Unibail-Rodamco: Invest Securities still a buyer
(CercleFinance.com) - Invest Securities believes that the low guidance for recurrent net income for 2020 (-38% to -42% compared to 2019) in the second wave of the pandemic underlines low short-term visibility.
Operational data for the summer (tenant revenues at -15% y-o-y in September 2020) do not, however, suggest a collapse in the medium term. The broker has marginally adjusted (around -3%) its RNI forecasts for 2021 to 2023, the analyst says.
Regardless of the outcome of the EGM on 10 November, the stock's fundamental valuation - with or without a capital increase - remains well above the share's current price, the analyst adds.
Invest Securities confirms its buy rating on the stock, with an adjusted target price of 67 euros (vs. 68 euros).
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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.
Operational data for the summer (tenant revenues at -15% y-o-y in September 2020) do not, however, suggest a collapse in the medium term. The broker has marginally adjusted (around -3%) its RNI forecasts for 2021 to 2023, the analyst says.
Regardless of the outcome of the EGM on 10 November, the stock's fundamental valuation - with or without a capital increase - remains well above the share's current price, the analyst adds.
Invest Securities confirms its buy rating on the stock, with an adjusted target price of 67 euros (vs. 68 euros).
Copyright (c) 2020 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.