INVEST SECURITIES - Affine : Vive accélération de la rotation du patrimoine - NEUTRE, OC 16,3€
Les résultats sont en ligne : l'impact sur les loyers des investissements nets des derniers semestres est plus que compensé par la décroissance à périmètre constant issue de départs de locataires. Le résultat EPRA hors Banimmo recule de -0,9m€ en raison d'éléments à caractère non récurrent ayant favorisé le S1 2017, tandis que les valeurs d'actifs restent stables à périmètre constant. Le semestre a surtout été marqué par l'accélération du recentrage d'Affine : cession d'actifs logistiques (15,8m€) et celle en cours de Banimmo (18,6m€), en parallèle de l'ajout de 40m€ de projets supplémentaires. Ces éléments ont vocation à permettre un maintien du résultat EPRA d'Affine au-dessus du dividende sur les prochains exercices. Aucune avancée n'est à signaler concernant les discussions avec la SMA BTP. L'intérêt spéculatif reste présent, mais nous maintenons notre opinion Neutre, ainsi que notre objectif de 16,3€.Affine is a property company specializing in commercial property. Co. is engaged in real estate activities and leasing activities. Co.'s activities are divided into four poles: a Parisian pole (offices), and 3 regional poles (offices, retail, warehouses & industrials). Office premises in French regions represent 43% of the portfolio and contain major assets such as the Lille Europe tower; Retail focuses on commercial properties, which consist chiefly of city-centre retail areas; and Warehouses and Industrials represents the logistics properties of the Affine group, including several types of platform, most of these being bi-modal (rail/road).
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