB BB, ONTEX BB, TWEKA NA

Aedifica: Three new HC sites in The Netherlands Atenor: Expansion in Luxembourg Befimmo: Company update: overestimated valuation Bekaert: New CFO appointed Ontex: Ontex reacts to press speculation on takeover TKH Group: Vertical take-off

Jan Opdecam

BEFIMMO: Valuation underestimates challenging future

Befimmo, the Belgian pure play office investor and developer, is at a crossroads, trying to identify new opportunities and reinvent the company as various problems have skewed the playing field. With tail risks in the big chunks of the portfolio, we do not rule out a possible 10% rent loss in the Fedimmo portfolio, a need to redevelop assets to find extra yield, and continued pressure on EPS and the debt ratio. Management finally needs to make the right strategic decisions. With this rather gloomy outlook we downgrade the stock from € 49.5 to € 47 with a Reduce rating coming from Hold.

ING
Jaap Kuin ...
  • Pieter Runneboom

Real Estate/Strategy and model update

In this report we update our segment views and estimates for companies under our coverage while changing ratings on six stocks. Berlin rent freeze concerns have driven German resi underperformance. Office property shares appear to have benefited from some of the money leaving German resi, and we see further gains possible with additional QE, offering an overall decent operational performance in European CBD office markets. We continue to see the best forward looking returns in the logistics segment.

BEFIMMO SCA sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of BEFIMMO SCA (BE), a company active in the Real Estate Investment Trusts industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date September 13, 2019, the closing price was EUR 54.20 and its potential was estimated at EUR 57.68.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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