Immobel - A challenging FY23, focused 2024 ahead
Adj. Net profit lands at EUR 12m, Net profit including impairment & one-off costs lands at EUR -38m.Immobel proposes an optional DPS at EUR 1.20 (vs. EUR 3.05 in 2022).We reiterate our ‘Hold' rating, but put our TP ‘Under Review'.Immobel hosts an analyst meeting today at 9:30 CET.More details in our Note issued this Morning.Compagnie Immobiliere de Belgique SA (Immobel) is a Belgium-based company active in the real estate development sector. The Company operates in three lines of business in Belgium, Luxembourg and Poland, such as office properties, the residential sector and land banking. Its clients include: the state, the European Union (EU) and/or institutional investors for office complexes; private clients for residential property and land purchases, as well as private clients looking to invest in housing. The Company's main projects in Belgium include Belair, Black Pearl, Parc Seny, Gateway, Bella Vita and Chastre Rue Du Chene. Its main projects in Luxembourg include Westside Village, Green Hill and Galerie Kons. Finally its main projects in Poland include Cedet, CBD One and Okraglak.
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