Nextensa Buy now and get the development activity for free
Nextensa's value creation over the next years is driven by Tour & Taxis and the Cloche D'or site. Tour & Taxis is still advancing well thanks to strong market fundamentals that outperform pan European markets. However, Cloche D'or is impacted by the fierce correction in the previously overvalued Luxembourg market. Nextensa's risk profile decreases thanks to its EUR 1.3B standing assets that generate rental income. The EPRA NAV amounts to EUR 48.0 per share with total debt split toward the rental activities. The market currently values the development activity at EUR -3.0 per share (incl optional dividend take-up of 71%). We believe the small free float and a negative pan European view on developers are the main reasons that keep the share price grounded for now. We have lowered our estimates, mainly due to lower development profits from Luxembourg. This results in a TP cut from EUR 60.0 to EUR 54.0 per share. Given the 20% upside but continued negative sentiment on developers, we repeat our ACCUMULATE recommendation.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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