Deutsche Bank (Thomas Rothaeusler) | The company has finally set the financing structure for its data centre expansion by raising €921 million in new equity, confirming our scenario, which reflects an increase in earnings after two years and non-recurring revenues after one year and equates to a target price of €13 per share.
We view the capital increase as a very positive development, as it lays the foundations for significant growth in an area where Merlin has established itself at an early stage, giving it a unique positioning within the European listed real estate sector.
Target Price €13; Last close €10.62, Buy.
