Foncière Inea: Invest Securities raises its recommendation

(CercleFinance.com) - Invest Securities has raised its recommendation on Fonciere Inea shares from 'neutral' to 'buy', with a price target raised from 34.
9 to 38.6 euros, in view of the resilience of the company's expertise and better-than-expected refinancing conditions.

The analyst reports that operating data for 2023 confirm the resilience of the portfolio, as evidenced by very strong organic rental growth (+8.7%).

The impact of the latest capital increase has resulted in an RNR/share of 2.35E, which will nevertheless be accompanied by a stable dividend (2.70E).

Given the level of LTV (49% vs. 55% covenant), Inea will focus in particular on executing its committed pipeline (134 ME) with a more opportunistic approach in terms of disposals", believes the research department.

We believe that Inea's target of double-digit EBITDA growth between now and 2026 is credible, but the company will not escape the rise in its financial expenses, which will nevertheless be very gradual", concludes the broker.


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