reports
- Vincent Koppmair
Inclusio - Q1 2024 - Back on the expansion strategy
Rental income up 17%, but direct results down 2.9% due to higher financing costs. Leverage stands at 39.3% and NAVPS stable at EUR 28.55.New CIO is already active with 2 acquisitions to be expected in the coming weeks.We reiterate our ‘Buy' rating and EUR 16.50 TP.More details in our Note published this morning.
- Vincent Koppmair
Inclusio - FY2023 - Far above IPO projections
Rental income up 28% YoY; LfL growth comes in at 7.8%.Direct result/share comes in at EUR 0.93/share (+7%), DPS at EUR 0.75 implies an 80% payout.Leverage ratio decreases to 38.1% due to new valuation methodology.IPO targets. INCLU outperforms IPO targets in all 3 categories. Rental income (+36% higher), Portfolio fair value (+40% higher), and DPS (ca. 7% higher).We reiterate our ‘Buy' rating and EUR 16.50 TP.More details in our Note published this morning.
- Vincent Koppmair
Inclusio - Slowing the pace of growth
Based on our Real Estate report 'Are you ready to step in?', we adjusted our estimates for INCLUWe reduce our estimates for the pace of growth of INCLU in the coming years. As a result, our rental income estimates decrease by 5% in 2025e.We revised our interest cost estimates, with 2024e EPRA EPS estimates decreasing by ca. 14% as a result.We expect leverage to remain below/at 45% over the next 2 years.We reiterate our ‘Buy' rating, but reduce our TP to EUR 16.50 (EUR -0.60).More ...
- Vincent Koppmair
Inclusio - Q3 2023 - Solid performance
Inclusio released its 9M results, and here are the main takeaways:Rental income comes in at EUR 9.8m over 9 months (vs. 7.8m 9M22, +25.7% YoY). Lfl growth stands at 7.5%. Direct EPS at EUR 0.68/share (+7.9% YoY).IFRS NAVPS stands at EUR 25.97 (+3.5% vs. end Dec.). Leverage emerges at 40.4% (vs. 41.2% in H1 2023).Gross yield of the portfolio stands stable at 4.7%.We reiterate our ‘Buy' rating and EUR 17.10 TP.More details in our Note published this morning
- Vincent Koppmair
Inclusio - H1 2023 - Growth strategy is on track
We estimate INCLU's direct results at ca. EUR 3.2m (+19% YoY). EPRA EPS at ca. EUR 0.43/share (vs EUR 0.36/share in H1 2022).IFRS NAVPS stands at EUR 25.5 despite dividend payment (+1.5% vs. end Dec).2023 guidance reiterated with DPS expected at a minimum of EUR 0.75/share and a rental income above EUR 13m.We reiterate our EVA target price of EUR 17.1 and our ‘Buy' rating.More details in our Note issued this morning
- Vincent Koppmair
Inclusio - Standing strong but LTV is growing
We adjust our estimates, incorporating the latest acquisitions (in Genappe & Mouscron).In Q1, the debt ratio passed the bar of 40% for the first time (40.3%) and has become something to keep an eye on.In line with our study, we increase the WACC to 6.7%, we also assume a slight portfolio revaluation (given its defensive nature), and higher interest expenses.We reiterate our ‘Buy' rating but decrease our TP to EUR 17.1 (from EUR 24.0).
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