MONTEA - FY21 results in line and conservative guidance MONT BB
Montea reported results yesterday evening that slightly beat their EPRA EPS guidance, but came 2.5% short vs. our expectations. The difference can be explained mainly by higher corporate costs. LfL rental growth came in at 1.4%. The company also issued a conservative guidance for FY22 of 3.95. We lower our EPS estimate to 4.00 from 4.09. As on of the reasons, the company mentioned 1.3m lower income from solar due to the government U-turn on subsidies pre-2013. At the Track24 strategy update, the company already surprised with a conservative FY24 EPRA EPS guidance of 4.30 Euro. Based track record of beating their guidance, we still believe they achieve 4.68 FY24 EPRA EPS. The CEO remains cautious as success still depends on finding JV partners for the development and customers into FY24. The recently announced partnering with Cordeel is good example of Montea as investor and Cordeel as Developer. We maintain our TP at 130 Euro. Due to the recent interest rate jitters, we prefer a HOLD recommendation.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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