TEXAF : Growing Yama Yama
We re-initiate Texaf shares with a €44 target price and a BUY rating. Co’s business model is simple, offering unique exposure to high-end, high yielding real estate in Kinshasa (DR of Congo). Texaf owns several undeveloped landbanks which offers, till now, undiscovered/explored value accretive opportunities. Finding a suitable construction partner should unlock this value, for now we largely do not value the main opportunity. Notwithstanding this, we see at least 30% upside.Texaf SA is a Belgium-based investment company with industrial, real estate and agricultural use in the Democratic Republic of Congo. The Company attracts foreign investors to acquire majority or minority equity investments in the productive sectors, such as infrastructure, agribusiness, energy and finance in order to generate return on investments. In the Real Estate sector the Company has holdings in Anagest, a holding company; Utexafrica, a company offering residences for rent; Immotex and Cotex, both offering offices for rent; Promotex, a property development company and Agence Immobiliere du Fleuve, a real estate services company. In the Agriculture sector the Company has holdings in La Cotonniere and Estagrico. In the Industrial sector it has holdings in Carriaf, a holding company; Carrigres and Congotex. Finally in the Financial sector the Company has holding in i-Finance Holding, a holding company and i-Finance, engaged in micro financing activities.
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