Invest Securities maintains its 'buy' recommendation on CBo Territoria, with its target price raised from four euros to 4.43 euros, in the wake of an increase in its normative NAV and RNR (+5% and +12% respectively) for the Reunion-based real estate group.

'Fiscal 2023 confirmed the robustness of the tertiary asset portfolio. Despite the fonciarisation in progress, the performance of the property development business was much better than expected", emphasizes the research department.

Invest Securities adds that "the combined effect of very moderate leverage and pipeline execution should enable the dividend to return to growth in 2025 (TCMA 2025-29 expected at +4.7% to 0.30 euro)".

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