Gecina: Jefferies upgrades stock
(CercleFinance.com) - Jefferies upgrades Gecina shares from 'hold' to 'buy' with a target price raised from E101 to E120, estimating the real estate group's recurring EPS growth over the 2023-27 period at +17%, reaching E7.
04.
While Gecina's operating performance has been solid and consistent, asset values have now bottomed out, prompting it to refuel its development pipeline thanks to a relatively low EPRA LTV of 37.8%, the broker notes.
Jefferies believes the group will continue to outperform its office property peers, and points to more attractive valuation metrics, citing a share price at 14 times expected FFO for 2024.
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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.
04.
While Gecina's operating performance has been solid and consistent, asset values have now bottomed out, prompting it to refuel its development pipeline thanks to a relatively low EPRA LTV of 37.8%, the broker notes.
Jefferies believes the group will continue to outperform its office property peers, and points to more attractive valuation metrics, citing a share price at 14 times expected FFO for 2024.
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.