Invest Securities confirms its buy rating on Gecina shares, with a price target lowered from €114 to €108.

Gecina published 9M 2023 rental income up by a strong +6.1% on a like-for-like basis, driven by its office (+6.5%) and residential (+4.8%) properties.

The analyst reports that the excellent rental performance has made it possible to secure all the space in the pipeline for the next 18 months.

The property company has therefore, unsurprisingly, reiterated its 2023 RNR target (up between +6% and +8%), which augurs well for distribution", stresses Invest, who points out that "even if further falls in asset values are highly likely, the company has one of the best risk/return profiles in our coverage universe".

The broker believes that Gecina should be able to post smooth dividend growth over the medium term (TCMA 23/28th of +2.6%).

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