Ascencio Solid half year update with increased occupancy
Ascencio report half year results completely in line with our estimates. The occupancy rate has improved by 70bps vs 3Q23 reporting to 98.6%. This is reflected in a strong half year like-for-like growth at 5.1% (1H22-23 vs 1H23-24). It has updated its internal hedging policy, which will now cover a 7y period (prev.5y). At current projected debts, the hedge ratio will stay above 80% until FY29. This decreases our financial cost in FY26 which results in a 3% EPRA EPS increase. In line we increase our target price to EUR 52.0 per share (prev. EUR 51.0). We however repeat our HOLD recommendation as we would like to get better visibility on the Intermarché-Casino story.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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