COFINIMMO: Model update & acquisition in Belgium, remain BUY
We updated our Cofinimmo model to take into consideration COVID-19 risk, the issue of share capital (DVD & PiC) and Yday’s announced acquisition. All in all, we cut our EPRA EPS est. with about 5% for 2020-22. We didn’t change our assumptions for 2023-24. Following some small adjustments to our DCF model we calculate a new target price of € 143 (from € 136) and keep our BUY rating.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.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.