Montea FIRST LOOK: 9m23 Results, Beat and Raise, Part II
Net Rental Income of EUR 79.4m grew faster than our expectation of 78.6m on new developments and 6.8% lfl growth. The 9m23 EPRA EPS of 3.67 came slightly ahead of our 3.65 expectation (incl. 0.25 extra FBI effect). Montea raised its FY23 EPRA EPS guidance to 4.90 from 4.60 (incl. 0.25 FBI effect). Montea also raised FY24 EPRA EPS to 4.55 vs. 4.50 at 1H23, in line with our estimate. LTV stays in the safe zone at 39.7%. The increase in EPRA EPS23 is impressive as the average share count increased by 10.4% into FY23. Montea gave a new ambitious Capex outlook into FY25 of EUR 550m with CtC of 400m and 7% yld expectation. Montea shifts investments more to own developments. We believe that a mild recession is still the most likely outcome for Western-Europe over FY23-24. However, near-shoring of production and supply chain optimisation keeps demand for logistics space buoyant and occupancy rates high. The price/NTA discount now amounts to 11%. We maintain our Accumulate rating and TP of 90 EUR. Analyst call at 11h00 CETMontea 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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