COFINIMMO - KBC Securities Company Note 4-12-2018 - Investment pipeline shifts up a gear COFB BB
In recent months, Cofinimmo has delivered on its promise by strengthening healthcare to 50% of assets by mid-2018, leading us to increase our estimates on future expansion. The € 3.7bn portfolio is diversified across offices (34%), distribution networks (16%) and HC assets. Meanwhile, COFB is creating value via asset arbitrage and active asset management in the office portfolio. We see sound balance sheet fundamentals in a stable net portfolio yield of ca. 6.1% and excellent earnings visibility. Given the above we confirm Buy rating and € 120 TP.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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