Carmila: Invest Securities still a buyer, trims target price

(CercleFinance.com) - Invest Securities maintains its Buy rating on Carmila shares, shaving a fraction off its target price for them from E18 to E17.
8 (cp: E15, +2.2%).

Operating data at end-March shows a certain resilience, despite a theoretically unpromising context for discretionary consumption. In fact, footfall is up by 5% y-o-y, while turnover is up 10%, well above the indexation (+4.1%), the analyst points out.

Furthermore, despite already high indexation in 2022 (+3.2%), the property company has managed to extract a positive reversion (+2.9%). Thanks to indexation, net rents finally increased by 5.5% (no organic growth communicated), Invest announces.

In this context, the broker deems the tone of published data positive, even though it will remain vigilant about the impact of bankruptcies, which is more explicit at its peer Mercialys, it concludes.


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