Care Property Invest Conservative outlook while hinting at EPRA inclusion in May
Care property invest reports FY23 results in line with our expectations. It guides a conservative outlook of FY24 EUR 1.02 EPS (2% below CSS). In line with its peers, CPINV reports occupancy rates on all its private operators, meaning the scope is 100% whereas peers had issues getting data. Moreover, the occupancy increased by 160 bps and stands far above breakeven levels of operators. It has passed the 25% EBITDA hurdle rate to be included in the EPRA index. An official confirmation from EPRA is still needed and expected in May after the publication of the annual financial report (25/04). The debt ratio remains relatively high at 46.65% but the cost-to-come for committed projects (EUR 80m in total) is limited at EUR 20m in FY24. We still believe the DPS of EUR 1.0 is generous but don't expect an optional dividend at this stock price level.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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