We have updated our model on Mercialys’s FY numbers and maintain a positive recommendation on the stock. As a reminder, the group published invoiced rents of €187m, up 3.4% lfl, one of the best in class growths in our continental portfolio, and FFO gained 5.4% to €1.25 vs €1.17 yoy (with an 85% payout, in line with guidance). The vacancy rate remained low at 2.5%, cost of cost down to 2.0% and an LTV targeted at under 40% for FY17. NAV per share at €20.6 gained 5.1%,
