(CercleFinance.com) – The Foncière Inea share gained nearly 1% in Paris, supported by an analysis by Invest Securities which estimates that Foncière Inea has published satisfactory operating data (growth in net rents at constant scope of +1.4% ) while the revaluation of assets continues (+3.8% at constant scope).
‘ Amplified by value-creating deliveries, the growth of the 2021 NRI/share reached +9%, that of the NAV NTA/share (53.7E) +7.7%. Faced with an ambitious growth plan (2 billion euros in assets at the end of 2026 vs. 1 billion euros) and a tighter banking LTV (47%), the real estate company will have to appeal to the market’ indicates the analyst.
‘ Despite a probable dilutive effect, the RNR/share should increase by an average of +3.5% over five years (ANR NTA/share +5.7%) and the yield will remain high (5.8%) thus providing a total return of the order of 12% annually’ adds the design office.
By integrating the impact of the probable capital increase and thanks to better visibility on regional office markets and their valuation, Invest Securities raises its price target to 44E (against 39E) and confirms its neutral advice on the value.
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