(News Bulletin 247) – Argan has opened the publication season for the 3rd quarter of 2022 for property companies. Cumulatively at the end of September, rents increased by +5% over one year to €122.9m, confirming the end-of-year target of €165m.

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‘ The property company is now moving towards a 2023 target of rents above €180m, i.e. an increase of at least +10%. The application of higher indexations and the investments to come (henceforth excluding any acquisition) should, in our opinion, allow the company to easily achieve its objectives’ indicates Invest Securities.

‘The lack of visibility on asset values, exacerbated by the increased wait-and-see attitude of investors, has led us to revise our NAV forecasts downwards as well as the probability of a sale of Argan in the short term’ adds the office of ‘analyzes.

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The new price target stands at 77E (against 91E) with a Neutral recommendation maintained.

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