De solides résultats malgré Accor - APPORTER - OC 27€
En dépit d’une performance organique encore dégradée en raison des loyers variables en provenance du locataire Accor, FDM a publié un S1 de bonne facture, affichant une croissance de son résultat et des valeurs d’actifs et un fort dynamisme concernant la rotation du patrimoine (467m€ d’investissements part du groupe pour 557m€ de cessions). Le S2 sera impacté par les massives cessions intervenues surtout au T2, mais les perspectives à moyen terme restent solides, et le profil financier est l’un des plus sains du secteur. En raison d’une liquidité encore amoindrie sur le semestre, nous continuons de recommander d’APPORTER à l’offre d’échange de Foncière des Régions, qui clôture ce soir et valorise FDM à 27,65€/action, et même 28,3€ si notre objectif de 85€ sur FDR était atteint. Une fois l’offre clôturée, notre objectif de cours inchangé de 27€ impliquera une recommandation NEUTRE.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.
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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