reports
- Guy Sips
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thomas Vranken
- Lynn Hautekeete
- Wim Lewi
Real Asset Conference feedback 19-20 March 2025
This note gathers feedback from the group meetings and the panels. In total 21 companies were presented in group meetings and/or panels. More than 100 guests found their way to the venue either physical or virtual (only panels). The 2 panels made for informative additions to the C-level meetings and a nice platform for discussion. Wednesday afternoon concentrated 4 experts from Logistic companies (CTP, Montea, VGP, WDP) for an interesting discussion on brownfields: " an answer to the scarcity of...
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
ELI ELIA GROUP SA/NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
SHUR SHURGARD SELF STORAGE LIMITED
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- Lynn Hautekeete
Home Invest Belgium FY24 results and feedback analyst call
Yesterday evening Home invest reported its FY24 earnings and had an analyst call. The FY24 results and the FY25 guidance are perfectly in line with our estimates but below CSS. FY25 will be a year where historical asset rotation and renovation temporarily impact the EPS. Operationally the company continues to perform well with a record high operating margin at 76.8% (vs. 5y average at 72.2%) and 98.2% occupancy rate. We are however concerned regarding more rental regulation in the Brussels marke...
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Hilde Van Boxstael
- Jacob Mekhael
- Sharad Kumar S.P
- Wim Lewi
- Lynn Hautekeete
- Wim Lewi
Real Estate Report December 2024
BE-REITS suffer from macro-worries (logistics) and post-Trump knee-jerk reaction. We believe that especially money flows are pushing stocks down as interest rate fears resurfaced in the US. Our top-picks are Shurgard, WDP and Xior. SHUR and WDP have ample headroom on their balance sheet to continue their growth track record. WDP is also very cheap on cash earnings metrics vs. peers. Xior can grow and fix its balance sheet at the same time through contributions in kind.
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
ARG ARGAN SA
VGP VGP NV
WDP WAREHOUSES DE PAUW SCA
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
SHUR SHURGARD SELF STORAGE LIMITED
- Guy Sips
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Vranken
- Wim Hoste
- Lynn Hautekeete
Home Invest Belgium Model update after 3Q24 and Brussels legislation
The 3Q24 results are slightly above our expectations on the back of an improved operating margin. The guidance of EUR 1.15 EPRA EPS is reiterated. Home invest is one of the best performers to date among Belgian REITs. However, in the last month there was profit taking and negative news on regulation. As of 01/11/2024, rent increases in Brussels (66% portfolio) are on hold for 9 consecutive years. This was already the case for the 3-6-9 contracts but now impacts short term contracts and tenant de...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Wim Lewi
- Hilde Van Boxstael
- Michiel Declercq
- Wim Lewi
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Lewi
- Wim Lewi
Home Invest Belgium Model update after fair value increase and asset s...
We update our model after the EUR 50.8m fair value of investment properties increase and announced asset sales. It is both the 4.2% like-for-like rental growth in 1Q24 and the adjustment to the valuation methodology that drove the fair value increase. This increases the average fair value/m2 from EUR 3080/m2 at YE23 to approximately EUR 3286/m2. This compares to an average of EUR 3.364/m2 in the Brussels Region where HOMI holds 67% of its assets. The EUR 40.6m asset sales have a 2.0% negative im...
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Lynn Hautekeete
Home Invest Belgium Bullish EPRA EPS guidance of EUR 1.15 in FY24
Home Invest Belgium reports FY23 results slightly above our expectations. NRI increases 11.3% YoY on the back of 7.2% like-for-like growth. HOMI expects further top line growth above inflation due to strong market fundamentals like the 98.5% occupancy rate and close to 100% rent collection. In FY24 the focus is on portfolio rebalancing and delivering the committed projects. We increase our FY24 and FY25 EPS estimates by 4% and 5% respectively on the back of lower interest costs and a higher oper...
- Guy Sips
- Jacob Mekhael
- Lynn Hautekeete
- Wim Lewi
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.