Une cadence effrénée - ACHAT - OC 208€ (vs 188€)
Les publications se suivent et se ressemblent. Face à une progression significative de ses placements en promotion, tant résidentielle que tertiaire, Altarea Cogedim relève à nouveau ses perspectives de +10% et table désormais sur un FFO/action de 16€ en 2017. La croissance reste portée par la promotion à court terme, et les projets de développement commerciaux à moyen terme. Nous relevons notre objectif à 208€ vs 188€ et maintenons ainsi notre recommandation ACHAT. Cet objectif traduirait un P/CF 17e de 13,0x, un rendement du dividende au titre de 2017 de 6,0%et une prime sur ANR 2017e de +26,3%(justifiée par la création de valeur à venir des développements).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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