Added to YB: 2026-08-10
Pitch date: 2026-08-04
INEA.PA [neutral]
Fonciere Inea S.A.
-0.3%
current return
Author Info
No bio for this author
Company Info
Fonciere Inea S.A., a real estate investment company, engages in owning and managing business real estate properties in France.
Market Cap
EUR 357.0M
Pitch Price
EUR 32.80
Price Target
N/A
Dividend
8.18%
EV/EBITDA
19.70
P/E
132.03
EV/Sales
11.76
Sector
Office REITs
Category
turnaround
Listed REITs: The Return of Growth Isn’t Lifting Everyone - Foncière INEA: Deleveraging Becomes the Priority
INEA.PA (overview): French regional REIT, weakest in peer group. H1 gross rent -5.5% to €38.8M (disposal-driven, -0.7% LFL). Vacancy up 11.6%→13.2%. Recurring NI -11% to €12.5M (€1.15/sh) on rising debt costs (3.75%). NTA €46.4/sh (-5%). Key risk: LTV 53.8% vs 55% covenant—thin margin. Planning €40M+ disposals to cut LTV to ~50% by 2026. Deleveraging over growth.
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