Solide S1, pas encore impacté par la cession de la santé - VENTE - OC 112€
Les résultats semestriels sont excellents : croissance à deux chiffres du RNR, nouvelle progression des valeurs, maintien des perspectives et renforcement du pipeline. L’enjeu de l’année et des semaines (a minima) à venir reste l’acquisition de Foncière de Paris, dont la perspective d’une issue favorable à Gecina semble s’éloigner. Gecina reste confiant avant l’ouverture de l’offre (date indicative : 28 juillet), et accuse Eurosic de contre-vérités dans ses derniers communiqués. Nous maintenons notre recommandation VENTE, ainsi que notre objectif de cours de 112€. Dans l’attente de nouveaux investissements, la valorisation du titre est toujours élevée (prime sur ANR de +2,3%, mais P/CF 16e de 23,4x et rendement du dividende de 3,8%).Gecina is a rental real estate company. Co.'s purpose is to operate individual rental properties or group of properties located mainly in France. Co.'s properties include commercial assets (offices and retail outlets), residential assets, logistics assets, hotels and healthcare facilities. Co. is organized around two main sectors and one ancillary segment: Economic sector comprising the commercial segment (offices and retail outlets), the portfolio of logistics properties and of hotel buildings; Demographic sector comprising traditional residential units (housing units property holding), portfolio of students residences and of healthcare facilities; Ancilary segment of real estate services.
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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