Invest Securities maintains its buy rating on Covivio shares, with an unchanged target price of 61.7 euros.

The research firm points to Covivio's "good quality" 2022 operating data, with a drop in office vacancy (5.6%, -220bp), "sustained and predictable" growth in German residential rents (+3.1% on a like-for-like basis) and "the explosive recovery" in hotel revenues (+64.3% on a like-for-like basis).

Against this backdrop, NI/share rose by +5.2% to 4.58E, and the stability of the 2022 dividend (3.75E) and its dilutive share option were confirmed, as was the expected decline in NI in 2023 (-4.7%), reports Invest.

"In our view, the good debt profile does not give rise to fears of a collapse in the payout. The assumption of a stable dividend in 2023 remains credible, with, once again, the option of payment in shares", concludes the analyst.

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.