Difficult to do better - HOLD - TP 48€ (vs 47€)
As expected the FY 16 results are excellent showing growth at every level. SFL benefits from its central Parisian location weighting and the recovery of its rental market. It is now very difficult to be better, and the possibilities to find value creating projects are very limited in an overheating market. We raise our TP to €48 from €47 and maintain our recommendation of HOLD. The discount to NAV remains significant at our TP, the lack of speculative interest limits the upside however. The P/CF is already high (>20x), the dividend yield is 4.4% compared to 5% for a peer group.Societe Fonciere Lyonnaise purchases, renovates, develops, and manages urban properties in a real estate portfolio located primarily in Paris, France. Co. divides its operation into two segments: Property rental services & Sales. Co.'s geographic segments comprise: Paris Central Business District, comprising the Golden Triangle and the Financial District, spanning parts of the 1st, 2nd, 9th, 8th, 16th and 17th arrondissements of Paris; Western Crescent, located West of Paris on the other side of the Boulevard P?riph?rique ring-road, comprising Neuilly, Boulogne, Issy-les-Moulineaux and Levallois; and Others corresponding to the rest of Paris, outside the Central Business District.
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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