Inmobiliaria Colonial

Property sector

Leverage remains key for property sector; Colonial (EW, T.P. from 7,5 to 6,2 euros/share);Merlin (OW, T.P. from 11 to 10 euros/share)

MS | Bart Gysens (analyst) has this Thursday published a report reviewing his preferences within the European property market, positioning himself for a transition from an environment of rising rates to one of recession. Leverage is still the determining factor which the team uses to see where the value is and is not. But as we enter 2023, where the macros see a potential recession, thus driving a greater importance…


Colonial

The Socimis are already trading at big discounts of 55%-65% to NAV due to rate hikes: BUY Colonial

Bankinter |The Spanish Socimis are facing a more than foreseeable downward adjustment to the value of their assets (GAV), in light of the hike in interest rates in the last few months and the potential recession. This decrease in the valuation of their portfolios will have an impact on accounting profit and on leverage, which could already be reflected in certain areas at end-year. Our analyst team’s view: Negative news,…


Colonial

Fear (exaggerated) of a fall in office demand affecting Colonial’s share price

Intermoney | The figures from consultancy firm Cushman & Wakefield (C&W) indicate that investment in property in Spain during the first 9 months of this year stood at 12.718 billion euros. This is already more than that for the whole of 2021, which stood at 11.926 billion, according to the daily Expansión. The data to September also beats the total figure for both 2017 and 2018. It is worth highlighting that…