Résultat en baisse mais ANR soutenu par le marché - NEUTRE vs ACHAT - OC 32€ (vs 31€)
Puisque la baisse du résultat était annoncée, la publication est plutôt positive: l’ANR continue de bénéficier de la compression des taux, et la société a réussi à finaliser près de 100m€ d’acquisitions, ce qui n’était plus arrivé depuis 2013. Le résultat 2016 devrait s’inscrire en baisse, mais l’exercice 2017 profitera de la récente acquisition et de conditions de financement avantageuses, ainsi que de l’intense travail locatif du S1 16 sur les actifs stratégiques. Depuis notre relèvement de recommandation en mars (expliqué par un intérêt spéculatif évident bien que le management ne se montre pas vendeur, et par les perspectives favorables de hausse des valeurs), le titre s’est octroyé +19,7% div. réinvestis, et a surperformé l’indice IEIF SIIC France de +5,4%. Nous relevons nos estimations pour intégrer l’acquisition essentiellement, et relevons notre objectif à 32€ vs 31€, qui nous incite toutefois à abaisser notre recommandation à NEUTRE vs ACHAT.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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