(News Bulletin 247) – Invest Securities maintains its ‘buy’ recommendation and its target price of 118 euros on Gecina, pending today’s meetings after the announcement by the real estate group of its results for the first half of 2023.
‘The property has published good half-year data (NIR/share up +7.5% to 2.93 euros) driven by strong indexation (offices +4.8%) and still strong reversion (+15%)’, notes the analyst.
It also highlights an ANR NTA (161.4 euros) ‘down 6% in the wake of foreseeable but still measured declines in assets (-4.5% for offices including a +30bp increase in capitalization rates)’.
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