Un repositionnement marqué encore accessible - ACHAT - OC 20,7€ (vs 17€)
Historiquement très diversifiée, Affine a entrepris un recentrage significatif de ses activités, assainissant son bilan, et affiche désormais une stratégie claire : la spécialisation sur les bureaux, commerces de centre-ville, et logistique, équilibrée entre Paris, la région parisienne et les 6 métropoles régionales. Le groupe a rassuré lors des 9M 14 en confirmant son intention de proposer 1€ (+11%) de dividende au titre de 2014 (rendement de 5,3%, un des plus élevés du secteur). Malgré une participation dans Banimmo destructrice de valeur, la décote de 20,7% sur son dernier ANR ainsi qu’un P/CF 2015e de 13,7x paraissent toujours attractifs. Nous réitérons notre opinion ACHAT, avec un objectif relevé à 20,7€ vs 17€ précédemment.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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