La promotion continue de surprendre positivement - ACHAT - OC 188€ (vs 186,5€)
La publication du CA 9M 2016 est à nouveau d’une solidité remarquable. Le CA poursuit sa progression et la croissance des placements en promotion, déjà impressionnante au S1, continue d’accélérer. S’appuyant également sur un conséquent pipeline de développements de centres commerciaux, Altarea confirme ses objectifs de FFO par action en 2016 et 2017 et précise que l’amélioration sera encore supérieure en 2018. Nous relevons légèrement nos estimations, ainsi que notre objectif, à 188€ à 1 an vs 186,5€, traduisant un multiple de résultats 2017e de 12,7x, un rendement du dividende de 5,9% et une prime sur ANR 2017e de +29,3% (justifiée par la forte création de valeur à venir des projets de développement). Opinion ACHAT réitérée.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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