Sale and lease-back auprès d'une banque italienne - ACHAT - OC 0,67€ (vs 0,63€)
Beni Stabili, filiale italienne de Foncière des Régions, poursuit le déploiement de sa stratégie de rotation qualitative du patrimoine en signant une promesse de sale & lease-back avec la banque de détail italienne Credito Valtellinese, sur un portefeuille de 17 actifs pour un montant de 117,7m€ droits inclus et un rendement de 6%. Nous relevons nos estimations pour intégrer cette acquisition, non intégrée précédemment quoique pleinement en ligne avec la stratégie et sommes confortés dans notre recommandation ACHAT, avec un objectif de cours porté à 0,67€ vs 0,63€. Il traduirait un P/CF 17e de 16,0x, une décote sur ANR triple net 17e de -19,8%et un rendement du dividende de 4,9%.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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