Les départs inattendus de locataires pèsent - NEUTRE vs ACHAT - OC 19,2€ (vs 20,7€)
Affine a publié un chiffre d’affaires T1 2015 décevant, affichant une baisse de ses loyers de 8,1% dont 5,2% de décroissance organique, expliquée par deux départs inattendus de locataires importants sur des actifs dont la relocation prendra du temps. Nous révisons donc en baisse de 7,2% en moyenne nos estimations de résultat récurrent pour les exercices 2015 à 2017. Par ailleurs, le titre a fortement surperformé le secteur depuis le début de l’année, et le retard de valorisation a été comblé. Nous abaissons notre recommandation à NEUTRE vs ACHAT après avoir ajusté notre objectif de cours à 19,2€ vs 20,7€, traduisant : une décote sur ANR de 16,5%, un rendement du dividende de 5,2%, et un multiple de résultats 2015e de 15,1x.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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