Renewed Speculative potential - BUY vs HOLD - TP 21,8€
FY 2016 results are flattered by lower structural costs and the cost of debt, allowing a net improvement in recurring profitability (at +12%, above guidance of +10%). Asset values are penalized by the exposure to Marseille, bringing down NAV by 4.5%, with some relief coming from a better H2. The stated outlook for 2017 of ‘stability’ is rather disappointing, but mainly due to the net disinvestment, which is not offset by development projects at this stage. The fall of the stock in relation to our TP of €21.8 allows us to forecast a total return one year out of +13.6%, justifying a raise to BUY from HOLD.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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