ICADE : Invest Securities remains 'buy' following sales figures
'In fact, the defence of occupancy is once again leading to concessions on rental values. At the same time, leading indicators for the property development business point to a probable decline in revenues and margins", notes the analyst.
"Management has not announced any changes to the new roadmap presented last February", adds Invest Securities, pointing out that Icade expects a CFNC for strategic activities of between 2.75 and 2.90 euros for 2024.
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