EPRA results is up 12% YoY due to higher rental income and improved operating margin, EPS up 1.5% from the dilution impact of 2023's ABB.LTV down ca. 300bps to 47% due to disposals (EUR 40m) and positive revaluation (+6.7% / EUR +50m).We raise our TP to EUR 20.50 (from EUR 18.00) and upgrade HOMI to ‘Buy' (from ‘Hold'). Our TP implies a 17% upside potential.More details in our Note published this morning
A director at Home Invest Belgium NV bought 1,025,850 shares at 13.080EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...
HOMI releases solid results fully in line with expectations.EPRA results up 14.7%, but EPRA EPS only up 4.9% due to the dilutive impact of the 2022 & 2023 ABBs.DPS per share is confirmed at EUR 1.12.HOMI has provided the guidance for 2024. (i) EPRA EPS at EUR 1.15 (DPe EUR 1.10), (ii) EUR 40m of disposals (DPe EUR 20m), (iii) LfL net rental growth of at least 4% (in line with DPe), and (iv) EBIT margin improving above 73%.Leverage decreases 50bps compared to Q3 at 50.02%We reiterate our ‘Hold&ap...
• HOMI secures EUR 160m in long-term financing to (i) refinance all bank loans & bonds maturing in 2024 and H1 2025 (ca. EUR 135m) and (ii) fully finance the ongoing development pipeline (EUR 25m).• Additionally, HOMI also took the opportunity to update its Green Finance Framework to include the latest developments.• We reiterate our 'Hold' rating and EUR 18.00 TP.
Based on our Real Estate report 'Are you ready to step in?', we adjusted our estimates for HOMIWe no longer expect HOMI to go for a capital increase in 2024, but rather go for asset disposals.We adjusted our figures to account for disposals and higher interest costs.We keep HOMI at ‘Hold' rating & our TP to EUR 18.00.More details in the Report published this morning
HOMI releases a very strong set of results, better than expected allowing the company to raise its FY23 guidance.: (i) EPRA EPS at EUR 1.12 (+1.8% vs. previous guidance & +3.7% YoY) & (ii) DPS increase, which we expect to also increase to EUR 1.12.EPRA results up 18.7% YoY at EUR 15.4m (vs. EUR 12.5m in 9M22).EPRA EPS is up +8.9% YoY, and lands at EUR 0.84 p.s despite the dilutive impact of two ABBs (8.6% in June 2022 & 10% in July 2023).Leverage decreases 50bps compared to H1 at 50.51%We reiter...
We adjust our estimates, incorporating the latest ABB. We estimate EPRA EPS to come in at EUR 1.10 in 2023e, implying that the share dilution would already be absorbed.With the ABB, the debt ratio is now at 49.8%, but we expect it to be back above 50% soon given the projects in the pipeline.In line with our study, we increase the WACC to 6.2%, we also assume a slight portfolio revaluation (despite the defensive nature of HOMI's portfolio), and higher interest expenses in the years to come.W...
HOMI completes an ABB of EUR 27m, with the issue of 1,791,706 new shares and an issue price of EUR 14.90 per share (7.9% discount to yesterday's close of EUR 16.18 per share). The proceeds of the ABB will serve to reduce the debt ratio from 53% to 49.8%. The new shares will be delivered on Monday 3 July 2023. We put HOMI ‘Under Review' while we review our estimates.More details in our note issued this morning
Aedifica: ABB to secure pipeline Argenx: Luring the European fish Boskalis: HAL officially launches offer for Boskalis CP Invest: Spanish REIT status Home Invest Belgium: Shoring up the cash position UCB: The benefit of clarity: CRL & financial guidance Xior: Spanish REIT status approved
Ackermans: Q1 FY22: Confirming Record Profits For FY22: Atenor: 1Q22 update and 1H22 outlook: Biotalys: Latest field trials validate strength of Evoca: CFE: 1Q Update leaves us with mixed feelings: Elia Group: More EU interconnectivity – more Elia: Gimv: Consistently Picking Winners: Greenyard: Lease-and-lease-back of its facility in Bree: Home Invest Belgium: 1Q22 – resilience in an unhinged economy: IBA: 1Q22 update: positive message but still no guidance:
Today we publish a conference book to our Real Estate event that starts tomorrow. It contains 18 company profiles and a section on general and specific factors that can impact the real-estate segments over the next couple of quarters. The real estate market was already impacted by most of these factors even before the Russian troops crossed the Ukraine borders. However, the conflict accelerates certain trends. We have no clue on how long this conflict will last, but are convinced the fall-out an...
Ascencio: Portfolio Resilience Leads to Earnings Beat Balta: FY EBITDA +28% Bekaert: FY21 EBIT +89%, dividend upped and SBB bpost: 4Q21: Strong results and solid outlook Cofinimmo: FY21, a tad light, but discounted Corbion: FY21 results fall short, also guidance a bit light Galapagos: Onwards to FY22 with Jyseleca and Dr. Paul Stoffels Home Invest Belgium: FY21 beats our expectations on cost Hyloris: The Multi-Trick Pony Mithra: A glimpse on Estelle’s US performance Qrf: One Step Closer To Recov...
Atenor: Cautious trading statement on COVID Bekaert: Solid 3Q sales performance, FY guidance kept Home Invest Belgium: 3Q21 trading statement runs ahead IBA: Signs new P1 contract in Italy UCB: Positive Topline Data for Bimzelx in PsA VGP: Strong trading statement, upgrade
Deceuninck: Placement of Allacha and Evalli shares in DECB EXMAR: “Hire me!” Home Invest Belgium: 1H21 Results, Close to the Mark Immobel: 1H21 results, Permits are Accelerating Oxurion: 1H21: Nearing a moment of truth Roularta: will stop distributing “De Streekkrant” Shurgard: Investor Day, The Audience Was Listening
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Aedifica: Strategic acquisition in Sweden Home Invest Belgium: Agreement to acquire building A of Key West Immobel: Agreement to sell building A of Key West to HIB Mithra: Reeling in rights for complex therapeutics Oxurion: Restructuring toward key priorities
Ackermans: AUM at Delen/Breda reach fresh record Atenor: 1Q21: Steady as she goes CFE: 1Q21 without surprises, outlook unchanged CP Invest: 1Q21 results; fully as expected EVS: Guidance of € 110 to € 120m FY21 revenues Gimv: A conservatively valued NAV of € 49.0ps. Hal Trust: 1Q21 update: conservative NAV of € 156.3 ps Home Invest Belgium: 1Q21 Earnings beat due to margin improvements IBA: 1Q21 business update Kinepolis: Welcoming back customers in several countries Telecom: Cegeka and Citymesh ...
The general evaluation of HOME INVEST BELGIUM (BE), a company active in the Real Estate Holding & Development industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 2 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 23, 2021, the clo...
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