Ascencio - Solid FY results
FY22/23 results closed end September. Direct results up 6.6% YoY at EUR 36m or EUR 5.46 per share, above our estimate (EUR 5.21). LfL growth stood at +7.3%.Portfolio value remained stable YoY (+EUR 23.8m in FY21/22). EPRA NIY increased 33bps to 6.39%. EPRA LTV stood at 43.4%, down 98bps YoY and 50bps vs June end.Ascencio targets a dividend distribution of EUR 4.15 per share (5.1% YoY, 78% payout). No quantified guidance was issued for FY 23/24. Solid results, beating our expectations on both earnings and dividend due to the lower-than-expected interest expenses and slightly lower tax expenses. We will update ourAscencio SCA is a Belgium-based real estate investment company. Its investments are mainly focused on properties in the retail and warehouses sector and the food industry in Belgium and France. The majority of its holdings are situated in Wallonia Region of Belgium, also in Flanders, in Brussels and in France. The Company's clients include Carrefour, Champion, Decathlon, Delhaize and others. Ascencio SCA has several wholly owned subsidiaries, such as Etudibel SA, SCI Candice Brives, SCI Echirolles Grugliasco, SCI Harfleur 2005, SCI Kevin, SCI La Pierre de l'Isle, SCI Mas des Abeilles, SCI ZTF Essey les Nancy, SCI Cannet Jourdan, SCI De La Cote, SCI Du Rond Point, SCI Seynod Barral, SCI Clermont Saint Jean and Les Papeteries de Genval , among others.
We are an investment house with Belgian roots founded on more than 150 years of trust.
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