Résultat plus faible qu'attendu, ANR plus fort - NEUTRE - OC 35,5€ (vs 34€)
La foncière a publié des résultats de bonne facture, en ligne pour le RNR, légèrement supérieurs à nos attentes en termes d’ANR. La foncière a poursuivi la mise en oeuvre de son plan de recentrage sur les actifs tertiaires parisiens qui se traduit par des ventes dilutives sur le RNR partiellement compensées par des acquisitions à des taux toujours plus faibles. La valorisation du titre dépend du scénario retenu: (i) une cession, peu probable selon nous, qui se ferait à un prix supérieur à 50€/action vu la décote actuelle sur ANR, (ii) une poursuite de l’activité sans cession qui conduirait à une valorisation bien plus basse (autour de 29€ par action) . Opinion Neutre et objectif de cours porté à 35,5€ vs 34€.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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