Fondamentaux solides et rendement à nouveau attractif - ACHAT vs NEUTRE - OC 181€
La forte baisse du titre depuis notre dégradation à Neutre (24/11/2015) nous semble excessive et offre un point d'entrée attractif pour une société aux fondamentaux solides (l'une des plus fortes croissances du secteur sur les prochains exercices) et généreuse en termes de distribution (rendement du dividende de 6,4% au cours actuel). Nous relevons notre recommandation à ACHAT vs NEUTRE, et maintenons notre objectif de cours de 181€/action à fin 2016. Le rendement total serait de +16,4%.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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