Fonciere INEA - Green growth, but needs to keep leverage in check
We adjust our estimates, incorporating the latest acquisitions YTD (4 assets acquired in 2023 for an expected sum of EUR 68m).INEA could be affected by a worsening market condition, mainly given its ongoing expansion strategy.In line with our study, we increase the WACC to 7.5%, we also assume a portfolio revaluation, and higher interest expenses.We reiterate our ‘Hold' rating but decrease our TP to EUR 42.0 (from EUR 46.0).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.
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