EU REAL ESTATE: Inmobiliaria Colonial (COLSM: Baa1/BBB+): FY24
Good results with Assets valuation accelerating and debt well-managed
- EPRA Earnings €193m +12% with EPS of €33 beating 30-32 guidance
- Net Rental Income grew in all three cities: Paris +7%; Madrid & Barcelona +6%.
- Asset valuations improving slightly: +2.8% lfl to GAV €11.6bn. Note that the bulk of this came in H2 with 2.1% vs 0.7% H1
- LTV reported 36% down from 39.5%; EPRA LTV 43.7% down from 47.3%
- ND/EBITDA 10.7x down from 11.9x as Net Debt dropped €400m to €4.5bn
- Cost of debt low at 1.70% but note recent bond has 3.25% coupon
- €3.1bn Liquidity is very strong with maturities out to 2027 covered 1.3x
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Historical bullets
AUDUSD TECHS: Trend Needle Points South
- RES 4: 0.6441 38.2% retracement of the Sep 30 - Jan 13 downleg
- RES 3: 0.6429 High Dec 12
- RES 2: 0.6384 High Dec 13
- RES 1: 0.6322/31 50-day EMA / High Jan 24
- PRICE: 0.6237 @ 07:58 GMT Jan 29
- SUP 1: 0.6209 Low Jan 21
- SUP 3: 0.6165/31 Low Jan 17 / 13 and the bear trigger
- SUP 3: 0.6100 Round number support
- SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
The medium-term trend trend condition in AUDUSD is bearish and an important resistance at the 50-day EMA, at 0.6322, remains intact. The reversal lower from last week’s high suggests the possible end of the correction between Jan 13 - 24. A continuation lower would open 0.6131, the Jan 13 low and the bear trigger. On the upside, a clear breach of the 50-day average is required to signal scope for a stronger recovery.
GILTS: Opening Calls
Gilt calls, 92.35/92.40 range.
EQUITIES: Big focus on the Cash Open
Equity futures are unwinding a small part of the Post ASML earning spike, BIG focus on the Cash Open, since it can always drive multi assets, Govies and FX.
Tech will be watched, but luxury Goods could be heading the other way since LVHM missed expectations last night.
- Calls: Estox 50: +0.89%, Dax: +0.42%, CAC: -0.14%, FTSE +0.12%, SMI +0.37%.
