KBC Securities - Care Property Invest SA (CPINV) Care Property Invest Upgrade to Accumulate after rights issue and major acquisition

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KBC Securities

Wim Lewi

Care Property Invest Upgrade to Accumulate after rights issue and major acquisition

We like the pro-active nature of this deal. CPI completed a capital increase of €55.5m to finance the acquisition of 9 healthcare assets for €142.6m (announced on 3/12). The remaining €87.1m was financed by €47.1m new debt and €40m of existing debt at a low rate (2.9%). This deal will offset the overhang of the lease portfolio expiries for the next 10 years. Hence, CPI addresses a concern that has been weighing on the share price. The rights issue take-up amounted to 62.6%. We believe this is a relative high take-up, despite the relative low discount. The remaining shares were placed privately with 3 investors who backstopped the operation (180-day lock-up). We believe this transaction is earnings neutral over FY25-26 (recurrent) and becomes earnings enhancing over 2H27. The upside of 25% to our €14.0 target price, justifies an Accumulate (was Hold before 3/12).

15/12/2025 1 EN

Underlying

Care Property Invest SA

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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BE0974273055 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Wim Lewi

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Care Property Invest Upgrade to Accumulate after rights issue and major acquisition

We are a financial services provider for several types of professional clients, each with distinct needs.

Morning Notes : ABN NA, ARGX BB, CPINV BB, IBAB BB, ONTEX BB, EXO NA

Care Property Invest: 2 directors

Umicore EU looks set to abandon combustion engine ban in 2035

Morning Notes : CMBT BB, DEME BB

CMB.Tech Investment in Chinese ammonia supply

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