Degroof Petercam - Inclusio (INCLU) Inclusio - FY2023 - Far above IPO projections

Report

Degroof Petercam

Vincent Koppmair

Inclusio - FY2023 - Far above IPO projections

Rental income up 28% YoY; LfL growth comes in at 7.8%.Direct result/share comes in at EUR 0.93/share (+7%), DPS at EUR 0.75 implies an 80% payout.Leverage ratio decreases to 38.1% due to new valuation methodology.IPO targets. INCLU outperforms IPO targets in all 3 categories. Rental income (+36% higher), Portfolio fair value (+40% higher), and DPS (ca. 7% higher).We reiterate our ‘Buy' rating and EUR 16.50 TP.More details in our Note published this morning.

26/02/2024 1 EN

Underlying

Inclusio

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Provider

Degroof Petercam

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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Analysts

Vincent Koppmair

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Degroof Petercam

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Rental income up 17%, but direct results down 2.9% due to higher financing costs. Leverage stands at 39.3% and NAVPS stable at EUR 28.55.New CIO is already active with 2 acquisitions to be expected in the coming weeks.We reiterate our ‘Buy' rating and EUR 16.50 TP.More details in our Note published this morning.

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Inclusio - FY2023 - Far above IPO projections

Inclusio - Q1 2024 - Back on the expansion strategy

Inclusio - Slowing the pace of growth

(Sponsored) Cabka - Extracting full value from recent investments

EnergyVision - Profitable green energy with a sunny growth outlook

(Sponsored) Fastned - Gearing up for a growth spurt

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