En avance sur le plan 2015-2019 - ACHAT - 80€ (vs 76,5€)
La journée investisseurs au nouveau siège à Issy-les-Moulineaux a permis d’annoncer que l’essentiel des objectifs du plan stratégique 2015-2019 serait réalisé avec un an d’avance. Le dynamisme a été intense depuis nov. 2015 et Icade devrait afficher une forte croissance de ses résultats en 2018-2019. A CT, Icade a relevé ses perspectives 2017 et attend une croissance de son cash-flow net courant (et du dividende) autour de +8% (vs +7%). Nous relevons notre objectif à 80€ vs 76,5€ et maintenons notre opinion Achat, malgré un potentiel de TR à 1 an plus limité, à +7%, suite à une nouvelle année de nette surperformance (rendement total de +23,6%ytd vs 14,6%pour l’indice EPRA Eurozone).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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