Home Invest Belgium - Like Belgian clockwork
HOMI releases solid results fully in line with expectations.EPRA results up 14.7%, but EPRA EPS only up 4.9% due to the dilutive impact of the 2022 & 2023 ABBs.DPS per share is confirmed at EUR 1.12.HOMI has provided the guidance for 2024. (i) EPRA EPS at EUR 1.15 (DPe EUR 1.10), (ii) EUR 40m of disposals (DPe EUR 20m), (iii) LfL net rental growth of at least 4% (in line with DPe), and (iv) EBIT margin improving above 73%.Leverage decreases 50bps compared to Q3 at 50.02%We reiterate our ‘Hold' rating and EUR 18.00 TP.More details in our Note published thisHome 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.
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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