Indicateurs solides et investissements significatifs - ACHAT - OC 25,5€
La publication des résultats S1 2015 est de bonne facture, FDM enregistrant une croissance (i) des loyers (+2,9%), (ii) du résultat EPRA (+9,5%), (iii) de l’ANR (+1,3%). Seul le résultat récurrent par action baisse (-4,4%), uniquement par l’effet dilutif de l’augmentation de capital de nov. 2014. Les performances opérationnelles restent solides, avec un taux d’occupation maintenu à 100%, une durée ferme des baux de 7,1 ans, et une croissance organique de +0,5%. Les ambitions de croissance sont intactes : 282m€ d’investissements engagés depuis début 2015 permettront une forte progression des résultats à compter de 2016. Nous maintenons notre opinion ACHAT ainsi que notre objectif de cours de 25,5€ fin 2015, offrant un rendement du dividende de 6,1%, un multiple de CF 2016e de 12,8x, inférieur à l’ANR de remplacement fin 2016.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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