FFP : NAV at end-June: +17% to € 176, discount's return to a high level (46%), target price revised up to € 134 vs € 132
We estimate the increase in NAV at end-June at 17% (+€ 643m) to € 4.4bn (€ 176 per share). At 4 September, the increase is slightly lower (+15%). The discount has returned to a historically high level (46% at end-June, 49% at present). In the future, the valuation should continue to increase thanks to a twin source of leverage: the continued rise in NAV and the reduction of the discount. We confirm our Buy recommendation and have edged up our target price to € 134 vs € 132. - - ...Societe Fonciere, Financiere ACT is an investment holding company which acts as a long-term investor and an active shareholder. As of Dec 31 2010, Co. held 22.1% of the share capital of PSA Peugeot Citroen. Co. usually purchases minority stakes in companies with a large family shareholding. Co. has a portfolio of private equity funds which operate mainly in Europe and countries with emerging economies. Co. also operates a financial investment and cash management business, as well as a real estate and wine-producing businesses.
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.
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