Croissance meilleure qu’attendu mais potentiel limité - NEUTRE vs ACHAT - OC 19€ (vs 17€)
MERCIALYS a publié hier après bourse un CA 2014 dépassant son objectif de croissance organique, et accompagné de nouvelles annonces en termes d’acquisition. Toutefois, la bonne performance du titre en 2014 a rendu la valorisation suffisante (P/CF 15e de 15,7x et rendement du dividende < 5%). Malgré le relèvement de notre objectif de cours à 19€ vs 17€ précédemment, le potentiel de hausse limité à +1,3% nous incite à abaisser notre recommandation à NEUTRE vs ACHAT.Mercialys is a real estate company, specialized in the transformation and management of shopping centers. Co. manages a portfolio of 91 properties located throughout France at Dec 31, 2013. Co.'s assets are classified into three categories: large regional shopping centers (GLA of over 365,800 sq. m.), neighborhood shopping centers (GLA of over 181,600 sq. m.), and Other assets (40,900 sq. m.). At Dec. 31, 2013, the portfolio comprised 25 large regional shopping centers, 36 neighborhood shopping centers, and 18 other sites such as food stores, specialty stores, independent cafeterias, service malls, and convenience stores, representing a total gross leasable area of about 588,300 sq. m.
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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