EU REAL ESTATE: CityCon Oyj: Q3 Results (CITCON; NR/BB+/NR)
Guidance slightly reduced. Debt metrics OK.
• It is hard to take management seriously when they say that "outlook is tightened" whilst failing to mention that they also reduced the mid-point.
• EPRA Earnings now €0.41-0.46 from €0.41-€0.50
• On a more positive note:
• Like-for-like rent +5.7% for 9m and +6.8% for Q3.
• Footfall +1.5%; tenant sales +1.4%
• Fair value gain €42.8m ytd; €8.6m Q3
• LTV 46.9% is down from 47.5% y/y but up from Q2 46.4%
• Extended liquidity in its undrawn revolver: now €250m (+50m) and maturity Oct 29 (+1yr option) from Apr 27.
• S&P cut in September on continued management changes.
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Historical bullets
SILVER TECHS: Fresh Cycle High
- RES 4: $49.444 - 3.236 proj of the Sep 4 - 16 - 17 price swing
- RES 3: $49.000 - Round number resistance
- RES 2: $47.857 - 2.618 proj of the Sep 4 - 16 - 17 price swing
- RES 1: $47.251 - 2.382 proj of the Sep 4 - 16 - 17 price swing
- PRICE: $46.907 @ 08:01 BST Oct 1
- SUP 1: $44.601/43.287 - Low Sep 26 / 20-day EMA
- SUP 2: $40.856 - 50-day EMA
- SUP 3: $38.580 - Low Aug 28
- SUP 4: $36.965 - Low Aug 20
Trend signals in Silver remain bullish. The metal has traded higher this week as the bull cycle extends. Note that moving average studies are in a bull-mode position too, reinforcing current conditions. Sights are $47.857 next, a 2.618 projection of the Sep 4 - 16 - 17 price swing. Clearance of this level would pave the way for a climb towards the $48.00 handle. Initial firm support to watch lies at $43.287, the 20-day EMA.
GILTS: Opening Calls
Gilt calls, 90.60/90.62.
EQUITIES: EU Cash Opening Calls
Estox 50: -0.08%, Dax: -0.27%, CAC: +0.15%, FTSE +0.20%, SMI +0.39%,
