Ascencio 4Q23 (FY23/24) reporting in line with expectations
Over 4Q23-1Q24 Ascencio executed asset arbitrage. The asset rotationimproved the quality of the portfolio with a neutral impact on the EPS (after
closing date 4Q23). We expect the arbitrage strategy to continue with a
positive impact on shareholder value. Ascencio beats our operating margin
expectations at 84.2% on the back of lower property charges. If this trends
continues over the next quarters we have to slightly increase our estimates.
However, we believe the tenant concentration risk remains elevated for
Ascencio. With the Casino stores sold to Intermarché the tenant quality
improves but the total exposure likely goes up between 16-19%. Without
further clarity on the situation we repeat our HOLD recommendation.
Ascencio SCA is a Belgium-based real estate investment company. Its investments are mainly focused on properties in the retail and warehouses sector and the food industry in Belgium and France. The majority of its holdings are situated in Wallonia Region of Belgium, also in Flanders, in Brussels and in France. The Company's clients include Carrefour, Champion, Decathlon, Delhaize and others. Ascencio SCA has several wholly owned subsidiaries, such as Etudibel SA, SCI Candice Brives, SCI Echirolles Grugliasco, SCI Harfleur 2005, SCI Kevin, SCI La Pierre de l'Isle, SCI Mas des Abeilles, SCI ZTF Essey les Nancy, SCI Cannet Jourdan, SCI De La Cote, SCI Du Rond Point, SCI Seynod Barral, SCI Clermont Saint Jean and Les Papeteries de Genval , among others.
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