Des ambitions intactes à moyen terme - ACHAT - OC 56€ (vs 57€)
Les résultats semestriels 2016 sont ressortis en nette amélioration sous l’effet des nombreux investissements des 18 derniers mois et de la restructuration de la dette. Cette tendance devrait se poursuivre, grâce à de nouveaux investissements et à l’effet en année pleine de la dette partiellement restructurée en fin d’année 2015. Les perspectives à moyen terme demeurent inchangées : volonté de porter le patrimoine à 1,5Md€ d’ici fin 2018, ce qui nécessitera probablement une nouvelle levée de fonds (dans l’idéal à l’ANR) pour préserver un ratio d’endettement aux standards de marché. Nous maintenons notre recommandation ACHAT et abaissons notre objectif à 56€ vs 57€ fin 2016, pour intégrer notamment des charges supérieures à nos attentes et un léger décalage dans les dates d’investissement. Cet objectif reflète (i) un P/CF 2016e de 14,6x, (ii) un rendement du dividende de 5,4%, et (iii) une décote sur ANR 2016e de -5,4%.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.
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