Plan à 3 ans : un défi important dans les parcs d’affaires
Le plan stratégique présenté hier clarifie la situation du pôle promotion qui sera conservé, et lui assigne des objectifs à 3 ans (ROE de 12%, vs 9,2% en 2014) qui paraissent atteignables. Les services seront en revanche cédés rapidement. Le redressement des parcs d’affaires constitue le défi le plus difficile du plan selon nous. Pour ramener le taux de vacance de 16,4% au T3 15 à 11% en 2018, Icade devrait faire face à un marché locatif adverse et aura à gérer d’importantes fins de bail (57% des baux à échoir d’ici 2018), qui font courir le risque de nouvelles libérations. Pour garder ses locataires, d’importants ajustements de loyers seront peut-être nécessaires. Encore un important défi à gérer à moyen terme donc, mais pas de menace sur la distribution. Les actifs de santé continueront de jouer leur rôle d’amortisseur dans le dispositif.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.