Ascencio The food landlord with an unstuffed pipeline
Today we publish a company note with a deep dive in the Ascencio business model. We keep our target price flat at EUR 51.0 per share and reiterate our HOLD recommendation. This represents an upside of approx. 7.0% to yesterday's close, an 8.8% dividend yield and a 22% discount to the latest reported NTA. We are positive on the out-of-town retail segment and the defensive nature of food retail during a recession. Nevertheless, we remain cautious on the high tenant concentration, the older portfolio requiring maintenance capex and the restructuring of food retailers.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.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.