STE: Invest Securities says 'sell'

(CercleFinance.com) - Invest Securities adopts a 'sell' recommendation on Société de la Tour Eiffel (STE), with a target price of E5.
2, having taken into account a capital increase in 2025 (E250m) and reduced development ambitions.

At the beginning of 2022, the new management team initiated a courageous streamlining of its assets and strategy. We believe this strategy is the right one, but its execution is far from risk-free, the analyst warns.

In view of a portfolio that bears the hallmark of the polarization of office markets, which we believe to be structural, and a financial leverage that is far too high, operations that structure the balance sheet are necessary, he continues.


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