olivLaw · European equity research
Home Invest Belgium HOMI.BR
Belgium · Euronext Brussels · Vertical: Listed companies from Belgium
Home Invest Belgium is a Belgian regulated real estate company (GVV) that develops and manages affordable rental housing, focused on Brussels and other large cities. In fiscal 2025 the company reported average occupancy of 98.2% and like-for-like rent growth of 4.0%, as urban residential demand remained solid.
At the close of 05 Nov 2026, Home Invest Belgium (HOMI.BR) stock was 18.00 EUR (−0.11% on the day), with market capitalisation 358.6 m EUR, P/E 6.0 on diluted EPS of 3.00 EUR over the last 12 months, dividend yield 0.00%, beta 0.29, 52-week range 17.24–20.20 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.8
- strong (55–70)
- Bollinger (20, 2)
- 17.54 – 18.04
- in the upper half of the band · %B 0.91 · band width 2.8%
- SMA 50 / 200
- 17.96 / 18.80
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.3% | +0.4% | +1.9 pp | — |
| 3 months | −8.9% | −3.3% | −5.6 pp | — |
| 6 months | −6.1% | +4.0% | −10.0 pp | — |
| Year to date | −2.1% | +8.1% | −10.2 pp | — |
| 1 year | −5.8% | +10.7% | −16.5 pp | +7.2% |
| 3 years | +26.9% | +50.1% | −23.1 pp | −5.5% |
| 5 years | −24.4% | +43.6% | −68.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 4.2, median 5.2, max 6.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -14.3 m | 81.0 m | 59.8 m |
| Net income YoY | unavailable | unavailable | −26.2% |
| Diluted EPS | -0.76 | 4.07 | 3.00 |
| Diluted EPS YoY | unavailable | unavailable | −26.3% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 25.6 m | 24.0 m | 28.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 518.8 m EUR
- Total assets
- 987.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.46x
- ROE
- 11.9%
- ROA
- 6.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 1.9 m | 92.2 m | 66.1 m | esef· 07 Apr 2026verified |
| Interest expense | 5.1 m | 5.9 m | 6.4 m | esef· 07 Apr 2026verified |
| Pre-tax income | -13.9 m | 81.5 m | 60.2 m | esef· 07 Apr 2026verified |
| Net income | -14.3 m | 81.0 m | 59.8 m | esef· 07 Apr 2026verified |
| Diluted EPS | -0.76 | 4.07 | 3.00 | esef· 07 Apr 2026verified |
| Dividend per share | 0.00 | 0.00 | 0.00 | esef· 07 Apr 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.6 m | 1.3 m | 2.6 m | esef· 07 Apr 2026verified |
| Current assets | 6.5 m | 4.6 m | 7.7 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 577.0 k | 570.0 k | 418.0 k | esef· 07 Apr 2026verified |
| Total assets | 807.8 m | 901.1 m | 987.5 m | esef· 07 Apr 2026verified |
| Accounts payable | 6.1 m | 3.9 m | 4.6 m | esef· 07 Apr 2026verified |
| Current liabilities | 61.2 m | 14.5 m | 16.9 m | esef· 07 Apr 2026verified |
| Total liabilities | 390.0 m | 416.6 m | 468.7 m | esef· 07 Apr 2026verified |
| Equity | 417.8 m | 484.4 m | 518.8 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 18.8 m | 19.9 m | 19.9 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 25.6 m | 24.0 m | 28.3 m | esef· 07 Apr 2026verified |
| Capex | 0 | 0 | 0 | esef· 07 Apr 2026verified |
| Free cash flow | 25.6 m ≈ | 24.0 m ≈ | 28.3 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -33.2 m | -33.6 m | 5.0 m | esef· 07 Apr 2026verified |
| Financing cash flow | 5.9 m | 8.3 m | -31.9 m | esef· 07 Apr 2026verified |
| Dividends paid | 0 | 0 | 0 | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 358.6 m EUR
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 32.09 – 69.95 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E32.09 – 69.95 (Mid 43.85)25 companies used · median multiple 14.6x · quartiles 10.7x – 23.3xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 47.3% | 25 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 10.3x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 6.0x | 93 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.9% | 99 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet60/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial25/100 · 1/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation95/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HOME INVEST BELGIUM (HOMI.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 11.9%.
The estimated value range is 32.09–69.95 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 43.85 EUR, the price of 18.00 EUR leaves a potential of 143.6% (value / price − 1) and a margin of safety of 59.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 10.3x
- P/E (TTM): 6.0x
- FCF yield: 7.9%
- Payout ratio (FCF): 0.0%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 47.3%
- Current ratio: 0.5x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Belgium · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for HOMI.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Home Invest Belgium is a Belgian regulated real estate company (GVV) that develops and manages affordable rental housing, focused on Brussels and other large cities. In fiscal 2025 the company reported average occupancy of 98.2% and like-for-like rent growth of 4.0%, as urban residential demand remained solid.
SWOT
Strengths
- Young portfolio, energy-efficient relative to the average, with high occupancy and steady rent growth.
- Prudent financial structure, with controlled debt and available credit lines and no major maturities in the near term.
- Ability to develop projects in-house, which allows a higher initial yield than buying finished assets.
Weaknesses
- Concentration in a few large cities, especially Brussels, exposes the company to the fortunes of a single regional market.
- In-house development carries execution risk and requires capital and time before income is generated.
- The energy performance of some older buildings remains a renovation task that may require large spending.
Opportunities
- The shortage of affordable housing in cities could support demand and acquisition or reconversion opportunities.
- Agreements to reconvert whole districts could bring large volumes of new housing into the portfolio.
- Expansion in the Netherlands could diversify income sources if the local market offers adequate returns.
Threats
- Rising energy and renovation costs could reduce margins and the appeal of certain buildings.
- Extreme climate events may cause damage and unexpected costs for properties.
- Regulation on rents and tenancies could limit how rental income evolves.
Risks
- Climate and energy riskhigh
Buildings with high energy consumption could become harder to rent or sell, and their value could fall, affecting portfolio value and debt ratios.
- Geographic concentrationmedium
Dependence on urban Belgian markets means that a change in regulation or local demand could affect the whole company.
- Development riskmedium
Own projects may be delayed or exceed budget, which could affect returns and delivery timing.
- Cost of financingmedium
If interest rates rise again, the cost of the company's debt could increase when credit lines are renewed, with an effect on dividends.
- Physical climate risksmedium
Floods, storms and heatwaves can cause unexpected damage and repair costs, affecting income and asset values.
Investment thesis
What would need to be true (bull case)
- High occupancy and rising rents in the young portfolio could support stable income if urban demand stays solid.
- In-house development could generate higher returns than acquiring existing assets.
- A prudent financial structure and no major near-term maturities could reduce refinancing risk.
What would break the thesis
- Concentration in a few cities could make the company vulnerable to local demand or regulatory changes.
- Energy renovation costs could erode margins if the required investments are larger than estimated.
- Climate and interest rate risks could affect portfolio value and financing costs in the coming years.
What to watch
- Evolution of occupancy and like-for-like rentsQ1 2027
- Progress of own development projects, including Jardin Leopold and the Cityforward agreement2027
- EPRA earnings per share target for 2026 compared with the 2025 resultnext 10-K
- Credit maturities in the second half of 2027 and how they are refinanced2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company owns and manages a young residential portfolio, of which more than 50% is less than 10 years old, with over 2500 units. Its main income comes from rents, which reached 38.81 million EUR in fiscal 2025. As a GVV it must distribute dividends and respect borrowing limits, and its debt ratio was 48.14% on 31 December 2025 1.
The strategy combines acquisitions of properties with potential for value creation and in-house project development, which the board sees as the main growth driver. Own residential projects such as Jardin Leopold and the agreement with Cityforward for the reconversion of eight projects in the Brussels European district aim at sustainable housing and a higher initial yield 1.
The company aims to reduce dependence on fossil fuels and improve the energy performance of its buildings, an issue that affects both asset value and the ability to attract tenants and financing. Monitoring of energy use and emissions is being strengthened in fiscal 2026 1.
Segments
Affordable rental housing
The core segment consists of apartments and residential buildings rented out in large cities, especially Brussels, where the company intends to remain a reference provider. Rental income has grown steadily year on year, supported by urban demand and high occupancy 1.
In-house project development
Development for own account, including the reconversion of office buildings and industrial sites, was confirmed by the board as the main growth area for coming years. The Jardin Leopold acquisition and the 2025 deliveries show the direction of this activity 1.
Netherlands investments
The company has a limited presence in the Netherlands, with holiday and residential properties. It is a secondary segment compared with the Belgian market, but it is a geographic extension explicitly mentioned in the strategy 1.
Market context
The residential market in large Belgian cities is described in the report as shaped by a long-term urbanisation trend and rising demand for rental housing, including from young people and older residents. The shortage of affordable housing in these cities supports the company's position, and average occupancy of 98.2% indicates solid demand 1.
High energy costs and pressure from interest rates have made the environment harder for buildings with weak energy performance, which could become less attractive to investors and tenants. The company later applied a climate risk analysis to the whole portfolio, and the results indicated good resilience to extreme weather 1.
Trends
- Urbanisation and rental demandtailwind
Population growth in large cities, including young people and seniors, supports demand for rental housing and sustains high occupancy levels.
- Normalisation of interest ratesmixed
After the period of high inflation, stabilised interest rates could reduce the company's financing cost, but they keep pressure on property values.
- Energy transitionheadwind
Energy efficiency and emission reduction requirements may call for costly renovation investments, but they could also raise the appeal of modernised buildings.
- Physical climate riskheadwind
Storms, floods and heatwaves can cause damage and repair costs, and adaptation requirements may increase the financial burden on owners.
Competitive position
The company presents itself as the market leader in developing and managing affordable housing in Belgium, but the annual report does not detail the positions of direct competitors. The advantages it cites relate to portfolio age, in-house development expertise and the GVV structure.
In the Belgian market, competition comes from other residential GVVs, private developers and institutional investors who buy buildings directly on the market. According to the company, development for own account reduces competition from retail intermediaries.
- Other Belgian residential GVVs
Regulated real estate funds active in the Belgian market that compete for the same assets and tenants in large cities.
- Private property developers
Companies that build and sell or rent housing, including on sites in Brussels and other large cities.
- Institutional investors
Pension funds and insurers that buy yielding residential buildings and compete for acquisitions.
- Private landlords
Individual investors who provide a significant part of the rental housing supply in cities.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Home Invest Belgium · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.