Icade: Invest Securities still buying, but cuts TP
(CercleFinance.com) - While lowering its target price for Icade from E35 to E32 post-distribution (2023), Invest Securities maintains its 'buy' recommendation, judging that despite everything, the share still looks attractive in view of the 2024-26 dividends (58% of the current share price).
In our opinion, the interim is no surprise, the analyst says, pointing to structural pressures which materialise in weak organic rental growth and a negative operating margin for property development.
The CFNC guidance for strategic activities for 2024 is maintained, as it is very prudent, but the low point is still to come (2026, at 2.33 euros in our opinion), he warns, seeing a risk of considerable value destruction in the weakest office sectors and in property development.
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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.
In our opinion, the interim is no surprise, the analyst says, pointing to structural pressures which materialise in weak organic rental growth and a negative operating margin for property development.
The CFNC guidance for strategic activities for 2024 is maintained, as it is very prudent, but the low point is still to come (2026, at 2.33 euros in our opinion), he warns, seeing a risk of considerable value destruction in the weakest office sectors and in property development.
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.