Virage stratégique réussi, mais la liquidité reste faible - NEUTRE
De fondation récente (2005), FONCIERE ATLAND est historiquement connue pour sa capacité à structurer des opérations de sale & leaseback significatives (Keolis, Veolia, Elis). Après avoir bénéficié d’un endettement élevé, l’arrivée de la crise financière a incité le management à diversifier ses activités, en développant les métiers de construction et de co-investissement moins consommateurs de fonds propres. Cette stratégie a porté ses fruits, puisque la société a fait croître ses résultats et son ANR, tout en se désendettant. Ainsi, FONCIERE ATLAND devrait être en mesure de distribuer ses premiers dividendes en 2015, au titre de l’exercice 2014. Seul frein à une recommandation, la liquidité demeure bien trop faible (13,4% de flottant, soit ~4m€), et elle reste indispensable pour une vie boursière. Opinion NEUTRE.Fonciere Atland SA is a France-based company that specializes in the real estate investments and development. The Company is organized in three operational units: real estate development, renovation and investment sectors. The Company invests in the real estate assets, such as offices, warehouses, retail outlets and light industrial premises located in Paris and in the Ile de France region, Belgium and Poland. It also provides businesses with sale-leaseback operations and is engaged in project design, among others. It operates through Financiere Rive Gauche.
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