Montea : Looking for shelter. Montea reduces its debt target; we adjust our model including higher yield expectations and rates: Neutral reiterated
>Management taking the right steps, valuation not unreasonable, but we prefer less risky segments in today’s uncertain environment - The past year has been hard for logistics real estate and Montea’s share price. The segment received another beating after VGP was unable to execute its divestments to its JV. While most were already assuming that yields rise, this event illustrates that buyers and sellers are far apart. In this note, we review the Montea investment case...Montea Comm VA, formerly Montea CVA, is a Belgium-based real estate investment trust specialized in logistics and semi-industrial real estate in Belgium, the Netherlands and France. The Company's property portfolio represents approximately a surface of 584,694 Square meters (m2) across 37 sites. Its group companies include, among others, Montea Management NV, Montea Comm. VA, Acer Park NV, Montea Nederland NV, Montea Almere NV, Montea Rotterdam NV, SCI Actipole Cambrai, SCI Sagittaire, SCI Saxo, SCI Sevigne, SCI Socrate and SCI 3R. In addition, the Company also partners with Decathlon.
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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