Solide CA mais confirmation de tensions à l’acquisition - VENTE vs NEUTRE - OC 25,5€
La publication du CA 2014, en croissance de +16,4%, était légèrement inférieure aux attentes. Si TERREÃS a fait preuve d’une exceptionnelle pertinence dans ses investissements au cours des derniers exercices, le marché est devenu trop concurrentiel pour offrir des opportunités de taille et cette force est bien valorisée par le marché (P/CF 15e de 20,4x et rendement du dividende de 2,3%). Nous maintenons notre objectif de cours de 25,5€ mais abaissons notre recommandation à VENTE vs NEUTRE.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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