Valuations keep rising as profitability falls - HOLD - TP 34€ (vs 33€)
The results are not surprising, and reflect the rotation of assets, an exceptional tenant departure outside of Paris, whilst yield compression has driven NAV growth. In 2017, Terreïs will continue its refocusing on the Paris CBD Divestments will, in principle fund the few new investments that can be found. The paradox of Terreïs has not changed: the discount to NAV is attractive (-20%) for such a high quality portfolio; J. Lorenzetti however,does not seem to be a seller, the FY 2017 FFO multiple is more than 30x, and the dividend yield is low (2.2%). Opinion HOLD and objective raised to €34 vs. €33.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.
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