Visibilité et croissance garantie à prix réduit - ACHAT - OC 222€
En sous-performance depuis 3 ans, le titre a poursuivi sa baisse relative en 2016 (-7,5% div. réinvestis vs -2,0% pour l’EPRA Eurozone). Le rendement immédiat du dividende 2016e atteint maintenant 5,0%. Nous n’avons pourtant aucun doute sur la guidance 20162020 (+6% à +8% annuels pour le Résultat Net Récurrent-RNR) extrêmement peu sensible aux taux. Elle se justifie par les forts potentiels de réversion, la baisse pérenne des coûts de financement et un pipeline conséquent et rentable. Dans l’attente d’une étude d’initiation centrée sur le pipeline, nous fixons un objectif de cours à un an de 222€.Unibail Rodamco SE is a France-based commercial property investment company operating in the commercial real estate industry. The Company is engaged in the development, construction, and management of real estate in Europe. Its assets portfolio is divided into three main business segments: Shopping Centers, which include shopping centers in France, Spain, the Netherlands, Denmark, Sweden, Finland, Poland, the Czech Republic, Slovakia and Austria; Offices, comprising a number of business premises, warehouses and workshops located mainly in the Paris central business district and La Defense; and Convention and Exhibition complexes in Paris through two companies, Viparis and Comexposium, which are jointly owned by the Company and the Paris Chamber of Commerce and Industry (CCIP). Viparis manages a portfolio of venues in Paris, while Comexposium operates as an event organizer in France.
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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