La hausse du dividende compense les efforts locatifs - ACHAT - OC 20,7€
Affine a connu un exercice 2014 mitigé, le résultat EPRA baissant de 4,2%, mais le dividende étant amélioré de 11% à 1€ par action. Affine a profité de l’exercice 2014 pour continuer le recentrage de ses activités, avec 31m€ d’investissements pour 28m€ de cessions, hors celle en fin d’exercice de son activité de développement logistique. Pour 2015, Affine ne communique pas de perspectives chiffrées, mais se veut toujours ambitieux à l’acquisition, même si l’essentiel sera financé via des arbitrages d’actifs matures. Durant la présentation des résultats, le management s’est toutefois montré confiant quant au maintien au minimum du dividende. Si le résultat a plus vocation à être consolidé qu’augmenter sur les prochains exercices, la valorisation reste attractive au sein du secteur : décote de 20,9% sur son ANR, et rendement du dividende de 5,5%, et multiple de résultat 2015e de 13,4x vs 17,7x pour les principaux pairs. Nous maintenons notre recommandation à ACHAT ainsi que notre objectif de cours de 20,7€.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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