Care Property Invest Our favourite RE-HC pick in FY24
Looking ahead to FY24, we believe Care Property Invest is likely to outperform the market. We therefore upgrade our recommendation from ACCUMULATE TO BUY and add it to our DTPL selection. The public part of the health care segment gives a good buffer against operator concerns. The public part is decreasing which could lead to an EPRA inclusion in FY24. In FY24 a new CEO will be appointed as the current CEO Peter Van Heukelom is expected to retire. Both events could be a short term trigger for the stock.CPINV has a cost to come of EUR 35m in FY23-25 to deliver EUR 90.0m projects. As inflation eases the double digit indexation will slow down but delivery of this projects will boost the earnings per share. We see transactional yields slightly above 6% which start to become accretive now that the 10y bond is coming down. This led to a recovery of the share price since the bottom in October FY23 but we still see further upside potential as the stock continues to trade at a 27% discount below the NTA.
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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