Colonial Inmobiliaria Capital Markets Day Update 2028 Guidance

Colonial Inmobiliaria announced a new 2028 EPS guidance of €0.39-0.41/share at its Madrid CMD, exceeding consensus estimates. However, Goldman Sachs remains Neutral due to execution risks in new markets and concerns over high leverage.

Key Takeaways

• 1.Management issued a new 2028 EPRA recurring profit target of €0.39-0.41 per share, which is approximately 5% above Visible Alpha consensus.
• 2.The 'Alpha X' platform is designated as the primary growth engine, expected to contribute 8-9 cents per share in growth over 2025-28.
• 3.The company increased its disposal program target from €0.5bn to €0.7bn to fund capital recycling into higher-return Core+ assets.

Table of Contents

• Key Details
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures