INVEST SECURITIES - Klépierre : Une approche opportuniste d'un intérêt limité - ACHAT, OC : 38,5€
KLEPIERRE a communiqué hier sur son intérêt pour Hammerson, la proposition amicale faite à la cible (à 615 pence/action) ayant été rejetée. KLEPIERRE a jusqu'au 16 avril pour communiquer son intention (ou non) de déposer une offre. Cette opération pourrait compliquer la lisibilité, mais (i) elle est encore loin d'être actée, (ii) les fondamentaux de KLEPIERRE sont solides, (iii) la qualité des actifs de Hammerson, bien que le prix puisse être débattu, est supérieure. Dans la lignée de l'offre d'Unibail sur Westfield, cette approche ne semble pas susciter l'engouement du marché, ni le nôtre, en première approche. Si nous jugeons donc l'intérêt d'une telle opération limité (une forte relution sur le résultat ne saurait être que le fruit d'une dégradation du profil financier), nous maintenons notre opinion ACHAT.Klepierre specializes in the development, rental, and asset management of real estate properties in 13 Continental Europe countries. Co. also provides services to third party customers. Co.'s properties include shopping centers, office buildings and shops. It structures its operation into business segments and geographic regions: Shopping centers are structured into 6 operating segments, and the remaining two operating segments are Retail Assets and Office Buildings. As of Dec 31 2013, Co.'s portfolio comprised 91 centers in France/Belgium, 25 centers in Scandinavia, 35 centers in Italy, 76 centers in Spain/Portugal, 23 centers in Central Europe, and 6 centers in other countries.
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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