Montea 9M24 Results, no signs of market distress
Net Rental Income 9m24 came in line with our expectation at 83.2m vs. 83.8m. Like-for-like growth over 3Q24 stood at 3.4%. EPRA EPS of 3.53 is perfectly on track to reach the FY24 target of 4.73 (incl. 0.18 from FBI). Montea also confirmed FY25 EPRA EPS at 4.75. The lease renewal rate stood at 92%, so recent fears about tough market conditions in the Benelux are overdone. Another positive effect is a flat Net Initial yield at 5.1% after a period of regular yield expansion. LTV% remains in the safe zone at 36.7%. Fitch recently appointed Montea a BBB+ rating (stable). The price/NTA now stands around 10% discount after profit taking in the logistics segment on macro-economic worries. These results however show no signs of market distress. We maintain our Accumulate and TP of 90 EUR. Analyst call at 11h00 CET.Montea Comm VA, formerly Montea CVA, is a Belgium-based real estate investment trust specialized in logistics and semi-industrial real estate in Belgium, the Netherlands and France. The Company's property portfolio represents approximately a surface of 584,694 Square meters (m2) across 37 sites. Its group companies include, among others, Montea Management NV, Montea Comm. VA, Acer Park NV, Montea Nederland NV, Montea Almere NV, Montea Rotterdam NV, SCI Actipole Cambrai, SCI Sagittaire, SCI Saxo, SCI Sevigne, SCI Socrate and SCI 3R. In addition, the Company also partners with Decathlon.
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