(Boursier.com) — Gecina is well oriented (+2.2% to 93.3 euros) at the end of the week, supported by a good start to the year. The property company reported a 7.3% increase on a like-for-like basis (+8.7% on a current basis) in its gross rents at the end of March. In a context that requires caution, Gecina still anticipates net recurring income group share between 5.80 euros and 5.90 euros per share in 2023, i.e. an increase of between +4.3% and +6.1% . In particular, the company expects the positive contribution from the pipeline to increase with large deliveries in 2022 and 2023.
For Oddo BHF, Gecina demonstrates once again with this publication that it has very solid fundamentals, whether in terms of its growth prospects or the strength of its balance sheet. The broker is to ‘outperform’ on the title with a target of 125 euros.
Barclays (‘overweight’) says the report confirms Gecina’s pricing power in its office portfolio, with valuations also painting a resilient picture of the Paris office market. The report did not contain much to address investors’ main concerns, however, with residential and commercial disposals announced but no offices. Morgan Stanley (‘online weighting’) for its part indicates that the publication shows a sustained resilience of the activity. The bank is still forecasting potentially large declines in asset values, but the shares are already trading at a steep discount.
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