Care Property Invest Results in line, guidance at higher end of the range

Care property invest reports results in line with our expectations. EPRA earnings came in at EUR 19.9m vs EUR 19.7m KBCSe, +1.3% YoY. The portfolio prove resilient with only -3.3% FV corrections since the FY23 peak and had a slightly upwards valuation of EUR 1.02m in 2Q24. The EPS guided is slightly increased from EUR 1.0-1.02 to EUR 1.025. In 1H24 Care Property Invest elected a new CEO, Patrick Couttenier. It also announced its inclusion in the EPRA index. These were the two main triggers for our BUY recommendation. As the share price has now moved closer to our target price and the triggers passed, we reduce our Buy recommendation to an Accumulate recommendation and remove the stock from our Dynamic Top Pick List. Given the 48.9% debt ratio we don't see more room for additional growth beyond the current announced pipeline of EUR 76m deliveries to come. This is including the EUR 10.2m Bloemendaal acquisition announced in 2Q24. We repeat our EUR 15.5 target price.