Aedifica SA (AED.BR) | Investment Case

1. Company Snapshot

1.a. Company Description

Aedifica is a Belgian listed company that offers sustainable real estate solutions to professional operators that provide care to people with care needs throughout Europe.To realise that mission, Aedifica has specialised in investments in quality European healthcare real estate, with a particular focus on the care needs of the elderly.Aedifica has established itself in recent years as a leader in the European listed real estate sector and has the ambition to further expand this position in the coming years.

By investing in quality buildings that generate recurring and indexed rental income and offer potential for capital gains, Aedifica aims to offer its shareholders a reliable and sustainable real estate investment with an attractive yield.Aedifica is listed on Euronext Brussels (2006) and Euronext Amsterdam (2019).Since March 2020, Aedifica is part of the BEL 20, the leading share index of Euronext Brussels.

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1.b. Last Insights on AED

Aedifica SA's recent performance was driven by a robust operational performance, with EPRA Earnings* increasing 7% to €234.6 million or €4.93/share. Rental income rose 8% to €338.1 million, with a 3.3% increase on a like-for-like basis. The company's strong results exceeded budget, driven by efficient operations and a solid real estate portfolio. Aedifica's solid financials and growth prospects support its position in the Belgian real estate market.

1.c. Company Highlights

Last Price	65.05
Change Percentage	-0.46%
Open	65.3
Previous Close	65.35
Market Cap ( Millions)	3093
Volume	106827
Year High	70.7
Year Low	54
M A 50	63.79
M A 200	64.34

FCF Yield	0.00%
Dividend Yield	6.00%
ROE	4.85%
Debt / Equity	72.79%
Net Debt / EBIDTA	819.72%
Price To Book	0.87
Price Earnings Ratio	17.59
Price To FCF	0
Price To sales	8.52
EV / EBITDA	18.26

2. Transcript Summary

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3. NewsRoom

Aedifica NV/SA: Interim financial report – 3rd quarter 2025

Oct -28

Source:

Assessing Aedifica (ENXTBR:AED): Is the Current Valuation Justified After Recent Share Price Movements?

Sep -09

Source:

Aedifica NV/SA: 2025 half year financial report

Jul -30

Source:

Aedifica NV/SA: Interim financial report – 1st quarter 2025

Apr -29

Source:

Aedifica NV/SA: 2024 annual results

Feb -19

Source:

Aedifica NV/SA: Interim financial report – Q3 2024

Oct -29

Source:

Aedifica NV/SA: 2024 half year financial report

Jul -31

Source:

Aedifica NV/SA: Interim financial report – Q1 2024

May -02

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.00%)

6. Segments

Healthcare Real Estate

Expected Growth: 14%

Aedifica SA's 14% growth in Healthcare Real Estate is driven by increasing demand for senior housing, aging population, and government incentives for healthcare infrastructure development. Additionally, the company's strategic acquisitions, strong property management, and diversified portfolio across Europe and North America contribute to its growth momentum.

7. Detailed Products

Nursing Homes

Aedifica SA provides high-quality nursing homes that offer a comfortable and safe living environment for elderly people, with 24/7 care and medical assistance.

Assisted Living Facilities

Aedifica SA's assisted living facilities offer a supportive environment for people who require some level of care, but still want to maintain their independence.

Home Care Services

Aedifica SA's home care services provide personalized care and support to individuals in the comfort of their own homes.

Day Care Centers

Aedifica SA's day care centers offer a safe and engaging environment for elderly people who require social interaction and stimulation during the day.

Hospitals and Clinics

Aedifica SA's hospitals and clinics provide high-quality medical care and treatment for patients with various medical conditions.

8. Aedifica SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Aedifica SA is moderate, as there are alternative options available for customers, but they are not highly attractive.

Bargaining Power Of Customers

The bargaining power of customers for Aedifica SA is low, as customers have limited options and the company has a strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Aedifica SA is moderate, as suppliers have some negotiating power, but the company has a diversified supply chain.

Threat Of New Entrants

The threat of new entrants for Aedifica SA is high, as the industry has low barriers to entry and new players can easily enter the market.

Intensity Of Rivalry

The intensity of rivalry for Aedifica SA is high, as the industry is highly competitive and companies are constantly competing for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	38.94%
Debt Cost	3.95%
Equity Weight	61.06%
Equity Cost	8.01%
WACC	6.43%
Leverage	63.77%

11. Quality Control: Aedifica SA passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

National Health Investors

A-Score: 6.7/10

Value: 3.0

Growth: 4.3

Quality: 8.1

Yield: 9.0

Momentum: 6.0

Volatility: 10.0

1-Year Total Return ->

CTP

A-Score: 6.6/10

Value: 4.8

Growth: 6.8

Quality: 6.7

Yield: 6.2

Momentum: 6.5

Volatility: 8.3

1-Year Total Return ->

NEPI Rockcastle

A-Score: 6.0/10

Value: 5.9

Growth: 6.4

Quality: 6.9

Yield: 10.0

Momentum: 3.0

Volatility: 4.0

1-Year Total Return ->

Aedifica

A-Score: 6.0/10

Value: 5.3

Growth: 3.4

Quality: 6.2

Yield: 8.1

Momentum: 4.0

Volatility: 9.0

1-Year Total Return ->

Impact Healthcare REIT

A-Score: 5.2/10

Value: 4.8

Growth: 3.8

Quality: 7.3

Yield: 8.1

Momentum: 4.0

Volatility: 3.3

1-Year Total Return ->

CA Immobilien

A-Score: 4.8/10

Value: 3.0

Growth: 2.3

Quality: 4.7

Yield: 8.8

Momentum: 2.5

Volatility: 7.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

7.44%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.43%

Aedifica SA - BE0003851681

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on AED

1.c. Company Highlights

Fairly Valued

Stable Momentum

Average Yield

Average Growth

Medium Volatility

Revenues Beats

Earnings Miss

Strong Momentum

Average Quality

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.00%)

6. Segments

Healthcare Real Estate

Expected Growth: 14%

7. Detailed Products

Nursing Homes

Assisted Living Facilities

Home Care Services

Day Care Centers

Hospitals and Clinics

8. Aedifica SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Aedifica SA passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

65.05$

Current Price

65.05$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA