Covivio: Invest Securities welcomes H1 results

(CercleFinance.com) - Invest Securities maintains its 'buy' recommendation on Covivio shares, given the good visibility on yield (7.
6%) and the sharp discount to NAV (40%), while raising its target price from E54.3 to E57.1 (cp: E46.4, +0.2%), the day after the property company's interim publication.

It considers operating data to be highly satisfactory, with a reduction in office vacancies, excellent LFL rental growth, driven by indexation, and a sign that asset valuations are beginning to stabilise.

While the streamlining of the balance sheet is, as expected, dragging down RNR and ANR NTA, the broker stresses that the good operating data and judicious strategic initiatives of H1 enable it to raise its 2024 RNR guidance.


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