Cofinimmo : The large healthcare exposure warrants a premium to NAV; a plan to keep leverage under control (by divesting offices faster) could be the catalyst
>Weak stock performance could be addressed: if Cofinimmo fixes leverage concerns, market demand for healthcare exposure should do rest - The stock market, including real estate, has had a rough year to date. Cofinimmo has underperformed its main peers, most notably lagging Aedifica by close to 10%. In our view this is largely related to the 1/ drag by non-healthcare; 2/ not having divested a significant part of its offices subsidiary; 3/ the rise in debt ratio. Luckil...Cofinimmo is a fixed capital real estate investment trust. Co. specializes in rental property. Its core investment segments are office property and nursing and care institutions. The portfolio also includes a Distribution property networks segment. Most of Co.'s assets are in Belgium. The foreign part consists of nursing homes/ clinics and the MAAF agencies network in France and the Pubstone portfolio in the Netherlands. Co.'s operations are organized into four segments: Offices, Nursing homes/Clinics, Distribution property networks, and Public-Private Partnerships.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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