Texaf Q1 FY24: Core RE Business Posts Healthy Growth; Delay in Silikin Village
During 1Q24, Texaf booked rental income of €6.0m, up 6.0% YoY while occupancy rate remained at approximately 100.0% throughout 1Q24. The rollout of the project ‘Promenade des Artistes' is progressing as per schedule with the lettings being finalised during 1Q24. We note that the project comprises of 94 units across 6 buildings – deliveries started in January and will go on until June.; upon being fully let, Texaf will realise an addition rental income of ~€4.3m. The opening of Silikin Village Phase III has been postponed to June due to construction delays; however, upon completion, it will be the largest digital hub in central Africa with 6,000sqm of rentable area which will fetch Texaf ~€3.0m. Carrigres brough in €1.6m in revenue, up 56.0% YoY thanks to a 35.0% increase in volumes sold. We estimate NAVps and TEVps to be €59.0 and €60.0; after applying a 25.0% discount to our TEVps, we reiterate our BUY rating and €45.0 TP.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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