Fonciere INEA - Beating estimates, but still a tight leverage
• Top line and EPRA EPS beats (resp. +1% & +9% vs. DPe) withEPRA result at EUR 25.4m (+4% YoY, 9% above DPe) or EUR 2.35/share (-7% YoY, 9% above DPe).• EPRA NTA is down -2.5% YoY to EUR 53.7/share and portfolio appraisal yield increase +32bps to 6.10%. DPS announced at EUR 2.70 (7.8% yield)• LTV increases to 48.9% (vs. 42.1% in 2022).• We reiterate our ‘Hold' rating and EUR 38.00 TP.Fonciere Inea. Fonciere Inea SA is a France-based company that specializes in owning and managing commercial real estate properties. The Company's portfolio consists of office buildings, e-mail platforms, local businesses and warehouses. The Company operates through its subsidiaries, including SCI PA, SCI Alpha 11 Marbeuf and SAS MD, among others. Fonciere Inea SA comprised properties located throughout over 20 regional cities in France, including Espace Concorde in Montpellier, Champ Chardon in Orleans, Exapole in Saint Herblain, Les Baronnies in Marseille, Za Kennedy, among others. The Company has also a 22% stake in Messageries Developpement SAS (formerly Saint Honore Patrimoine). The Company has operations only in France.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.