Home Invest Belgium rises after 'stellar start to year'

Home Invest Belgium SA

23/05/2024 09:22

** Shares in Home Invest Belgium  HINV.BR  rise 3.6% to
11-month high after the Belgian real estate company on Wednesday
posted its Q1 report, which Degroof Petercam says showcased an
"outstanding performance"
    ** The company's Q1 EPRA earnings were up 12% at 3.47
million euros ($3.76 million), EBIT grew 13% to 4.6 million and
net result turned to a profit of 57.3 million from a loss of 8.9
million year ago
    ** "HOMI had a stellar start to the year," Degroof Petercam
says as it upgrades rating on the stock to "buy" from "hold"
    ** The company outperformed Degroof's 20 million euro
expectation for asset rotation, not only doubling it by Q1, but
also selling far above book value, the brokerage says in a note
    ** Degroof also highlights HOMI's successful completion of a
160 million euros refinancing in January 2024 and the
appointment of Preben Bruggeman as the new CEO
    ** "HOMI has now a much larger 'potential' expansion
capacity, which should allow them to consider growth
opportunities (if at attractive yields) in the coming
months/years," the brokerage adds
    ** If today's gains hold, the stock is tracking its best day
since the beginning of March



($1 = 0.9238 euros)

 (Reporting by Michal Aleksandrowicz)
 ((michal.aleksandrowicz@tr.com))