Une histoire de croissance toujours attractive - ACHAT - OC 57€ (vs 56€)
Les résultats s’inscrivent en croissance grâce aux investissements, à la maîtrise des frais de structure et à la contraction du coût de la dette. Par action, le résultat stagne, expliqué par les augmentations de capital qui permettent d’investir encore 80m€. Les cash-flows sont attendus en croissance significative en 2017, tandis que l’amélioration attendue de l’occupation et la thésaurisation d’une partie des profits devraient permettre une hausse de l’ANR. Nous maintenons notre opinion ACHAT et relevons notre objectif à 57€ vs 56€ précédemment, traduisant un P/CF 17e de 13,8x, un rendement du dividende (sécurisé) de 5,3%, et une légère décote sur ANR 2017e de -4,5%.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.