Care Property Invest 1Q24 reporting: our FY24 EPRA EPS estimate increases slightly
Care property invest reports EUR 9.9m EPRA earnings, 8% above our expectations. The difference is mainly due to EUR 0.5m other operating income. On a recurring basis the results are in line with slightly lower financial costs. This increases our EPRA EPS estimate from EUR 1.02 to EUR 1.03. This is above the repeated guidance of EUR 1.0-1.02 EPRA EPS. There are no operational surprises. The 25% EBITDAR hurdle rate for EPRA inclusion was passed at FY23 reporting. The annual report was published on 25/04/2024 so the market is now waiting for the official EPRA communication which is expected in May. The stock has rallied in the past month on the back of it. The debt ratio of CPINV remains high at 46.5 % but the cost-to-come of EUR 14.0m is limited. However the high payout ratio keeps the debt-to-assets ratio above 45% in the coming years. Buy recommendation and EUR 15.5 TP repeated.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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