Mercialys: Oddo BHF raises its target price

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Mercialys shares, nudging up its target price from E10.
8 to E11.2.
In particular the analyst points to the improved visibility of the investment outlook.

Oddo BHF reports that Mercialys' economic exposure to Casino is to be reduced from 17.4% to 6.2% by 2 July 2024. This could be further adjusted downwards as the sale processes for the Corsica stores (3.4%) and the Brest and Niort hypermarkets (1.1%) are underway, the broker believes.

The analyst adds that the widening of the distribution range to 75%-95% of FFO vs. 85% - 95%, gives Mercialys greater flexibility to organise its future growth.

In this context, the proposed increase in the 2023 dividend to E0.99/share (+3.1% y-o-y) follows the publication of solid 2023 results and is in line with guidance with a payout ratio of 85%


Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.