Degroof Petercam - Inclusio (INCLU) Inclusio - H1 2023 - Growth strategy is on track

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Degroof Petercam

Vincent Koppmair

Inclusio - H1 2023 - Growth strategy is on track

We estimate INCLU's direct results at ca. EUR 3.2m (+19% YoY). EPRA EPS at ca. EUR 0.43/share (vs EUR 0.36/share in H1 2022).IFRS NAVPS stands at EUR 25.5 despite dividend payment (+1.5% vs. end Dec).2023 guidance reiterated with DPS expected at a minimum of EUR 0.75/share and a rental income above EUR 13m.We reiterate our EVA target price of EUR 17.1 and our ‘Buy' rating.More details in our Note issued this morning

30/08/2023 1 EN

Underlying

Inclusio

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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

Inclusio - Q1 2024 - Back on the expansion strategy

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Inclusio - H1 2023 - Growth strategy is on track

Inclusio - Q1 2024 - Back on the expansion strategy

Inclusio - FY2023 - Far above IPO projections

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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