An H1 that further improves medium term visibility - BUY - TP 186,5€ (vs 181€)
The interims are of very good quality and more than justify management’s confidence with respect to multi-annual growth prospects. The property business remains resilient despite a contraction in Q2 occupancy rate (which does not seem to worry management) and stands to further benefit from the medium-term pipeline of projects result (€1.98bn with a rental yield of 7.5%). We maintain our BUY recommendation and raise our target to €186.5 for end 2016 vs. €181. Growth prospects are outstanding and the generous distribution will be maintained. At our TP, the 2016 multiple would be 13.6x and the dividend yield 5.9%, and the premium over 2016 NAV, + 39.0%Altarea Cogedim is a real estate investment trust and development company. Co. is an active operator in the three main segments — retail, residential & office-hotels property — with the ability to design, develop, market & manage custom-tailored real estate products. In the Retail segment, Co. is active in real estate investment, development, asset management, providing services to third-party customers. In the Residential segment, Co. is a residential property developer. In the Office Property segment, Co. is a global operator active in all commercial property formats: high-rise buildings, business districts, corporate headquarters, renovation projects, green districts & luxury hotels.
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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