Belgium's Nextensa H1 net profit falls on lower rental income
Belgium's Nextensa H1 net profit falls on lower rental income
Overview
Belgium real estate developer's H1 net profit fell yr/yr amid lower rental income from disposals
Company completed major property sales and advanced key development projects in Brussels and Luxembourg
Net financial debt and average financing cost declined, improving balance sheet strength
Outlook
Company did not provide specific financial guidance for the current or upcoming periods
Result Drivers
PROPERTY SALES - Several disposals, including Gewerbepark Stadlau in Vienna and assets in Cloche d'Or, supported results but reduced rental income
DEVELOPMENT ACTIVITY - Progress on projects in Brussels and Luxembourg, with new permits and sales, contributed to performance
LOWER FINANCING COSTS - Reduced average debt and financing costs improved net profit and strengthened the balance sheet
Company press release: ID:nGNE36FRht
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
H1 Net Income |
| EUR 16.60 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "buy"
Wall Street's median 12-month price target for Nextensa NV is €49.50, about 10.1% above its August 11 closing price of €44.95
The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 7 three months ago
Reuters Recommended Reads
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Aug 11 - Real estate developer Dream Unlimited's Q2 revenue rises, posts pre-tax profit
Aug 11 - Hong Kong's Wharf Holdings H1 net profit falls due to lower dividend income
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)