Nextensa A Unique Mixed RE Player Trading At An Attractive Discount
Nextensa emerged from the combination of Leasinvest Real Estate and Extensa. The new company is uniquely positioned to benefit from a stable inflation-hedged rental cashflow stream and from a lucrative development business. Nextensa's portfolio is spread across Belgium, Luxembourg, and Austria and specifically, in Luxembourg, Nextensa partially operates via JVs (at 50.0%). We believe that the company will benefit from being a mixed real estate investor and developer, having a focus on the retail sector (retail parks/medium sized shopping centres), and prioritizing sustainability in its portfolio and development projects. Nextensa was not spared during the bloodshed witnessed during H1 FY22 across global equity indices and currently trades at a discount of 33.0% to our FY22e book value of €80.5ps. We believe that, at these price levels, Nextensa is attractively priced. However, since we don't see any immediate triggers for the stock, we re-initiate our coverage with an ACCUMULATE rating and €66.0 TP.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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