Report
Xior Resume coverage with Accumulate rating
On 13/12/23, Xior completed an ABB and issued 2,6m new shares (c. 7.3%) at EUR 29.0 per share for EUR 75.7m. We resume our coverage today with an accumulate rating and a EUR 38.0 target price. We welcome the capital increase as it frees up capital to continue its investment program and to pay down debt. We believe it also strengthens its negotiation position in the ongoing sales process of the Zernike Tower in Groningen and the Barajas weg in A'dam. Both are offered as a package for which we estimate a potential cash receipt of EUR 170m over 1H24. We still see significant upside in Xior as it executes its asset sale program. We believe debt% will decline below 50% over FY24, but the ABB shaves 2 cents off our EPS24-25. With a lower debt%, Xior should trade closer to its NTA of 40.9.
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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