In the the center of financing the real economy - Vincent... · befimmo befimmo befimmo befimmo ....
Transcript of In the the center of financing the real economy - Vincent... · befimmo befimmo befimmo befimmo ....
In the the center of financing the real economy
Vincent Van Dessel CEO Euronext Brussels
WHY LIST A COMPANY
2
AMBITION IS KEY
3
LISTING PUTS AN ISSUER IN A NEW DIVISION
4
Listing gives visibility (and credibility) and facilitates funding
Gives liquidity and market valuation for existing shareholders, including families, private equity, venture capitalists, banks…
The issuer is forced to adopt good corporate governance principles and becomes more professional
Creates own takeover money as well as rewarding schemes for staff
LISTING IS SOCIALLY RESPONSIBLE
5
Listing allows to grow without giving up control
Listing allows to keep decision center in Belgium
Listed companies are by far the ones creating the biggest employment growth
Listing ensures continuity on the long term
BRUSSELS MARKET PLACE
DIFFERENT PLAYERS MAKE THE ELECTRONIC MARKET
7
The Exchange is the place where issuers meet investors via the members (brokers or traders)
Issuers Members Investors
Convertibles
Exchange
Options, futures Indices
Broker = intermediary
Trader = Proprietary trading
Retail
Institutional
• Pension fund • Mutual fund • Insurance Cies • Asset manager • Holding • Hedge fund,...
• Active • Long term
• Classic • e-broker • Algorithmic
• Market maker • Liquidity provider • High frequency trader
NEW LISTINGS 1H 2014
8
Source Euronext as of June 2014
GENTICEL, EURONEXT, ONTEX, arGEN-X
9
NUMBER OF (DOMESTIC) IPO’S SINCE 1972 IN BRUSSELS
2 0 0 0 0
2 2 2 3
8 5
2 4 3 2
0 3
1 1 4
10
16 17
6
2 2
7
2
7 6 9
4 1 0 0 0
4 3 4 3
2
4
7
1
1
2
2
5
1 4
3
1
1 1 1 0
1
6
9 6
7
1 1 0
0 0
5
10
15
20
25
30
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Free Market
Alternext
Euro-NM
Second Mkt
First Mkt
IPO’S AND DELISTING
10
-20
-15
-10
-5
0
5
10
15
20
25
30
Evolution of IPO's and delsitings
IPO
Delisting
MARKET SHARE BRUSSELS VS EURONEXT
11
11,3% 11,5%
11,8% 12,0%
13,6%
12,9% 12,9% 13,0% 13,1% 13,2%
16,5%
15,3%
11%
12%
13%
14%
15%
16%
17%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014-08
Nb of domestic issuers : Brussels vs Euronext
BRUSSELS MARKET CAP
12
7 8 10 11 8 9 8 8 9 10 8 8 10 15 19 26 37 34
54 66
50 55 53 70 66 74
94
126
208
185 197
186
122 137
201
245
300
264
120
181 200
177
227
272
295
0 €
50 €
100 €
150 €
200 €
250 €
300 €
350 €
Bill
ions
Evolution of market capitalization and number of domestic issuers in Brussels
AVERAGE VALUE OF A LISTED COMPANY
13
0200400600800
100012001400160018002000
Average size of company is 60 times bigger than 40 years ago But 12,8 times corrected for inflation
Million €
EQUITY CORPORATES 2010 – 2014 YTD BRUSSELS
14 July 2014
AEDIFICA ABLYNX ABLYNX ABLYNX ABO GROUP AEDIFICA
AEDIFICA AEDIFICA ARGEN-X ATENOR AGFA-GEVAERT
ASCENCIO
ASCENCIO
BEFIMMO
BEFIMMO BEFIMMO BEFIMMO BEFIMMO
BPOST
CARDIO3 BIOSCIENCES
CARDIO3 BIOSCIENCES CARE PROPERTY
CFE
COFINIMMO
COFINIMMO
COFINIMMO
COFINIMMO
COFINIMMO
COLRUYT
ECONOCOM ECONOCOM
ELIA
EURONAV
EURONAV
EURONAV
EURONAV
EURONAV
FNG GROUP FOUNTAIN
GALAPAGOS GIMV
IBA IBA INTERVEST
KBC
KBC
LEASINVEST
LOTUS BAKERIES
MDXHEALTH
MONTEA
MONTEA
MONTEA
MONTEA MONTEA
NYRSTAR
ONTEX
OTHERS
OTHERS
OTHERS
OTHERS QRF
RETAIL ESTATES
RHJ INTERNATIONAL
THROMBOGENICS
THROMBOGENICS
TIGENIX
TIGENIX
WAREHOUSES DE PAUW
WAREHOUSES DE PAUW
WAREHOUSES DE PAUW
WERELDHAVE BELGIUM
0
500
1.000
1.500
2.000
2010 2011 2012 2013 2014 YTD
BONDS CORPORATES 2008 – 2014 YTD BRUSSELS
15 July 2014 Excluding bonds issued by Financial Institutions and pure Public sector
Christian Dior Bekaert
Bekaert
AB InBev
Solvay
Aquafin Cofinimmo
Fluxys
Fluxys
Banimmo Banimmo Intervest Off.
GBL
Befimmo
Cofinimmo Conv.
Delhaize Delhaize
Immobel
Immobel
Kinepolis CFE
Arseus
Etexco
Roularta Atenor
Eandis
Eandis KBC Groep
KBC Groep
KBC Groep
KBC Groep
DEME WDP
WDP
Vrancken Pommery Montea
Pinguinlutosa VGP VGP
UCB
UCB
UCB
UCB Eandis
Eandis
Remy Cointreau LEASINVEST
Lorraine Bakeries
Elia
Elia
Eandis
Hamon Home Invest Belgium Ghelamco Eandis Eandis
KBC Groep
Montea Agfa-Gevaert Agfa-Gevaert
Elia
0
500
1000
1500
2000
2500
3000
3500
4000
2008 2009 2010 2011 2012 2013 YTD 2014
SECONDARY OFFERINGS 2014
16 Source: Euronext as of 30 June 2014 *Includes all new shares offers
**Includes corporate and convertible bonds
New shares offer*s / Country
Bond issues** / Country
Amsterdam 2%
Brussels 41%
Lisbon14%
Paris 43% Brussels
49%
Lisbon 20%
Paris 31%
TECHNOLOGY COMPANIES ON ENTERNEXT
17 20 8
180
number of TMT companies followed by Morningstar
Amsterdam
Brussels
Lisbon
Paris
ENTERNEXT TECHNOLOGY MARKET CAP
3,16
4,67
0,73
18,16
market cap of TMT companies followed by Morningstar
Amsterdam
Brussels
Lisbon
Paris
2014 CHALLENGES • Enhance the attractiveness of listing , especially for small and
midcaps, including bonds • Promote Alterbonds as bond listing platform (private placements)
• Avoid gold plating
• Fiscal or regulatory incentives
• Public Auction modernization • Transparent secondary market
• Family business
• Crowdfunding
• Private mini-bonds
• Other financing instruments (letters of exchange, securitized loans…)
• Warning on participants (experienced investors only)
19
PROPOSALS EURONEXT BRUSSELS FOR THE GOVERNMENT
20
1. Encourage dividend distribution in shares by not taxing the dividends paid in shares (as the money remains in the company)
2. Adapt the fiscal advantage of savings accounts to dividends and capital increases
3. Suppress transaction tax on listed SME’s (market cap < 1 billion€)
4. Reward stable shareholders to increase liquidity