Cofinimmo First look 3Q23: Increased guidance compared to outlook given at ABB
Cofinimmo increases the earnings per share guidance to EUR 6.95 vs. 6.85 guided during the ABB in the beginning of October. This implies a slight increase of 1.5% and is the second guidance increase this year compared to the outlook at the beginning of the year which did not take into account the dilutive effect of the 2XCik's and optional dividend. The share price continues to be under pressure as the result of negative Korian news flow and the relatively high debt ratio (after ABB). However, the financing structure is solid with no pressure on debt maturities and a 100% hedge ratio. Accumulate rating repeated.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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