Vastned : High Street Smarts, Vastned’s revived investment case: We resume coverage with a Neutral recommendation
Vastned’s prime high-street retail portfolio justifies its higher multiples despite modest EPS growth projections for 2024-2026, in our view. Following major changes in the past year, Vastned is refocusing on growth. Its high-street retail portfolio is notably strong in Paris, Madrid, Amsterdam and Antwerp. While we consider the stock fairly valued today, with a €32 target price, future growth clarity could enhance our investment outlook.Vastned Retail Belgium SA is a Belgium-based property investment fund. It invests exclusively in Belgian commercial real estate, focusing primarily on inner-city shops in prime locations as well as retail warehouses and shopping centers. The Company's Inner-city Shops segment includes shops that are located in developed commercial centers with a concentration of large-scale retail organizations. The Retail Warehouses and Shopping Centers segment includes: single buildings or retail parks along the major traffic axes, where retail parks are clusters of retail warehouses, often conceived as trading complexes with shared parking areas, as well as shopping centers, such as complexes comprising different shops that are dependent commercially on each other and which have joined commercial and promotional assets.
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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