AED Stock Analysis: Aedifica | BR
REIT - Healthcare Facilities | BR, Belgium | Market Cap: 5.776m EUR | 12M Return: 14.3% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 7.87M
EPS Trend: -28.1%
Rev. Trend: 99.1%
Qual. Beats: 1
Warnings
Tailwinds
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Aedifica NV/SA is a Belgian public regulated real estate company focused on European healthcare real estate, with a particular emphasis on properties for elderly and senior care. Its portfolio spans nine European countries, including Belgium, Germany, the Netherlands, the United Kingdom, Finland, Ireland, Spain, France, and Italy, and was valued at approximately 12.4 billion euros. As a healthcare REIT, Aedifica typically operates under a long-term, triple-net lease model in which tenants (operators of care facilities) bear most property-related costs, providing the landlord with relatively predictable, inflation-linked rental income.
The company is listed on Euronext Brussels (since 2006) under ticker AED and on Euronext Amsterdam (since 2019), with corresponding Bloomberg and Reuters codes of AED:BB and AOO.BR, respectively. Aedifica has been a constituent of the BEL 20 since 2020 and was added to the BEL ESG index in 2023. It is also included in the EPRA, Stoxx Europe 600, and GPR indices. Market capitalization was approximately 5.7 billion euros as of May 18, 2026, reflecting its position as a mid-cap constituent of the GICS Health Care REITs sub-industry.
Aedifica was established and incorporated in Belgium on November 7, 2005, and operates under the Belgian GVV/SIR (public regulated real estate company) regime, a vehicle structure common to Belgian REITs that is subject to specific leverage, payout, and transparency requirements. Demand drivers for healthcare REITs in Europe, such as demographic aging and rising elderly care needs, tend to support the long-term lease structures that characterize Aedificas business model.
- European aging demographics boost long-term healthcare property demand
- ECB rate cuts ease Aedificas debt refinancing pressure
- UK and Germany expansion accelerates portfolio rental growth
| Net Income: 614.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -1.86 > 1.0 |
| NWC/Revenue: -382.6% < 20% (prev -82.40%; Δ -300.2% < -1%) |
| CFO/TA 0.02 > 3% & CFO 262.5m > Net Income 614.0m |
| Net Debt (4.93b) to EBITDA (685.3m): 7.20 < 3 |
| Current Ratio: 0.07 > 1.5 & < 3 |
| Outstanding Shares: last quarter (56.3m) vs 12m ago 18.48% < -2% |
| Gross Margin: 92.73% > 18% (prev 94.40%; Δ -1.66% > 0.5%) |
| Asset Turnover: 4.04% > 50% (prev 5.62%; Δ -1.58% > 0%) |
| Interest Coverage Ratio: 12.21 > 6 (EBIT TTM 682.8m / Interest Expense TTM 55.9m) |
| A: -0.12 (Total Current Assets 112.3m - Total Current Liabilities 1.61b) / Total Assets 13.0b |
| B: 0.06 (Retained Earnings 818.2m / Total Assets 13.0b) |
| C: 0.07 (EBIT TTM 682.8m / Avg Total Assets 9.71b) |
| D: 1.21 (Book Value of Equity 6.66b / Total Liabilities 5.52b) |
| Altman-Z'' = 1.19 = BB |
| DSRI: 3.0 (Receivables 107.4m/22.9m, Revenue 392.4m/359.3m) |
| GMI: 1.02 (GM 94.40% / 92.73%) |
| AQI: 1.02 (AQ_t 0.99 / AQ_t-1 0.97) |
| SGI: 1.09 (Revenue 392.4m / 359.3m) |
| TATA: 0.03 (NI 614.0m - CFO 262.5m) / TA 13.0b) |
| Beneish M = -1.28 (Cap -4..+1) = D |
As of July 18, 2026, the stock is trading at EUR 70.20 with a total of 190,946 shares traded. Over the past week, the price has changed by +1.45%, over one month by +1.67%, over three months by -1.45% and over the past year by +14.30%.
Current recommended Stop Loss: 68.60 (which is 2.3% or 1.4 ATR below the current price).
Aedifica has no consensus analysts rating.
P/E Trailing = 6.0226
P/E Forward = 12.987
P/S = 14.7724
P/B = 0.8667
Revenue TTM = 392.4m EUR
EBIT TTM = 682.8m EUR
EBITDA TTM = 685.3m EUR
Long Term Debt = 3.28b EUR (from longTermDebt, last quarter)
Short Term Debt = 1.61b EUR (from shortTermDebt, last quarter)
Debt = 4.98b EUR (from shortLongTermDebtTotal, last quarter) + Leases 85.3m
Net Debt = 4.93b EUR (calculated: Debt 4.98b - CCE 45.0m)
Enterprise Value = 10.7b EUR (5.78b + Debt 4.98b - CCE 45.0m)
Interest Coverage Ratio = 12.21 (Ebit TTM 682.8m / Interest Expense TTM 55.9m)
EV/FCF = 40.85x (Enterprise Value 10.7b / FCF TTM 262.2m)
FCF Yield = 2.45% (FCF TTM 262.2m / Enterprise Value 10.7b)
FCF Margin = 66.82% (FCF TTM 262.2m / Revenue TTM 392.4m)
Net Margin = 156.5% (Net Income TTM 614.0m / Revenue TTM 392.4m)
Gross Margin = 92.73% ((Revenue TTM 392.4m - Cost of Revenue TTM 28.5m) / Revenue TTM)
Gross Margin QoQ = 90.84% (prev none%)
Tobins Q-Ratio = 0.82 (Enterprise Value 10.7b / Total Assets 13.0b)
Interest Expense / Debt = 1.12% (Interest Expense 55.9m / Debt 4.98b)
Taxrate = 7.20% (48.1m / 668.2m)
NOPAT = 633.6m (EBIT 682.8m * (1 - 7.20%))
Current Ratio = 0.07 (Total Current Assets 112.3m / Total Current Liabilities 1.61b)
Debt / Equity = 0.75 (Debt 4.98b / totalStockholderEquity, last quarter 6.66b)
Debt / EBITDA = 7.20 (Net Debt 4.93b / EBITDA 685.3m)
Debt / FCF = 18.82 (Net Debt 4.93b / FCF TTM 262.2m)
Total Stockholder Equity = 4.37b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.33% (Net Income 614.0m / Total Assets 13.0b)
RoE = 14.05% (Net Income TTM 614.0m / Total Stockholder Equity 4.37b)
RoCE = 8.93% (EBIT 682.8m / Capital Employed (Equity 4.37b + L.T.Debt 3.28b))
RoIC = 4.87% (NOPAT 633.6m / Invested Capital 13.0b)
WACC = 3.24% (E(5.78b)/V(10.8b) * Re(5.14%) + D(4.98b)/V(10.8b) * Rd(1.12%) * (1-Tc(0.07)))
Discount Rate = 5.14% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 52.36 | Cagr: 7.82%
[DCF] Terminal Value 76.17% ; FCFF base≈256.5m ; Y1≈269.8m ; Y5≈313.8m
[DCF] Fair Price = N/A (negative equity: EV 4.83b - Net Debt 4.93b = -98.6m; debt exceeds intrinsic value)
EPS Correlation: -28.12 | EPS CAGR: -15.65% | SUE: N/A | # QB: 0
Revenue Correlation: 99.14 | Revenue CAGR: 9.07% | SUE: 1.21 | # QB: 1
EPS current Year (2026-12-31): EPS=5.41 | Chg30d=-0.88% | Revisions=+50% | GrowthEPS=+5.1% | GrowthRev=+81.9%
EPS next Year (2027-12-31): EPS=5.51 | Chg30d=+0.00% | Revisions=+40% | GrowthEPS=+1.8% | GrowthRev=+7.1%
[Analyst] Revisions Ratio: +62% (up=5, down=0)