Home Invest Belgium - All eyes on the leverage despite ABB
We adjust our estimates, incorporating the latest ABB. We estimate EPRA EPS to come in at EUR 1.10 in 2023e, implying that the share dilution would already be absorbed.With the ABB, the debt ratio is now at 49.8%, but we expect it to be back above 50% soon given the projects in the pipeline.In line with our study, we increase the WACC to 6.2%, we also assume a slight portfolio revaluation (despite the defensive nature of HOMI's portfolio), and higher interest expenses in the years to come.We reinitiate HOMI on ‘Hold' with a TP to EUR 17.5.Home Invest Belgium SA is a public regulated real estate company based in Belgium. The Company specializes in the acquisition, sale, development and management of residential real estate properties. It holds a wide portfolio of properties located on strategic locations in Belgium and The Netherlands. The Comapny's oerates throught its subsidiares such as Clarestates BV.
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