Invest Securities maintains its 'neutral' recommendation on Argan, with a price target lowered from 77 to 72 euros, with a downward revision of its normative NAV and RNR forecasts following the publication of the company's 2022 results.

ANR NTA fell sharply (-9.8% over six months) to 93 euros, a trend that should continue in 2023 given the still low level of Argan's capitalization rates (4.45%) compared with prime logistics rates (4.25%)", notes the analyst.

The property company has published encouraging guidance for RNR and dividend for 2023, but its new strategic plan, which is prudent and relevant, will include disposals and a more selective review of potential projects, which will weigh significantly on growth", he continues.

Copyright (c) 2023 CercleFinance.com. All rights reserved.
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.