Monday, April 12, 2021

Adeifica rough Benjamin Graham analysis

Aedifica is Latin for "build". It is a Belgian REIT that invests in healthcare real estate for the elderly.
It has 260 properties and is expanding through takeovers partly by selling shares. In 2016 14m shares were listed in 2019 26m shares were listed at the same time it was paying an increasing dividend per share.

Sales were €160m? in 2020 and Current Assets were €50m and Current Debt €650m. Long-term debt was EUR 1 2440m. It is not what Benjamin Graham would consider a "defensive" investment.

The Graham Number is Square Root of (15 x 4,2 EPS x 1,5 x €73 book value) = €82
(For real estate 1x book might be better than 1,5x book value). 

The dividend €4,60/€100 = 4,6%

The company has been selling shares and did an ABB (accelerated bookbuilding) at a low share price of EUR 84,- 

Too difficult pile. 

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