Daily Brief Thematic (Sector/Industry): EU Real Estate Holds Steady Amidst Structural Slowdown and more

• Europe’s Real Estate sector has been dealing with a protracted slowdown in growth and financing availability that has seen the industry battle rising borrowing and refinancing costs, increasing the repayment burden on Developers, REITs and Real Estate Services providers.
• The downturn has been especially pertinent for the Real Estate Owners and Developers as they navigate the higher-for-longer interest rate environment.
• However, this trend hasn’t been pervasive throughout the Euro Area.

• Silicon wafers area shipments (in MSI) declined by 14.3% YoY in 2023
• Wafer revenues also declined by 10.9% to $12.3 billion over the same period
• We expect Q124 revenues to be down ~20% QoQ and anticipate a further 5% YoY decline in full year 2024 shipments

• Panoro Energy (PEN NO)C; target price of NOK47 per share: Hibiscus South on stream at 5-6 mbbl/d – The Hibiscus South well has been put in production at a rate of 5-6 mbbl/d.
• Once stabilized this should take production at Dussafu to ~30 mbbl/d.
• Pulsar Helium (PLSR CN)C; target price of C$0.80 per share: High Helium concentration at high impact appraisal well – The Jetstream #1 appraisal well at the Topaz helium project in Minnesota encountered helium shows while drilling, with helium concentration of up to 12.4% according to the on-site spectrometer.

• Developers scrambled to advertise projects to potential investors in the US between 2021-2023
• Prices for lithium reached all time highs due to impact of COVID on supply chains
• Prices have since plunged nearing a three-year low, causing uncertainty for companies with viable projects and automakers scaling back EV production forecasts

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