Argan FY25 in line, aiming for 2 bond tranches, but no pressure
ARGAN reported FY25 EPRA net profit at €154.8m vs. our expectation of 153.3m. Argan already reported its annual rental income of €212.0m rental income in FY25, up 7% from FY24. Outlook FY26 guides for a Rental Income at 220m vs. 217m expected. The FY26 EPRA EPS is guided to approx. €6 vs. €6.04 expected. Argan plans 2 tranches of bond issues between April and October for a total between €500m and 700m. A “bridge to bond” has been agreed till November 2027 to relieve pressure (at a cost). The CFO explained that they expect to refinance at 3.5% on a maturity of 5-6yrs. We believe that corresponds to a 100-110bps spread. Recently, some bond issues in the sector like CTP and VGP enjoyed big demand. The company also continues to reduce the historic mortgage debt. Overall in line results, while the share price is protected by it low valuation below 11x EPRA EPS.Argan SA designs, builds, develops, owns, leases, and manages logistical bases and warehouses in France. Co. is also involved in land development and management, delivering turnkey projects to its customers. Co divides its activities among two categories of clients: Shipper and Logisticians. It serves shippers, manufacturers or distributors. In addition, Co. serves logisticians, operating the logistics of shippers, including Alloga, Arvato, Daher, Dartess , FM Logistic, Geodis, Kuehne & Nagel, Movianto, Neovia logistics, and XPO Logistic. Co.'s portfolio amounts to more than 1,600,000 mA2, made up of 50 logistics platforms and 9 couriers, making a total of 59 buildings.
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