(CercleFinance.com) – The analyst points out that despite a further drop in the occupancy rate of the tertiary property sector in the 1st quarter (-50bp to 87.5%), management is still aiming for an occupancy rate of at least 90% at the end of 2022, partly thanks to the filling of its last assets delivered.
‘ The group still hopes to finalize the IPO of Icade Santé in 2022 despite the regulatory concerns weighing on nursing homes. Despite the implementation of specific measures to fight against the rise in construction costs, visibility on development volumes and margins is reduced,’ indicates Invest Securities.
‘The title still seems undervalued to us (implicit discount on tertiary real estate of more than 50% and 2021 dividend yield of 7.1%)’ adds the analysis office.
Invest Securities confirms its price target of 77E and its recommendation to buy the stock.
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