Une foncière patrimoniale logistique devenue leader - NEUTRE vs ACHAT - OC 34€ (vs 28€)
Argan connaît des exercices de forte croissance liée (i) à la poursuite des investissements, (ii) à des refinancements massifs dans des conditions avantageuses. Cette tendance devrait se poursuivre. Côté valeurs, la forte demande en logistique face à une offre de qualité limitée entraîne une forte compression des rendements, permettant à l’ANR, dopé par l’effet de levier et la faible distribution, de croître significativement. La volonté récente de la société d’accélérer les investissements implique un relèvement des prévisions et de l’objectif, à 34€ vs 28€, mais la forte hausse du titre et le léger potentiel de baisse à 1 an impliquent un abaissement de notre opinion 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.
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