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Unibail-Rodamco: Invest Securities confirms rating

( - In a study, Invest Securities examines the conditions that have led it to divide its target price by three.

It is betting on a relative resilience in commercial rents, although the pandemic could invalidate its forecasts by reversing the balance of power between landlords and tenants in favour of retailers, the broker said.

Invest Securities adds that a 10% fall in rents becomes plausible. In a context of rising capitalisation rates that is estimated at +75bp, the economic LTV would inflate to the point of making the hypothesis of a dilutive capital increase credible.

Analysts believe that thanks to its liquidities, the real estate company has leeway of at least 18 months to clean up its balance sheet through disposals and a reduced dividend, which would enable it to maintain an NAV of over 120 euros over the long term.

However, in the next year, the threat of dilution resulting from a capital increase should not be lifted, which explains the broker's target price of 57.5 euros, Invest Securities said. Analysts confirm their buy rating on the stock.

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