Acquisition intéressante, mais flottant en extinction - APPORTER vs ACHAT - OC 27€ (vs 25,5€)
L’acquisition récente de deux portefeuilles hôteliers majeurs nous incite à relever nos perspectives de croissance des résultats. Toutefois, la très forte surperformance en 2015 a rendu la valorisation moins attractive, pour un titre aux perspectives à moyen terme et au rendement certes très solides, mais dont (i) le court terme reste impacté par la baisse de fréquentation en Ile-de-France, et (ii) le flottant devient de plus en plus limité suite au renforcement progressif de FDR. Nous relevons notre objectif à 27€ fin 2016 vs 25,5€, qui traduit un P/CF 2016e de 14,8x, un rendement du dividende de 5,7%, et une prime sur le dernier ANR publié de +13,4%. Notre objectif sur FDR étant ajusté ce jour à 85€, nous recommandons aux actionnaires de FDM d’APPORTER à l’offre d’échange de FDR, qui valorise actuellement FDM 26,8€/action, et la valoriserait 28,3€ si notre objectif de cours sur FDR était atteint, sans compter une liquidité sans commune mesure.Fonciere Des Murs is a real estate company. Co. specializes in the long-term holding of operating facilities in the hotel, health-care, leisure and restaurant sectors. Co. is also engaged in the development of business premises. Co. is a partner with groups seeking to outsource their property assets and those seeking to have their operating facilities managed by professionals. As of Dec 31 2010, Co.'s portfolio comprised 187 hotels, 3 seawater-therapy institutes, 47 nursing homes, 3 follow-up care and rehabilitation clinics, 2 psychiatric clinics, 4 surgery clinics, 177 restaurants, 58 garden centres and 5 holiday villages.
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