AEDIFICA: Outgrowing "das Heimatland" AED BB
In this report we evaluate the recent announced intention to acquire the sizable (€ 245m) German Azurit portfolio. In our model we assume for gradual consolidation and start yielding of the Azurit assets evenly spread over the remaining quarters of FY21. Following the announcement, we increase our FY21 CAPEX assumptions to € 1,100 from previously € 800m. On the back of this we also incorporate in our estimates a 10% equity increase by 3Q21. Taking into consideration historical implied yield spreads over risk free interest and evaluating standard DCF and Residual income models we set our price target at € 122 p.s. and keep rating the shares BUY.Aedifica is a property company, which is specialized in residential real estate. Co.'s portfolio has a superstructure of more than 225,911 sq. m as of June 30 2010. It owns: residential or mixed buildings in Belgian cities with classical leases; buildings with furnished apartments buildings in the heart of Brussels with shorter term leases; senior houses and serviceflats with very long term and triple net leases; and hotels. Co. invests: in existing and already leased buildings; and in projects with future completion. Co.'s activities can be divided into four segments: Residential or mixed buildings; Furnished apartments buildings; Senior houses; and Hotels and others.
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