Des bureaux toujours en solde - ACHAt - OC 53€ (vs 52€)
L’imminence d’une augmentation de capital importante à un prix proche de l’ANR est confirmée, les résultats s’inscrivent dans une logique de croissance et le dividende de 3€ semble être un minimum. La dilution ne devrait être que marginale, le temps de réinvestir les fruits de l’augmentation de capital. En outre, les développements sur les réserves existantes sont cohérents et créateurs de valeur. Nous réitérons notre opinion ACHAT et relevons notre objectif à 55€ (vs 52€), procurant un potentiel de TRI fin 2015 > 15% et faisant ressortir, (i) un multiple de résultats 2015e de 13,8x, (ii) un rendement du dividende de 5,5%, (iii) une décote sur ANR de 5,5%. Le seul bémol concerne le flottant, qui devrait rester limité à court terme (31m€).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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