Report
Vincent Koppmair

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
Underlying
Provider
Degroof Petercam
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.

Analysts
Vincent Koppmair

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