Icade: Invest Securities still a buyer
(CercleFinance.com) - Invest Securities believes that Icade's sales figures were mixed but pretty much in line with expectations.
The analyst confirms his buy recommendation on the stock with a target price of E32.
Icade has published Q3 2024 sales for its real estate business, with no major surprises: despite expected difficulties (vacancy rate +60bp over 3 months to 13.4%, reversions on average below -10%), we note the resilience of well-positioned assets (vacancy rate 9.1%, -30bp over 3 months, like-for-like rental growth of +6.3%), it says.
Development indicators remain unsurprisingly worrying (backlog down, prices down by at least -10% for block sales) despite a slight increase in orders' adds Invest Securities.
The analyst believes that the stock remains attractive for its future distribution (nearly 50% of the current price over three years).
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.
The analyst confirms his buy recommendation on the stock with a target price of E32.
Icade has published Q3 2024 sales for its real estate business, with no major surprises: despite expected difficulties (vacancy rate +60bp over 3 months to 13.4%, reversions on average below -10%), we note the resilience of well-positioned assets (vacancy rate 9.1%, -30bp over 3 months, like-for-like rental growth of +6.3%), it says.
Development indicators remain unsurprisingly worrying (backlog down, prices down by at least -10% for block sales) despite a slight increase in orders' adds Invest Securities.
The analyst believes that the stock remains attractive for its future distribution (nearly 50% of the current price over three years).
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.