Home Invest Belgium - Q3 2023 - Better than expected, guidance raised
HOMI releases a very strong set of results, better than expected allowing the company to raise its FY23 guidance.: (i) EPRA EPS at EUR 1.12 (+1.8% vs. previous guidance & +3.7% YoY) & (ii) DPS increase, which we expect to also increase to EUR 1.12.EPRA results up 18.7% YoY at EUR 15.4m (vs. EUR 12.5m in 9M22).EPRA EPS is up +8.9% YoY, and lands at EUR 0.84 p.s despite the dilutive impact of two ABBs (8.6% in June 2022 & 10% in July 2023).Leverage decreases 50bps compared to H1 at 50.51%We reiterate our ‘Hold' rating & our TP of EURHome 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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