Ascencio FY24 results: Results in line, EUR 4.30 DPS
Ascencio reports FY23/24 results in line with our expectations. The EPRA earnings came in at EUR 36.2m vs 36.3m expected. The EPRA earnings are almost flat YoY despite the 3.9% LFL growth as the operating margin went down by 110bps and the CoD increased from 2.0% to 2.2%. The main impact on the operating margin was a one-off related to taxes. The dividend increases 3.6% to EUR 4.30 per share. Over the next 2 years we forecast 2.1% and 1.7% EPS growth and a EUR 4.40 and EUR 4.45 DPS. The ERV is still 9% below the contractual rents of the portfolio and we expect them to converge in the future by increases in ERV with a positive EPRA NTA impact and some (-1-2%) downward renegotiations. We believe the valuation of the company is undemanding but don't see immediate triggers that will make it outperform the benchmark. We repeat our Hold recommendation and EUR 52.0 PT.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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