(News Bulletin 247) – Invest Securities maintains its buy advice on Klépierre, with a price target reduced from 26.3 to 25.5 euros, due to conservative forecasts.
The analyst reports that the figures published by Klépierre confirm a form of return to normal with in particular a high occupancy rate of 95.8% accompanied by a clearly positive reversion (+4.1%).
‘The growth of the CFNC is up by +20.1% to 2.62E/share, clearly exceeding the guidance (2.45E/share) and our expectations due to strong write-backs on provisions’.
Nevertheless, the broker estimates that this publication of good quality in operational terms was tarnished by a guidance of CFNC 2023 (2.35E) expected down -10.4% due to non-recurring elements with relative readability (+ 5% excluding these elements) which may have misled the market.
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