Covivio: Invest Securities welcomes H1 results
(CercleFinance.com) - Invest Securities maintains its 'buy' recommendation on Covivio shares, given the good visibility on yield (7.
6%) and the sharp discount to NAV (40%), while raising its target price from E54.3 to E57.1 (cp: E46.4, +0.2%), the day after the property company's interim publication.
It considers operating data to be highly satisfactory, with a reduction in office vacancies, excellent LFL rental growth, driven by indexation, and a sign that asset valuations are beginning to stabilise.
While the streamlining of the balance sheet is, as expected, dragging down RNR and ANR NTA, the broker stresses that the good operating data and judicious strategic initiatives of H1 enable it to raise its 2024 RNR guidance.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
6%) and the sharp discount to NAV (40%), while raising its target price from E54.3 to E57.1 (cp: E46.4, +0.2%), the day after the property company's interim publication.
It considers operating data to be highly satisfactory, with a reduction in office vacancies, excellent LFL rental growth, driven by indexation, and a sign that asset valuations are beginning to stabilise.
While the streamlining of the balance sheet is, as expected, dragging down RNR and ANR NTA, the broker stresses that the good operating data and judicious strategic initiatives of H1 enable it to raise its 2024 RNR guidance.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.