Home Invest Belgium - Q1 2024 - Stellar start to the year
EPRA results is up 12% YoY due to higher rental income and improved operating margin, EPS up 1.5% from the dilution impact of 2023's ABB.LTV down ca. 300bps to 47% due to disposals (EUR 40m) and positive revaluation (+6.7% / EUR +50m).We raise our TP to EUR 20.50 (from EUR 18.00) and upgrade HOMI to ‘Buy' (from ‘Hold'). Our TP implies a 17% upside potential.More details in our Note published this morningHome 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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