emeis 1H26 - Guidance relevée, diminution du risque bilantiel

Research evidence excerpt

emeis 1H26 - Guidance relevée, diminution du risque bilantiel

e minority interests, plus development capex over the next 12 months. We estimate emeis’ equity value in 12m

from now to be equivalent to OpCo+PropCo EV, minus net debt excl. IFRS16 in the next 12 months.

RISKS

Emeis

Downside risks: 1) Further drift in operating metrics could jeopardize the group’s ability to honor its near-term debt obligations,

increasing risks of new dilutive rights issues or debt to equity swaps. 2) Failure to offset input cost and salary inflation with higher

pricing may threaten the group’s profitability and cash generation capacity. 3) A worsening downturn in European real estate

markets could jeopardize the group’s ambitious real estate asset disposal plans. 4) The group’s debt carries variable interest rates;

higher interest rates could undermine the group’s cash generation capacity and delay or compromise its balance sheet repair

process.

Upside risks: 1) Faster recovery in occupancy rates could lead to a sharp margin improvement. 2) Further asset disposal execution

could surprise positively

RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION

EQUITY RATINGS DEFINITIONS

Bernstein brand

The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 for

stocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap Price

Return Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia

Pacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japanese

exchanges, and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian