Nette amélioration du taux d'occupation - NEUTRE - OC 37€ (vs 36,5€)
Cegereal bénéficie de la nouvelle impulsion donnée en 2016 suite au changement actionnarial : refinancement de l’intégralité de la dette, première acquisition depuis 10 ans. La croissance des résultats reste donc satisfaisante malgré quelques départs de locataires en 2016, sur des surfaces qui ne devraient pas rester vacantes bien longtemps. Dans l’attente d’éventuelles nouvelles acquisitions, le management indique d’ores et déjà qu’il est possible de tabler sur une progression du dividende de l’ordre de +5% au titre de 2017. Nous relevons notre objectif de cours à 37€ vs 36,5€ précédemment. Opinion Neutre maintenue, compte tenu d’un potentiel (div. inclus) de +1,2%.CeGeREAL is a real estate investment company. Co.'s business activity is property ownership, which involves acquiring and operating commercial real estate with a view to leasing it primarily to international or national companies. At Dec 31 2009, Co. owned three real estate assets in the inner suburbs of Paris (La Defense, Boulogne-Billancourt, and Charenton-le-Pont). At Dec 31 2009, the total leasable office area of the three assets was approximately 126,145 sq.m. Co.'s portfolio is exclusively comprised of recently-built office complexes.
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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