Gecina: Invest Securities hails results

(CercleFinance.com) - Invest Securities has reaffirmed its 'buy' recommendation and E118 target price for Gecina shares, following the the real estate group's publication of 'very good' annual results, with operating data in line.


The broker points out that office properties, most of which are prime, still have a satisfactory occupancy rate (93.4%, down 30bp over the year), and considers the growth in residential rents (+4.7% LFL) to be excellent, given the resilience of the assets.

Against a backdrop of still moderate financial expenses, the 2024 RNR per share is in line, up +6.7%. The outlook for 2025 is good (RNR 2025 expected to rise from +2.8% to +4.4%) and broadly in line with our initial estimates, it adds.


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