(CercleFinance.com) – The analyst believes that the data published by Gecina seems to confirm a polarization in favor of central assets and the latest standards, predominant in property.
‘Nevertheless, the real estate company is suffering on the stock market from increased mistrust in the face of short-term growth in its results, which is deemed too weak: each year, new buildings were delivered but others were put into work or sold, thus erasing the gain in the income statement’ indicates Invest Securities.
‘Based on a detailed analysis of the assets, we believe that the bulk of the restructuring and disposal work has already been completed. The company should return from 2023 with positive growth in its RNR (2026 RNR stabilized at 6.86E or +26% vs 2021) ‘adds the analysis office.
‘ After 5 years in office, Méka Brunel will pass the torch to Beñat Ortega. The manager carried out a major rotation of the assets which led to a marked improvement in its quality. It is therefore his successor who should see the growth in results induced by the restructuring in progress’.
The analyst indicates that the risk on the property portfolio of good quality offices remaining relatively low, he slightly raises his objective to 123E (against 120E) and confirms his neutral recommendation.
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