(News Bulletin 247) – Invest Securities maintains its buy rating on Covivio shares, with an unchanged price target of 61.7 euros.
The analysis office looks back on the ‘good quality’ operational data for 2022, presented by Covivio, with a drop in office vacancies (5.6%, -220bp), ‘sustained and predictable growth in German housing rents ‘ (+3.1% at constant scope) and ‘the explosive recovery’ of hotel revenues (+64.3% at constant scope).
In this context, the RNR/share increased by +5.2% to 4.58E and the stability of the 2022 dividend (3.75E) and its dilutive stock option were confirmed, as well as the drop in RNR expected in 2023 (-4.7%), reports Invest.
‘The good debt profile does not, in our opinion, raise fears of a collapse in distribution. The assumption of dividend stability remains credible in 2023 with, again, an option for payment in shares,” concludes the analyst.
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