Gecina: Jefferies upgrades its position

(CercleFinance.com) - Jefferies upgrades its position on Gecina from 'hold' to 'buy' with a price target raised from 101 to 120 euros, estimating the real estate group's recurring EPS growth over the 2023-27 period at +17%, to reach 7.
04 euros.

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%', notes the broker.

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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