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The Q3 results showed relatively minor deviations from our estimates and IFPM fell 2% y/y. Going forward, we expect increasing interest rates to render a continued negative trend in IFPM for both 2023 (-5%) and 2024 (-4%). Even though we foresee good rental income growth in 2022-24 (8-12%), we expect higher interest rates to exceed rental growth. The company has close to 100% of interest maturing in 2022. However, we highlight that its financing mainly stems from bank funding (93%) and that bank margins have been stable, according to the company. The share trades at a spot NAV discount of 50%, in line with the sector. Marketing material commissioned by Trianon.
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