Cofinimmo - In-line FY23 hindered by gloomy guidance
• Cofinimmo published solid results enhanced by a strong indexation while the financing cost remains under control.• Thanks to a sound pace of disposals and to the recent equity raised, Cofinimmo managed to keep a healthy balance sheet.• The portfolio value adjustment accelerated in Q4.• The gloomy guidance for 2024 was expected and due to the dilutive impact of the ABB.• The company will host a conference call today at 10:00 am CET.• We sustain our ‘Hold' rating in the meantime.Cofinimmo is a fixed capital real estate investment trust. Co. specializes in rental property. Its core investment segments are office property and nursing and care institutions. The portfolio also includes a Distribution property networks segment. Most of Co.'s assets are in Belgium. The foreign part consists of nursing homes/ clinics and the MAAF agencies network in France and the Pubstone portfolio in the Netherlands. Co.'s operations are organized into four segments: Offices, Nursing homes/Clinics, Distribution property networks, and Public-Private Partnerships.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
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