En ordre pour une reprise des profits - ACHAT - OC 58€ (vs 51€)
Foncière spécialisée en immobilier d’entreprise depuis 2005, Paref pratique à la fois l’investissement opportuniste et la gestion pour compte de tiers. Après s’être désendetté suite à la crise, le groupe offre des perspectives de croissance significative de résultat récurrent, dividende et ANR. En outre, la valorisation est plus qu’attractive au sein du secteur, le titre affichant une décote de 45,0% sur son ANR de liquidation (85,4€), un multiple de résultat 2015e de 8,1x et un rendement du dividende 2015e de 6,7%. Notre valorisation ressort à 58€/action à fin 2015 et offre un potentiel de hausse de 23% (30% dividende inclus).Paris Reality Fund SA, also known as PAREF, is a France-based company that specializes in the real estate investment and management. The Company has four divisions: Business Investment, Residential Investment, Estate Agent and Management for third parties. The Company is engaged in the investment in commercial buildings, in the Paris Region and suburbs, as well as residential buildings, and asset management, managing on behalf of third parties. In addition, it acts as property dealer, through its subsidiary Parmarch SARL. The Company's assets are located in Paris, Lisieux, Trappes, Clichy, Labege and Tremblay, among others. The Company operates a number of subsidiaries, including wholly owned Dax Adour SARL and Watford, among others. The main shareholder of the Company is Fosun Property Holdings Ltd (Fosun).
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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