Klépierre: Invest Securities still a buyer
(CercleFinance.com) - The analyst believes that Klépierre's fundamentals remain solid in 2021 despite the crisis.
Analysts say that over six months, the occupancy rate rose by 60bp to 94.7%, with no apparent deterioration in rents (reversion +0.9%). Asset values fell by 1.3% over the year on a like-for-like basis, although rose 0.6% in H2 2021, confirming the relative stabilisation of valuations also observed amongst other retail property companies.
Against a backdrop of balance sheet consolidation through major disposals, Klépierre will propose a dividend of 1.70 euro for 2021, representing a comfortable yield of 6.5%. The end of the Covid impact should enable the company to approach 2.6 euros per share in 2024, a threshold mentioned by the company as a return to normal, the broker adds.
Invest Securities confirms its buy recommendation on the stock, along with its target price of 28.8 euros.
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