2016, une année de convalescence - ACHAT - OC 72,5€ (vs 70€)
Le S1 s’inscrit dans une dynamique plus positive : la situation actionnariale a été éclaircie, la cession du pôle services sera effective en septembre, le taux d’occupation se redresse, et les réservations de logements neufs rebondissent fortement. La promotion continue d’afficher des performances médiocres, mais le marché devrait aider et les marges sont déjà au plus bas. Fort de ces éléments, Icade renforce ses perspectives annuelles (croissance du CF net courant et du dividende > +3%), et réitère ses ambitions à moyen terme (forte baisse de la vacance, croissance du patrimoine). Le point central demeure le redressement des parcs d’affaires, pour lesquels la prudence reste de mise côté locatif. Si le recentrage est loin d’être terminé, l’atteinte progressive des objectifs et le dividende sécurisé en attendant, devraient permettre à Icade de poursuivre son rerating. Nous relevons notre objectif à 72,5€ vs 70€, et maintenons notre opinion ACHAT.Icade is a property developer/real estate investment trust (REIT). Co. offers its clients and business partners a range of complementary products and expertise in the development, design, contracting, marketing, and administrative and technical management of their properties. Co.'s activities are segmented into three divisions: Property Investment, Property Development, and Services. Property Investment focuses especially energy, water, waste and carbon comprises significant properties; Property Development targets properties and operations whose service orders were launched during the year, and Services division manages office buildings and housing units on behalf of third parties.
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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