Breakneck Growth - BUY - TP 208€ (vs 188€)
This publication exactly reflects the outcome of previous releases. The company is raising its guidance by 10% given the significant increase in capital employed in residential and commercial development, and expects FFO / share of €16 for 2017. The shorter term top line driver is residential property development and with retail and commercial supporting medium term visibility. We raise our target to €208 vs €188 and maintain our BUY recommendation . This objective would result in a P/ CF 17e of 13.0x, a dividend yield of 6.0% for 2017 and an 2017e NAV premium of +26.3%(justified by the future value creation of the pipe).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.
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