(News Bulletin 247) – Oddo maintains its ‘outperformance’ rating on Argan, with an unchanged price target of 93 euros.
The analyst firm reports that the company is ‘broadly confident about its growth prospects in 2023/24’.
The rental dynamic remains very well oriented with an average indexation of +4% in 2023 in line with its expectations on an existing portfolio still 100% occupied.
Oddo indicates that Argan is revising its development outlook for 2023/2024 upwards. Thus, J.-C. Le Lan, Chairman of the Supervisory Board, confirms a volume of deliveries of new warehouses for an amount of 134 ME already pre-financed in 2023 while the budget to be delivered in 2024 is about to be reviewed. on the rise: this should reach 180 ME vs 120 ME previously targeted.
In this context, ‘we expect growth in Recurring Net Income (RNR) / share of 4.1% in 2023e and 3.5% in 2024e’, indicates Oddo.
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