Dernière ligne droite pour préserver le statut SIIC - ACHAT - OC 55€
L’émission de BSA a pour but de faire passer la SMA sous le seuil de 60% du capital afin que la SOCIETE de la TOUR EIFFEL (STE) conserve son statut SIIC si l’exercice des bons a lieu avant le 5 mai. La STE retrouverait une vie boursière plus normalisée : ses résultats s’inscrivent dans une logique de croissance, le dividende de 3€ semble être un minimum, et elle pourrait mener à bien ses projets de développement. Toutefois, le délai est serré, et l’éventualité d’une perte du statut SIIC ne peut être exclue. Trois possibilités : (i) acquisition et exercice des BSA avant le 5 mai et maintien du statut SIIC, (ii) perte du statut qui serait certainement suivie d’un retrait de la cote (à 58€), (iii) maintien à la cote avec perte du statut SIIC, impliquant une imposition de droit commun (peu probable). ACHAT et objectif de 55€ maintenus, faisant ressortir, (i) un P/CF 2015e de 13,8x, (ii) un rendement de 5,5%, (iii) une décote sur ANR de 5,5%.Societe de la Tour Eiffel is a player in the commercial real estate market, specializing in leasing and managing commercial properties in France. Co.'s portfolio breaks down into five components: Offices, Parcs Eiffel located in the Paris area and the regions, Warehouses (principally Post Office Sorting centers) on long leases, Light Industrial Premises in the Paris suburb and regions, and Nursing homes in the south of France leased long-term to an operator. Co. primarily focuses its activities around its investment policy, valuation of group land reserves, business parks, non-business park development, change in value of property assets, business activity, and its divestment policy.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.