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Investing.com - JPMorgan has initiated coverage on Fibra MTY SAPI de CV (FMTY14:MM) with an Overweight rating and a price target of Peso15.00, representing a potential 22% upside including dividend yield.
The investment bank cites the nearshoring trend as a key catalyst for Fibra Monterrey, noting the real estate investment trust is positioned to benefit from increased manufacturing tenant exposure through rent increases.
JPMorgan highlights Fibra MTY’s significant growth potential through acquisitions, supported by $600 million in available capital as the company aims for a 35% loan-to-value ratio, excluding potential office sales.
The firm points to Fibra MTY’s disciplined capital allocation history, with past acquisitions completed at an average capitalization rate of 8.3% compared to a 7.0% weighted average cost of capital.
While Fibra MTY trades at a price-to-net asset value of 1.0x, slightly above its pure industrial peers’ average of 0.8x, JPMorgan notes its attractive EV/EBITDA of 13x versus peers’ 15x average and its high 8% dividend yield make it compelling in a lower interest rate environment.
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