Dynamisme sur tous les fronts, mais potentiel consommé - NEUTRE vs ACHAT - OC 184,5€ (vs 181€)
Après mise à jour de nos estimations, relevées après un exercice 2015 et un CA T1 positifs, nous abaissons notre opinion à NEUTRE vs ACHAT, malgré le relèvement de notre objectif à 184,5€ fin 2016. A cet objectif, le multiple de résultat serait faible (12,4x) mais composé à près 50% de promotion, le rendement satisfaisant (6,0%) bien que distribué en actions, mais la prime sur ANR de 40,4%. Le dividende (11€/action) vient d’être versé mais sera a minima reconduit en 2017/2018, compte tenu de la forte croissance attendue grâce notamment à la promotion (dont les réservations continuent leur fort rebond), et au pipeline de projets sur le commerce. Le point d'entrée ne nous semble plus attractif, malgré les fondamentaux solides et la généreuse distribution, pour une société à la liquidité toujours trop limitée.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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