Low ICR in 2024e... ...but we see supportive options 2024e P/CEPS at ~13.5x with floating rates
ANNONS
Floating debt continues to hurt estimates
Fastpartner delivered a Q3 report with rental income and NOI -2% and -1%, respectively, compared to our expectations. IFPM/CEPS, however, was hurt by further rate increases, which led to negative estimate revisions. Property value changes in the quarter were limited, but we still incorporate further write-downs for the upcoming three quarters (trough in Q2'24e).
