Un positionnement dual créateur de valeur - ACHAT - OC 6,7€ (vs 5,25€)
Le positionnement dual (bureaux parisiens et retail parks en régions) de SCSBM porte ses fruits, tandis que les refinancements de 2014 ont permis une nette amélioration du passif, dont les effets seront encore perceptibles en 2015 et 2016. La rentabilité des fonds propres et le rendement du dividende sont encore faibles, mais en nette amélioration et SCBSM dispose de plusieurs leviers pour se rapprocher des standards. Les acquisitions de bureaux parisiens sont freinées par une forte concurrence, mais le groupe dispose de trois projets permettant d’accroître les revenus locatifs et/ou faire progresser les valeurs d’expertise. Nous maintenons notre recommandation ACHAT et relevons notre objectif à 6,7€ vs 5,25€, qui traduirait un P/CF 2015e de 23,1x (non normalisé, le P/CF 2019e ressortirait lui à 11,5x), (ii) un rendement du dividende, non normalisé, de 0,7%, (iii) une décote sur le dernier ANR publié de 25,3%.Soc Centrale Bois Scieries Manche SA. Soc Centrale Bois Scieries Manche SA is a France-based real estate company which owns and manages commercial and office buildings, as well as residential properties. It has the SIIC (societe d'investissement immobilier cotee) status as of 2007. The Company operates two kinds of properties: stabilized assets, whose rental revenue is close to market value, and value added assets in need of investments to reach full market value. SCBSM SA operates a number of subsidiaries, including SCI LIP, SCI BUC, SCI Parabole IV, SCI Des Bois, SCI Cathedrale, SAS Les Promenades de la Thalie, SCI Baltique and SCI Berlioz, among others. In September 2013, it announced that it has opened Nimes site which includes Auchan Drive and McDonald's. In December 2013, it sold to its real estate assets in Marseille and Rouen.
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