Poursuite du chemin vers le milliard d’euros - ACHAT - OC 25,5€ (vs 24€)
Les résultats S1 étaient de bonne facture (croissance du FFO/action de +25,2%, quasistabilité de l’ANR malgré le dividende), le CA T3 est sans surprise. La croissance organique reste négative (-2,3%), mais n’inquiète pas le management (le modèle repose sur une stabilité, hors indexation). Les ambitions de croissance sont intactes à MT (1Md€ de patrimoine, LTV 50%, vs 662m€ et 44,5% au S1, pay-out 60%), les perspectives de hausses de résultat et dividende également. La stabilité des taux de capitalisation, bien qu’étonnante, protège contre une remontée future des taux d’intérêt. ACHAT maintenu et objectif relevé à 25,5€ vs 24€ fin 2016. Il traduit un P/CF 2016e de 12,7x, une prime sur ANR 2016e de 1,2%, et un rendement du dividende 2017e de 4,7%.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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