Report
Pierre-Yves Gauthier

Integration of the 2017 accounts (Foncière Paris Nord)

Integration of the 2017 accounts

DCF CHANGE

CHANGE IN TARGET PRICE€ 0.09 vs 0.08 +6.61%
The integration of the 2017 accounts amounts to recording the carrying cost of an asset which no longer generates a rental stream ahead of its redevelopment. Note that the risks associated with the theoretical value of this redevelopment are those of a very long-term calendar.

CHANGE IN DCF€ 0.06 vs 0.04 +40.5%
The DCF valuation which is highly theoretical at present is naturally very sensitive to the redevelopment calendar. The nearer we get to redevelopment (our anchorage point is the realisation of the Grand Paris Express project), the DCF automatically benefits. This metric is liable to be called into question at any time.
Underlying
Fonciere Paris Nord

Fonciere Paris Nord SA. Fonciere Paris Nord SA, formerly ADT SIIC SA, is a France-based investment company primarily engaged in the activities related to the acquisition and management of real estate. It has a portfolio of assets comprising various types of buildings, such as offices, commercial and residential buildings. The Company's real estate assets are located in Paris and the Paris suburbs, among others. As of December 31, 2011, the Company operated through subsidiaries, including Compagnie Financiere Fonciere et Immobiliere-CFFI, Maintreuil and Pamier. In June 2013, it sold its stake in Venus to FIPP.

Provider
AlphaValue Corporate Services
AlphaValue Corporate Services

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Analysts
Pierre-Yves Gauthier

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