Report
Florent Laroche-Joubert

Altarea : Little ST visibility except on the dividend, followed by growth expected MT

>2022 FFO in line with guidance at € 275.4m (+4.2%) and € 13.34/share (-7.1%) - Altarea reported a solid operating performance for 2022 with FFO at € 275.4m (+4.2%% y-o-y), in line with the guidance and with our own forecast (€ 274.4me), and FFO / share at € 13.34, down 7.1% following the dilutive impact of the capital increase carried out in Q4 2021:Residential property development (FFO group share 39%; -17.6% y-o-y): 2022 reservations fell by 12% in value terms...
Underlying
Altarea SCA

Altarea Cogedim is a real estate investment trust and development company. Co. is an active operator in the three main segments — retail, residential & office-hotels property — with the ability to design, develop, market & manage custom-tailored real estate products. In the Retail segment, Co. is active in real estate investment, development, asset management, providing services to third-party customers. In the Residential segment, Co. is a residential property developer. In the Office Property segment, Co. is a global operator active in all commercial property formats: high-rise buildings, business districts, corporate headquarters, renovation projects, green districts & luxury hotels.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Florent Laroche-Joubert

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