Degroof Petercam - Inclusio (INCLU) Inclusio - Q1 2024 - Back on the expansion strategy

Report

Degroof Petercam

Vincent Koppmair

Inclusio - Q1 2024 - Back on the expansion strategy

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.

15/05/2024 1 EN

Underlying

Inclusio

See profile

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.

See profile

Analysts

Vincent Koppmair

Other Reports on these Companies

Degroof Petercam

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.

February 26, 2024 February 26, 2024 1 EN

Degroof Petercam

Inclusio - Slowing the pace of growth

Based on our Real Estate report 'Are you ready to step in?', we adjusted our estimates for INCLUWe reduce our estimates for the pace of growth of INCLU in the coming years. As a result, our rental income estimates decrease by 5% in 2025e.We revised our interest cost estimates, with 2024e EPRA EPS estimates decreasing by ca. 14% as a result.We expect leverage to remain below/at 45% over the next 2 years.We reiterate our ‘Buy' rating, but reduce our TP to EUR 16.50 (EUR -0.60).More details in the Report published this morning

December 12, 2023 December 12, 2023 1 EN

(Sponsored) Cabka - Extracting full value from recent investments

New 2-phase strategy. At its recent CMD, Cabka announced a two-phase strategy. First strengthening the company with deleveraging of the balance sheet and an EBITDA margin recovery to 13-15%, followed by an expansion phase in which organic growth and acquisitions can drive revenues to EUR >300m, with the EBITDA-margin exceeding 15%.More defensive approach. After several difficult years, Cabka is choosing a more defensive approach, reinforcing its balance sheet while taking calculated risks with new product introductions to drive growth. The near-term focus is on cost control and capital efficie...

November 25, 2025 November 25, 2025 1 EN

Luuk Van Beek

Luuk Van Beek

EnergyVision - Profitable green energy with a sunny growth outlook

Unique model with stable high marginsStable return by matching production and consumption. EnergyVision has developed a unique model based on green solar energy, where it matches production and consumption to create attractive stable returns. Its long-term contracts with consumers give it good visibility on the prices at which it sells its solar energy. Customers benefit from attractive prices and lower vulnerability to future price hikes.EV chargers bring even better matching. With the launch of chargers for electric vehicles in 2022, EnergyVision has added another sales channel for its solar...

August 22, 2025 August 22, 2025 1 EN

Luuk Van Beek

Luuk Van Beek

(Sponsored) Fastned - Gearing up for a growth spurt

Scaling up its succesful station approachRolling out tried-and-tested concept. Fastned is a clear market leader in highway fast charging in the Netherlands. In the past years it has optimized its concept to provide market-leading reliability and a high service level to customers at competitive costs. It is now rolling out this concept to other European countries, aiming to grow from 346 stations at YE2024 to 1,000 stations by 2030.Significant operating leverage. The stations have been operating at a positive operating EBITDA (i.e. before network expansion costs) since 2019 and their total EBIT...

July 3, 2025 July 3, 2025 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

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

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe