Résultats excellents, mais toute chose a un prix - NEUTRE vs ACHAT - OC 20,5€ (vs 17,6€)
La publication des résultats 2014 a été très solide et accompagnée du relèvement des perspectives d’ANR d’ici fin 2015 (+10%). Si Argan continue d’afficher une rentabilité des fonds propres parmi les plus élevées du secteur, la volonté d’abaisser l’endettement ne permettra pas d’augmenter le taux de distribution, éloigné des standards du marché. En outre, le rallye boursier (+35,2% sur un an vs +28,4% pour le Stoxx 600 Real Estate) a tendu la valorisation, si bien que le titre traite désormais en ligne avec l’ANR de remplacement (20,5€), et n’offre plus qu’un rendement de 4,2% (0,85€/action). Malgré le relèvement de notre objectif à 20,5€ vs 17,6€, le potentiel limité nous incite à abaisser notre recommandation à NEUTRE vs ACHAT.Argan SA designs, builds, develops, owns, leases, and manages logistical bases and warehouses in France. Co. is also involved in land development and management, delivering turnkey projects to its customers. Co divides its activities among two categories of clients: Shipper and Logisticians. It serves shippers, manufacturers or distributors. In addition, Co. serves logisticians, operating the logistics of shippers, including Alloga, Arvato, Daher, Dartess , FM Logistic, Geodis, Kuehne & Nagel, Movianto, Neovia logistics, and XPO Logistic. Co.'s portfolio amounts to more than 1,600,000 mA2, made up of 50 logistics platforms and 9 couriers, making a total of 59 buildings.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.