Stoneweg Europe Stapled Trust: Rate stability, upside optionality

研报英文原文证据摘录

Stoneweg Europe Stapled Trust: Rate stability, upside optionality

Global Research

17 July 2026ab

Stoneweg Europe Stapled Trust Equities

SingaporeRate stability, upside optionality

Real Estate

12-month rating Buy

Encouraging channel checks; investors appear to be overlooking SERT's value

Investors' sentiment has been mostly lukewarm to our recent price target upgrade to 12m price target €2.10

€2.10. On the other hand, channel checks from our UBS European research team have

been encouraging to us, suggesting investors are overlooking the value which we

Price (16 Jun 2026) €1.55

believe SERT's share price presents. Recap our simple thesis: We expect growth to return

amidst a stable rate outlook - SERT's dividends are at an inflection point and growth in RIC: STON.SI BBG: SERT SP

NAV/share could outpace that as value is unlocked (through its data centre fund,

Trading data and key metrics

divestments and redevelopments). The current ~9% dividend yield valuation is attractive

52-wk range €1.72-1.47

and arguably slow to reflect the improving climate (yields are still the same as the 2023-

25 downcycle). We reiterate our Buy rating, and highlight key reads as follows: Market cap. €0.87b/US$1.00b

Shares o/s 559m (ORD)

Our upgrade of SERT's price target to €2.10, with Buy rating maintained Free float 70%

European data centre expert session takeaways by Charles Boissier Avg. daily volume ('000) 287

Avg. daily value (m) €0.4

European data centre infrastructure deep dive by Cristian Nedelcu Common s/h equity (12/26E) €1.15b

Europe's rate outlook by the UBS Economics team P/BV (12/26E) 0.8x

EPS (UBS, diluted) (€)

Key investor feedback from our recent round of marketing

UBS Cons.

We spoke with mostly Singapore-based investors and the feedback can be summarised 12/26E 0.12 0.13