Excellents résultats et volonté d’accélérer les arbitrages - NEUTRE vs VENTE - OC 27€
Terreïs a publié d’excellents résultats 2014, affichant une amélioration de tous ses indicateurs financiers (loyers +16,4%, résultats +18,0%, ANR +16,8%, dividende +9,4%). Pour les prochains exercices, Terreïs s’est fixé un défi de taille : arbitrer 440m€ d’actifs résidentiels et en régions, au profit de bureaux dans Paris QCA, et ce, pour des rendements équivalents. Cette accélération du recentrage devrait limiter la croissance du résultat, les cessions s’annonçant notamment plus rapides que les réinvestissements. La sous-performance récente du titre a rendu la valorisation plus cohérente selon nous : P/CF 15e de 19,8x, rendement du dividende de 2,6%. Seule la décote sur ANR (-14,2%) peut sembler attractive, mais l’absence d’intérêt spéculatif n’en fait pas une force de rappel. Opinion relevée à NEUTRE vs VENTE et objectif de cours porté à 27€ vs 25,5€.Terreis a property management company. Co. specializes in acquiring, managing or building properties which generate rental income. Co.'s portfolio consists mainly of office and retail premises essentially located in Paris, France. For commercial premises, priority is given to properties with uncapped rent (travel agencies, estate agencies, professional practices) located in the main commercial districts right in the heart of the city center. For offices, Co. excludes high-rise buildings from its portfolio. In Paris, priority is given to historic properties in a prime location.
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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