Cofinimmo Beats consensus and guides stable dividend over FY24
Confinimmo reports FY23 results and beats our estimates. EPRA EPS came in at EUR 7.07 ps vs. EUR 6.95 KBCSe (CSS: EUR 6.79 ps). The difference is driven by a higher than expected GRI at 346.2m and lower CoD at 1.4%. Similarly, we will have to increase our EPRA EPS FY24 by 3% to meet guidance expectations. The difference is again linked to the lower than expected CoD vs 3Q23 reporting which has a big impact on our estimates given the large chunk of EUR 787m commercial paper. The fair value correction accelerated over 4Q23 to -2.7% on a like-for-like basis, mainly in Spain and Germany which could be linked to the DomusVi exposure. We believe further fair value correction are likely in 1H24 with a negative impact on the debt-to-assets ratio.Cofinimmo is a fixed capital real estate investment trust. Co. specializes in rental property. Its core investment segments are office property and nursing and care institutions. The portfolio also includes a Distribution property networks segment. Most of Co.'s assets are in Belgium. The foreign part consists of nursing homes/ clinics and the MAAF agencies network in France and the Pubstone portfolio in the Netherlands. Co.'s operations are organized into four segments: Offices, Nursing homes/Clinics, Distribution property networks, and Public-Private Partnerships.
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