Aedifica AED.BR
BelgiumReal Estate · REIT - Healthcare FacilitiesEuronext Bruselas · EUR
81.90 EUR (+33.0%)
10 analysts
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Aedifica is a Belgian REIT specializing in the development, investment, and management of senior housing and other healthcare assets in Europe, mainly in Belgium, Germany, the Netherlands, and the United Kingdom, with a business model based on long-term leases with healthcare operators.
Listed on Euronext Bruselas · Symbol AED.BR · EBR: AED · Currency EUR
Key points
from its scores- ✕Fragile balance sheet3.4
- !Modest dividend5.2
- !Somewhat demanding valuation5.7
AI analysis
bottom line, main risk, context and newsHold, preferably waiting for a stabilization in interest rates and an improvement in earnings generation before increasing the position. The high leverage and negative earnings growth are risks not offset by the current dividend.
Aedifica presents a mixed profile: very weak financial health (Net Debt/EBITDA of 13.24) and negative earnings growth (-12.7%) contrast with exceptional revenue growth (104.3%) and an apparently cheap valuation (P/B 0.80). The rising interest rate environment is an additional drag on its high leverage and asset valuations, justifying caution despite the attractive 5.52% dividend yield.
The main risk is the very high leverage (Net Debt/EBITDA of 13.24) in a rising interest rate environment, which makes refinancing more expensive and pressures real estate asset values, potentially affecting the ability to maintain the dividend.
Context and risks
Aedifica is a Belgian REIT specializing in senior housing and healthcare, with a very high Net Debt/EBITDA of 13.24. The rise in long-term interest rates (Belgian 10-year bond yield at highs) makes its refinancing more expensive and pressures its asset valuations, a structural risk for the real estate sector. Additionally, the Belgian regulatory framework for the healthcare sector and REIT governance adds a moderate risk.
Is Aedifica stock cheap or expensive?
at the analysis dateOn P/E and Price / book, it trades 58% below the Real Estate median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 6.1 | 21.6 | −72% |
| EV / EBITDA | 28.0 | 18.5 | +51% |
| Price / book | 0.8 | 1.4 | −44% |
| Price / sales | 10.6 | 6.3 | +68% |
Sector: median of the 100 Real Estate companies analysed. In bold, the multiples used for the comparison.
Valuation score: 5.7 out of 10 (median for Real Estate: 4.9).
Average analyst target: 81.90 EUR, +33.0% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 3.4 (sector 5.5), Growth 6.4 (sector 5.7).
Classic formulas with standard assumptions (0.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Real Estate medianValuation
- P/E
- 6.1
- Forward P/E
- 11.2
- EV / EBITDA
- 28.0
- Price / book
- 0.8
- Price / sales
- 10.6
- Market cap
- 5.1B EUR
- Enterprise value
- 11.3B EUR
Profitability
- ROE
- 12.2%
- ROA
- 2.6%
- ROIC (approx.)
- 3.4%
- Gross margin
- 91.8%
- Operating margin
- 82.5%
- Net margin
- 132.0%
- Free cash flow
- 299.3M EUR
- FCF yield
- 5.8%
- Cash conversion
- 74%
Solvency
- Total debt
- 5.4B EUR
- Net debt
- 5.3B EUR
- Cash
- 55.6M EUR
- EBITDA
- 403.2M EUR
- Net debt / EBITDA
- 13.24
- Debt / equity
- 74.77
- Current ratio
- 0.13
- Quick ratio
- 0.08
Growth
- Revenue growth
- +104.3%
- Earnings growth
- −12.7%
- EPS (TTM)
- 10.04 EUR
- EPS (forward)
- 5.50 EUR
Dividend
- Dividend yield
- 6.5%
- Payout
- 39.8%
Risk and market
- Beta
- 0.94
- Analyst consensus
- Strong buy (10)
- Target price
- 81.90 EUR
- 52-week range
- 59.50 – 80.05
Recent news
All AED.BR news →Compare it with its sector
All 100 in Real Estate →Frequently asked questions about Aedifica
Is Aedifica stock cheap or expensive?
On P/E and Price / book, it trades 58% below the Real Estate median on average. Valuation score: 5.7 out of 10 (median for Real Estate: 4.9). Average analyst target: 81.90 EUR, +33.0% versus the price. This is not investment advice.
What score does Aedifica get on MeridIAn Screener?
It scores 5.3 out of 10, rank 1,519 of 2,130 (better than 26% of the companies analysed). Its strongest category is Momentum (6.8) and its weakest, Financial health (3.4). Analysis of 08/10/2026.
What is Aedifica's P/E ratio?
Its P/E is 6.1: the share price equals 6.1 times earnings per share over the last 12 months. The Real Estate median is 21.6. Based on the earnings analysts expect, the forward P/E is 11.2.
How much is Aedifica worth on the stock market?
Its market capitalisation is 5.1B EUR.
Does Aedifica pay a dividend?
Yes: its dividend yield is 6.49% and it pays out 40% of its earnings.
How has Aedifica stock performed over the last year?
It has risen 7.5% over the last year, excluding dividends. Over the last 52 weeks it has traded between 59.50 and 80.05 EUR. Past performance does not guarantee future results.
What do analysts think of Aedifica?
10 analysts cover it; their average recommendation is “Strong buy” and their average target is 81.90 EUR (+33.0% versus the price). It is an estimate, not market data.