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…
