Montea FY23 Results review, on track for '25 plan
Net Rental Income of EUR 106.6m came in line with our expectation of 106.2m on new developments and 6.8% lfl growth. The FY23 EPRA EPS of 4.90 also hit our 4.90 expectation (incl. 0.25 extra FBI effect). Montea confirmed FY24 EPRA EPS to 4.55 (excl. FBI), despite its ABB of EUR 126m on 23/11. The FY25 range of 4.55-4.65 is now guided to the top of this range. We adjust our EPS closer to the guidance as the Capex program accelerates in FY24 and indexation to stay high at 3.6%. Debt% remains in the safe zone at 36.2%. At the 9m23 results, Montea issued its ambitious Capex outlook into FY25 of EUR 550m with 7% yield. We believe that a mild recession is still the most likely outcome for Western-Europe over FY24. However, near-shoring of production and supply chain optimisation keeps demand for logistics space buoyant. The price/NTA is now at a 3% premium. We maintain our Accumulate rating and TP of 90 EUR. Analyst call at 11h00 CET (hybrid meeting in BXL).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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