Argan - Solid results but slower deleveraging expected
Rental income emerges at EUR 183.6m, up +11% YoY.Direct result lands at EUR 126.2m, +6% YoY (+6% on a per share basis at EUR 5.50), slightly higher than our estimates (EUR 5.22).EPRA NTA stands at EUR 79.10 stable during 2H (+1.2%) but down 14.9% YoY.LTV is stable at 49.7% vs 49% in 1H23.We sustain our Buy rating and lift our TP from EUR 87.00 to 90.00.Argan is one of our top picks, and we include it in our Preference list.Argan SA designs, builds, develops, owns, leases, and manages logistical bases and warehouses in France. Co. is also involved in land development and management, delivering turnkey projects to its customers. Co divides its activities among two categories of clients: Shipper and Logisticians. It serves shippers, manufacturers or distributors. In addition, Co. serves logisticians, operating the logistics of shippers, including Alloga, Arvato, Daher, Dartess , FM Logistic, Geodis, Kuehne & Nagel, Movianto, Neovia logistics, and XPO Logistic. Co.'s portfolio amounts to more than 1,600,000 mA2, made up of 50 logistics platforms and 9 couriers, making a total of 59 buildings.
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