Les nombreux partenariats pèsent sur le résultat - NEUTRE - OC 22€ (vs 24,5€)
Alors que les indicateurs à 100% sont en amélioration au S1, le résultat net récurrent part du groupe affiche un recul (-3%), conséquence des nombreux partenariats signés. Le relèvement de guidance (loyers en hausse de +15% vs +12%) concerne également des chiffres à 100%. L’objectif est toujours de doubler les revenus locatifs sur la période 20132019 (objectif de 70m€ en part totale), les cessions d’actifs résidentiels devant permettre de financer en partie l’important pipeline de projets. Les résultats sont attendus en forte progression à compter de 2016, mais le dividende est encore loin d’être couvert (payout 2015e de 151%). Opinion NEUTRE maintenue et objectif abaissé à 22,0€ vs 24,5€.ANF Immobilier owns and manages properties in the Lyon and Marseilles city centres, in France. Co. also holds a portfolio of hotel properties in France. As of Dec 31 2010, Co.'s portfolio includes buildings covering 248,000 sq. m. and 168 hotel properties leased to B&B hotel chain. As of Dec 31 2010, the properties break down as follows: 54 mixed-use Haussmann-style properties in Lyon city centre (retail premises, residential units and office space); 176 mixed-use Haussmann-style properties (retail premises, residential units, office space and other) in Marseilles city centre. Co.'s operations are divided into two segments: Rental of Haussmann-style properties and Hotel rental.
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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