Un horizon bien dégagé, reste à améliorer la liquidité - NEUTRE vs ACHAT - OC 181€ (vs 142€)
2014 était un exercice de transition et constituait un point bas sur les résultats. 2015 est l’année du rebond, toutefois amoindri par les difficultés persistantes de l’activité ecommerce, dont la cession en cours à Carrefour est une excellente nouvelle. À partir de 2016, les trois métiers du groupe, à savoir la foncière de commerces, la promotion résidentielle, et la promotion tertiaire, sont bien orientés. À court terme, le groupe a confirmé ses attentes d’une croissance significative des résultats, qui devrait être répercutée sur le dividende. Toutefois, malgré le relèvement significatif de nos estimations et de notre objectif (181€), la performance remarquable de l’année a tendu la valorisation, nous incitant à abaisser notre recommandation à NEUTRE vs ACHAT.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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