INVEST SECURITIES - ARGAN : Un T3 sans surprise - ACHAT vs NEUTRE, OC 80,8€

Argan SA : Operating momentum for 9M24 points to further growth in 2025e

>Rental revenue for 9M 24 at € 149m (+9% y-o-y) and full-year rental revenue expected at € 198m vs € 197m - Argan’s 9M 24 rental revenue came in at € 149.2m (+9% y-o-y; +2% q-o-q) in line with the trajectory in H1 24 and close to our estimates at € 147.9m est. As in previous quarters, this growth was driven by the full-year impact of deliveries from 2023, alongside those of 2024, rents from the warehouses delivered in 9M 24 and rental indexation in January 2024 (+4.6...

Upgrade for the real estate sector from Underweight to Neutral

We are lifting our sector rating for real estate from Underweight to Neutral, due to the cycle of rate cuts by central banks and a more positive tone from sector players. >...

European equities monthly round-up - September 2024 - thank you Jérome and Xi Jinping!

Falling back sharply in early September due to concerns about a risk of recession in the US, equity markets then recovered thanks to the Fed's pivot and the Chinese stimulus plan that was no longer expected. The fall in short-term rates did put an end to the inversion of the curve on sovereign yields. Autos, energy and healthcare significantly underperformed the Stoxx 600. To come, Golden Week, the US election and the French budget will be key to a continued market progress. With...

Where does the “stakeholder governance” model stand today in corporate governance practices?

>Stakeholder governance: what does it mean? - Stakeholder governance seeks to address the interests of all stakeholders in addition to shareholders, i.e. clients, workers, suppliers, communities, investors, the environment, etc. Historically, this model has been opposed to shareholder governance which focuses on the fiduciary duty of governance bodies towards shareholders. Some countries now allow companies to legally establish their transformation towards “stakeholde...