IMMOBEL : Better early than sorry
Immobel is trading at very attractive levels compared to normalised earnings. Once the necessary permits are obtained, we expect the shares to jump sharply. As we are confident that these permits will be obtained eventually, we argue to take a position early. We upgrade our TP from € 66 to € 80 and upgrade from Accumulate to Buy.Compagnie Immobiliere de Belgique SA (Immobel) is a Belgium-based company active in the real estate development sector. The Company operates in three lines of business in Belgium, Luxembourg and Poland, such as office properties, the residential sector and land banking. Its clients include: the state, the European Union (EU) and/or institutional investors for office complexes; private clients for residential property and land purchases, as well as private clients looking to invest in housing. The Company's main projects in Belgium include Belair, Black Pearl, Parc Seny, Gateway, Bella Vita and Chastre Rue Du Chene. Its main projects in Luxembourg include Westside Village, Green Hill and Galerie Kons. Finally its main projects in Poland include Cedet, CBD One and Okraglak.
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