Report
Xior Upgrade to Buy, Student Housing Gold Rush
We upgrade to Buy from Accumulate as the market sentiment around CS has hit the more levered REITS like Xior. We maintain our target price of 44. The discount to NTA has increased again above 30%. While the balance sheet remains stretched and the overhang of the Basecamp deal has not fully disappeared, we believe Xior has entered calmer waters compared to last summer. The underlying student housing market remains fundamentally strong as panic and FOMO pushes the renting season ever earlier. Candidates largely outnumber available spaces in Benelux. The international study experience has become a fixed part of a CV. Xior can become a platform company that benefits from this trend. On the balance sheet issue, we see some solutions like selling a larger asset or selling parts into a JV to raise cash. The communication is gearing up to institutional grade. A new COO and business development manager participated in the last analyst call to explain the progress on the BC integration.
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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