INVEST SECURITIES - Patrimoine et Commerce : Transition terminée, croissance en vue - ACHAT, OC : 24€ vs 25,3€
L'année 2017 fut une année de transition pour Patrimoine & Commerce, en raison (i) d'une forte discipline à l'investissement au S1 (et donc d'investissements légèrement décalés), (ii) de problèmes temporaires rencontrés dans l'extension de la galerie commerciale Ville-du-Bois. L'exercice 2018 s'annonce bien meilleur, la société devant bénéficier des derniers investissements et de ceux à venir, à rentabilité toujours élevée (en moyenne > 7%). Nous ajustons légèrement nos estimations et restons convaincus par la capacité de la société à livrer sur le long terme son pipeline d'investissements en vue d'atteindre 1Md€. Opinion Achat maintenue et objectif ramené prudemment à 24€.Patrimoine et Commerce SCA, also known as Patrimoine & Commerce, is a France-based holding company engaged in the real estate industry. The Company's portfolio consists of commercial properties located in the suburbs or centers of medium-sized cities in France, Guadeloupe and Martinique. The tenants cooperating with the Company are BNP Paribas, Hygena, Alainafflelou, Vivarte, La Poste, Carrefour, Casino, CIC, Celio, Kiabi, Picard, Weldom, Conforama, Darty, and Generale d'Optique, among others. The Company's subsidiaries include SCI MELESSINVEST, SCI VITROLLES INVEST, SCI PAU INVEST, SCI CONFORINVEST GUADELOUPE, SCI PARIGNE INVEST, among others. As of June 30, 2014, Duval Investissements & Participations held a 21.55% stake in the Company's shareholdings.
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