Intervest O&W - H1 results in line, first details on the new strategy revealed
EPRA EPS down 26% YoY to EUR 0.68 on the back of higher interest costs, property charges and a higher number of shares in issue. Indexation accelerating to 7%. Portfolio saw a positive revaluation of EUR 8.9m. Gross portfolio yield stands at 6.2% (+20bps vs December end).Debt ratio now at 50.1%, with the company targeting 49.4% by year end.Key focus areas under the 2023-2025 strategy announced, with more details to follow at the CMD which will be held in October 2023.We re-run our valuation model (EVA/peer multiples) and arrive at a new TP of EUR 16.50 (-0.50), implying a 25%Intervest Offices & Warehouses is a Belgian property investment fund. Co. specializes in investments in office buildings and semi-industrial properties situated on locations outside municipal centres. Co.'s business properties are located on the Antwerp-Brussels axis. Its activities can be divided into two business segments: Offices segment which includes the properties that are let to companies for professional purposes as office space; and Semi-industrial buildings segment which includes those premises with a logistical function, storage facilities and high-tech buildings. At Dec 31 2010, Co.'s portfolio consists of 69% in offices buildings and 31% in semi-industrial buildings.
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