La chute du résultat fait douter de la pérennité du dividende -NEUTRE vs ACHAT - OC 15€ (vs 17,2€)
Alors que l’opérationnel se porte plutôt bien sur le semestre, l’augmentation de presque tous les postes de charges rapportés à une base de résultats réduite entraine une chute du résultat récurrent sans équivalent au sein du secteur. Bien qu’une mention soit faite quant à l’ambition de « maintenir la politique de distribution », le bilan déjà tendu ne permettant pas d’augmenter significativement les résultats (en dehors des investissements déjà sécurisés), et la décote sur ANR empêchant une levée de fonds propres non fortement dilutive, il faut espérer une nette amélioration chez Banimmo et une réduction de la structure de coûts disproportionnée. Nous abaissons notre recommandation à NEUTRE vs ACHAT, et notre objectif de cours à 15€ vs 17,2€.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).
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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