LEASINVEST : High leverage during COVID
We updated our Leasinvest model, paying special attention to liquidity and solvency. We conclude that the balance sheet gearing is offering little leeway with regards to COVID-19 evoked risks at current debt ratio > 55%. We understand that since June 30 the company has extended/(re)financed several maturities to an extend that its almost fully financed till the end of 2021 which is important in the current cloudy environment. We rate the shares HOLD with a DCF based target price of € 80 p.s.Leasinvest Real Estate is a real estate investment trust. Co. invests in retail buildings, offices and logistics buildings, in the Grand Duchy of Luxembourg and in Belgium. As of Dec 31 2013, Co.'s real estate portfolio is composed of 34 sites (including the assets held for sale & the development projects) with a total surface of 429,579 m2, of which 18 are located in Luxembourg and 16 in Belgium. Co. rents its properties to tenants across various business sectors, such as services, retail and wholesale, financial services, transport and distribution, government and non-profit, industry, medical and pharma, and ICT.
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