INVEST SECURITIES - Beni Stabili : Vents favorables confirmés avant la fusion - NEUTRE, OC 0,76€ vs 0,75€
Les résultats confirment la bonne dynamique des bureaux à Milan, principale exposition du groupe. Le résultat EPRA baisse sans surprise suite aux cessions des 18 derniers mois, qui ont permis un rapide désendettement (LTV 46,4%), mais les croissances à périmètre constant des loyers (+0,4%) comme des valeurs (+0,7%) sont correctes, et meilleures sur les actifs stratégiques (>1%). Le pipeline de projets a été renforcé, comme prévu, et les perspectives 2018 confirmées. Boursièrement, l'enjeu demeure la fusion prochaine avec la maison-mère Covivio, qui devrait être lancée en septembre et finalisée avant fin 2018. La parité d'échange est reflétée dans le cours. Recommandation Neutre maintenue et objectif relevé à 0,76€ vs 0,75€, basé sur notre objectif sur Covivio (89,5€/action).Beni Stabili is a property investment and management group which is based in Italy. Co. invests primarily in office properties leased to major industrial and financial companies under long-term contracts. Co. is engaged in the design, planning and construction of real estate complex, the purchase and sale of land and buildings, the management of properties. Co. maintains management of company-owned properties which have significant development potential and offers value-added services in the areas of real estate brokerage, the management of real-estate investment funds and property and facility management. Co. also engages in property trading and supplies property services to third parties.
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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