Etude Dexia 04.03.2008

nnnnMorning Note 4 March 2008Rating: Buy (=) PT: €23.0 (=) Last: €21.0BanimmoKey estimates2006A 2007A 2008E 2009E€ -1M -1.9% -3M 6.3% YTD 2.4%23.1 23.1DPS 1.39 1.15 1.29 1.45 BanimmoEPRA EuroCFPS 2.59 1.72 1.99 2.24Net Profit (m) 22.4 19.6 22.5 25.421 21EPS 2.59 1.72 1.99 2.24NAV 12.2 13.9 15.0 16.318.9 18.9Valuation & other16.8 16.82006A 2007A 2008E 2009EP/E 8.1 12.2 10.5 9.414.7 14.7P/NAV 1.72 1.51 1.40 1.29CF yield (%) 12.3 8.2 9.5 10.7Div. yield (%) 6.6 5.5 6.1 6.9A M J J A S O N D J F MEV/EBITDA 7.9 9.0 10.9 10.7Some further thoughts/feedback analyst meetingHow to find a steady stream of assets to receive the 'Banimmo makeover'. Mgmt acknowledges the market is still competitivebut it indicates it sees less competition for the more 'complicated assets' it is targeting. In our view this is also very much related tointellectual capital and whereas its track record on the stock market might be limited, we would be inclined to give the team somecredit while also taking into account the attractiveness of the latest transactions. For the sceptics we could also refer to the case ofAtenor which has - throughout the interest rate cycle - always been able to post exceptional returns.Portfolio movements. i. mgmt argues it is aiming to invest at least twice the amount of assets divested per annum to grow theportfolio to €500m within 5y. For 2008 it targets €80m of (gross) investment volume (excl. Unilever ~ €25m, North Plaza ~ 30m)whereas it has ...