Volonté confirmée de distribuer 1€ au titre de 2016 - ACHAT - OC 17,2€ (vs 15,3€)
L’élément majeur de ce T1 est la confirmation par écrit de la volonté de distribuer un dividende de 1€/action au titre de 2016. La situation est contrastée par ailleurs, avec (i) des loyers améliorés en séquentiel, mais en nouvelle baisse annuelle de -1,4% en organique, (ii) une situation toujours compliquée chez Banimmo, dont la filiale Urbanove a été placée sous procédure judiciaire (risque maximum de -12,1m€ pour Affine). En marge de cette publication, Banimmo annonce la nomination d’un nouveau CEO, en la personne de Patrick Mertens de Wilmars, professionnel de l’immobilier. Nous relevons notre objectif à 17,2€ fin 2016 vs 15,3€, et maintenons notre recommandation ACHAT. Les dividendes 2015/2016 sont généreux, et permettront de supporter la baisse du résultat en 2016, les résultats suivants étant attendus en amélioration, tant chez Affine que sa filiale Banimmo.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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