(News Bulletin 247) – The analyst estimates that Gecina has published, as expected, lackluster 2021 data (organic growth in office rents -0.6%) despite the good performance of the rental market in the Paris CBD (31 % of total office rents).

‘ The dilutive impact of disposals (E986m in 2020 and 2021) added to this explains the -7.0% drop in 2021 NBI. The real estate company should resume in 2022 with a moderate increase in its RNR (+3.3%), an increase which should subsequently increase with the end of disposals and the delivery and then the gradual filling of renovated office assets (rate average annual growth rate 2021-2026 of +5.1%)’ indicates Invest Securities.

‘The title still seems correctly valued to us’. The analysis office confirms its neutral recommendation on the title and its target price of 123E.

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