Report
Xior FY24 Results, continued recovery for organic growth after FY26
On 17/1, Xior pre-announced its EPRA EPS24 of EUR 2.21 at the ABB launch of 80m to acquire 2 assets in Poland. Next to expanding its portfolio, the ABB also reduced LTV% below its target of 50%. On 17/1, it also issued a flat EPRA EPS outlook for FY25 of 2.21 per share vs. our old estimate of 2.20. Xior expects a strong FY25 thanks to a mix of factors: new assets + lfl growth of >5% and cost savings. The FY24 lfl growth stood at 6.52% and occupancy stable at 98%. The cost of debt increased to 3.10% from 2.41% (FY23). The asset disposal program has terminated and Xior believes it can gradually develop its historic landbank pipeline FY26-27. We return to our previous Buy rating from Suspended and our target price of EUR 38.0. The recent expansion in Poland is conform our expectation. Analyst Call 10h00.
Underlying
Xior Student Housing N.V.
Xior Student Housing NV is a Belgium-based company active in the field of residential Real Estate. The Company's offer is mainly for students and it includes several types of rooms for rent, including a student house in Leiden.
Provider
KBC Securities
We are a financial services provider for several types of professional clients, each with distinct needs.
Wim Lewi
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