Un intérêt spéculatif relancé - ACHAT vs NEUTRE - OC 21,8€
L’exercice 2016 a bénéficié de la contraction des frais de structure et du coût de la dette, permettant une nette amélioration du résultat récurrent (+12%, supérieur à la guidance de +10%). Les valeurs d’actifs pénalisées par le patrimoine marseillais ont impacté l’ANR, qui recule de -4,5% mais le S2 a été plus favorable. La perspective 2017 de simple stabilité du résultat est quelque peu décevante, mais tient surtout au désinvestissement net de l’exercice, non encore compensé par les projets de développement. La baisse du titre permet d’afficher un potentiel de rendement total de +13,6%par rapport à notre objectif de cours de 21,8€, justifiant une recommandation ACHAT vs NEUTRE.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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