(News Bulletin 247) – Invest Securities maintains its advice to buy the CBO Territoria share with a slightly reduced price target, from 4.1 to 3.9 euros, subject to more conservative forecasts.
The 2022 financial year had turned out to be exceptional with a very strong increase in 2022 restated RNI (+23.7%, 0.55E/share), recalls the analyst.
In addition, the hoarding of the result had made it possible to post an ANR up by +5.5% (6.63E/share).
‘CBo’s tenure continues without major risks, but we nevertheless note greater caution (on development activity and in terms of the impact of the rise in interest rates in particular)’, indicates the analyst.
‘Despite a new inexpensive ORNANE (15ME, coupon 7%) which has the merit of maintaining a diversification of sources of financing, the distribution capacity (0.24E in 2022) does not seem to us to be threatened’ adds Invest.
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