Report
EUR 200.00
For Business Accounts Only
We lower our T.P. by -27% to € 7.33/sh. (+23% upside) after cutting our estimated value of the portfolio by -16% through 2024 due to worse yield prospects linked to rate hikes (now +107bps in 2022-24 vs. +33bps previously), partially offset by the performance of rents (+6%) and other minor adjustments. We maintain our BUY recommendation because we believe that the market’s stance towards the stock is overly pessimistic (it is pricing in a -51% discount) and following its poor performance this year (-25% in absolute terms, +10% vs. sector and -42% vs. Merlin).
COLONIAL: T.P. CUT ON IMPACT FROM YIELDS (ANÁLISIS BANCO SABADELL)
Revision of the portfolio value after rate hikes and lack of visibility. BUY.We lower our T.P. by -27% to € 7.33/sh. (+23% upside) after cutting our estimated value of the portfolio by -16% through 2024 due to worse yield prospects linked to rate hikes (now +107bps in 2022-24 vs. +33bps previously), partially offset by the performance of rents (+6%) and other minor adjustments. We maintain our BUY recommendation because we believe that the market’s stance towards the stock is overly pessimistic (it is pricing in a -51% discount) and following its poor performance this year (-25% in absolute terms, +10% vs. sector and -42% vs. Merlin).
Underlying
Inmobiliaria Colonial (COL SM)
Provider
Sabadell
Ignacio Romero
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