Un semestre de qualité renforçant l’optimisme à MT - ACHAT - OC 186,5€ (vs 181€)
Les résultats semestriels de bonne facture permettent au management de confirmer son optimisme quant à la forte croissance attendue sur les prochains exercices. L’activité foncière reste résiliente malgré une contraction de l’occupation sur le T2 (ne semblant pas inquiéter le management) et bénéficiera à moyen terme d’un pipeline de projets conséquent (1,98Md€ à 7,5% de rendement). Nous maintenons notre recommandation ACHAT et relevons notre objectif à 186,5€ fin 2016 vs 181€. Les perspectives de croissance restent solides et permettront de maintenir la généreuse distribution. A notre objectif, le multiple de résultats 2016 serait de 13,6x, le rendement du dividende de 5,9%, et la prime sur ANR 2016e de +39,0%.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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