Degroof Petercam - Inclusio (INCLU) Inclusio - Q3 2023 - Solid performance

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Degroof Petercam

Vincent Koppmair

Inclusio - Q3 2023 - Solid performance

Inclusio released its 9M results, and here are the main takeaways:Rental income comes in at EUR 9.8m over 9 months (vs. 7.8m 9M22, +25.7% YoY). Lfl growth stands at 7.5%. Direct EPS at EUR 0.68/share (+7.9% YoY).IFRS NAVPS stands at EUR 25.97 (+3.5% vs. end Dec.). Leverage emerges at 40.4% (vs. 41.2% in H1 2023).Gross yield of the portfolio stands stable at 4.7%.We reiterate our ‘Buy' rating and EUR 17.10 TP.More details in our Note published this morning

30/11/2023 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

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.

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Inclusio - FY2023 - Far above IPO projections

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Inclusio - Q3 2023 - Solid performance

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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