Nextensa Short term pain for long term gains

Nextensa sold the Knauf assets, will acquire the Proximus towers (Beltowers) and cut its dividend. The steps taken are to position the company more as a pure play developer, away from investment properties (EUR 1.0B). This creates more volatility in the earnings which will crystallize in FY27-28 with the development of the new Proximus towers (T&T). Investors reacted negatively to the dividend cut. The dividend cut and asset sales were necessary to avoid a dilutive capital raise after the lucrative Proximus acquisition and protect minority shareholder's interests. Getting Proximus to T&T was however necessary to derisk the T&T offices part (38k sqm) as Hotel Des Douanes (T&T, 5k sqm) remains without a tenant to date. We believe it will be a massive boost to the whole site. This will all come into play in the longer run, impacting the timing of the cashflows. This impacts our DCF valuation from EUR 54.0 to EUR 50.0 but we repeat our accumulate recommendation.