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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