Oddo BHF reaffirms its ‘outperformance’ opinion and its price target of 93 euros on Argan, after the announcement of rental income increasing by 8% to 198.3 million euros over 2024, in line with the guidance of the property company and consensus.
“This good operational performance on the topline also reflects the development dynamic,” notes the broker, which also points to good performance in the valuation of assets at the end of 2024 with a compression of 10 bp in the capitalization rate over six months.
Argan’s preliminary figures therefore seem ‘reassuring, particularly with regard to the value of its assets and the execution of its debt reduction strategy’, and the stock seems ‘particularly discounted compared to the company’s good fundamentals’. .
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