Care Property Invest 1H22 Results – Aiming for the Institutional league
CPI published 1H22 Adj. EPRA EPS of EUR 0.63 that beat our 0.60 expectation on strong lfl growth of 4.8%. The FY22 adj. EPRA EPS guidance was raised to 1.19 from 1.17 at the 1Q21 update. The dividend guidance also to 1.00 from 0.96. We still estimate an EPRA EPS of 1.24 for FY22. The final EPRA EPS will depend on the average NOSH over FY22. We believe the company will evaluate a capital increase of up to 100m. The exact timing and issue price could have a significant impact on the NOSH. The company simply needs to raise capital to finance its Capex plan of EUR 180m over FY22. The debt ratio now amounts to 51.9% +4.8% ytd. We believe the market underestimates the hidden value of the lease portfolio. BUY rating maintained, but we lower our TP to EUR 34 as the rising interest rates eat into net yield margins of the future investments..Care Property Invest NV. Care Property Invest NV, formerly Serviceflats Invest NV, is a Belgium-based real estate investment company that builds and finances housing for pensioners. The Company specializes in premises equipped with technologies ensuring safety and comfort of elderly people. In addition, Care Property Invest designs, builds, supervises the progress of a number of construction works, monitors the budget and finances projects in the long term. Care Property Invest NV cooperates mainly for public health care center in Antwerp -Openbaar Centrum voor Maatschappelijk Welziijn (OCMW), including Berchem. The Company focuses its activities on the Belgian market. It operates through a number of subsidiaries, such as Ter Bleuk NV, Siger SA and Konli BVBA and VSP Wolvertem bvba.
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