Un semestre de consolidation - NEUTRE vs ACHAT - OC 57€
Les résultats s’inscrivent en forte croissance (+20%) grâce aux investissements de 2016, une croissance organique qui redevient légèrement positive, la maîtrise des frais de structure et du coût de la dette. Par action, la croissance est moindre (+5%) en raison de l’augmentation de capital de fin 2016 dont le fruit n’a pas encore été pleinement investi. La variation négative des valeurs d’actifs à périmètre constant, est toutefois légèrement décevante. Nous conservons notre objectif à 57€ mais abaissons notre recommandation à Neutre vs Achat compte tenu d’un potentiel de hausse désormais plus limité (+7% dividende inclus à horizon 1 an).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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