S1 solide et dynamique dans un marché porteur - NEUTRE vs ACHAT - OC 0,68€ (vs 0,67€)
Les résultats sont de qualité avec une hausse des principaux indicateurs à périmètre constant (croissance organique des loyers de +1,5% et des actifs de +1,2%). Le second semestre sera impacté par la cession partielle du portefeuille Telecom Italia, mais qui a pour vertu d’avoir permis la nette réduction de l’endettement suivie d’une première notation de crédit par S&P (BBB-). Dans des marchés enfin porteurs, Beni Stabili augmente ses perspectives 2017 de +5%, principalement en raison du léger décalage de la cession du portefeuille Telecom Italia. Nous relevons notre objectif à 0,68€ vs 0,67€, impliquant toutefois l’abaissement de notre opinion à Neutre vs Achat au regard du faible potentiel.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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