Bankinter S.A. - Hispania Activos Inmobiliarios SOCIMI S.A. (HPVBF) Riding the wave of tourism in Spain

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Bankinter S.A.

Juan Moreno

Riding the wave of tourism in Spain

We increase our valuation to €15.6/share.

We have increased our GAV valuation to €2,905Mn from €2,547Mn. Hotels are the most benefited, mainly thanks to: 1) the good momentum of the Spanish tourism; 2) the expected additional value creation derived from the €100mn smart capex plan; and 3) the latest acquisitions. It results, in an adjusted NNAV of €1,703Mn or €15.6/share (from €1,548Mn or €14.3/share).

We maintain our Hold recommendation.

Hispania is currently trading with a 5.9% upside potential to our valuation (€15.6/share). The company’s strategy gives visibility to our valuation as it should be fully monetized before the end of 2020. In addition, we expect positive news from its divestments and additional value creation from its pipeline (remaining firepower of c.€200m). We maintain our Hold recommendation.

06/10/2017 10 EN

Underlying

Hispania Activos Inmobiliarios SOCIMI S.A.

Hispania Activos Inmobiliarios SOCIMI SA, formerly Hispania Activos Inmobiliarios SA, is a Spain-based company primarily engaged in the operation of commercial real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties in Spain. The Company's activities are divided into five segments: Offices, which leases assets for business purposes; Residential, which provides residential units; Hotels, which rents hotel real estate; Hotels under management, which includes operation and development of hotels within concession agreement, and Other, which leases other real estate assets, such as logistics centers and shopping malls. The Company operates through a number of subsidiaries, such as Hispania Real SOCIMI SAU, Bay Hotels & Leisure SOCIMI SA and Eco Resort San Blas SLU.

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ES0105019006 Spain

Provider

Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

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Analysts

Juan Moreno

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Riding the wave of tourism in Spain

Monthly LMI Update Independent Investment Research

Feasibility Study Results in December to be a Catalyst for this Junior

HIS: Blackstone increases the bid price for Hispania

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

Reig Jofre: EBITDA (adj.) +17% in 2019 and guidance is 2x in a five-year plan

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