Le plan stratégique 2015-2019 avance à bon rythme - ACHAT - OC 74€ (vs 73,5€)
La journée investisseurs tenue lundi à Issy-les-Moulineaux a permis de constater l’avancée à bon rythme du plan stratégique annoncé il y a un an. Porté par des marchés mieux orientés (rebond de la demande placée, diminution de l’offre et renforcement du pipeline d’Icade sur la foncière tertiaire, dynamisme de l’investissement dans la santé, forte hausse des réservations en promotion résidentielle comme tertiaire), Icade affiche « une extrême confiance » pour les prochains exercices et l’atteinte de ses objectifs MT, et a relevé son objectif de croissance du cash-flow net courant 2016 à +7/+8% vs >+3% précédemment. Nous relevons nos estimations pour intégrer cette nouvelle guidance, ainsi que notre objectif à 74,0€ vs 73,5€. Cet objectif traduit un P/CF 2017 de 16x, un rendement du dividende au titre de 2016 de 5%, une décote de -3,8% sur l'ANR 2016e. Opinion ACHAT renforcée. Icade reste une de nos 3 valeurs recommandées.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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