H1 20 was safe with a stable FFO. However, H2 20 will be much harder with a 10-15% decline in FY 20 FFO (guidance) or a 20-30% decline in H2 20 alone. It reflects the lag effect of some rent cancellations, granted in Q2 20, but not in fact the negative contribution of increasing bankruptcies. Values were pretty resilient in H1 20, much as for the full Property companies up to now.
28 Jul 2020
The shock in H1 20; the trend as from H2 20?
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The shock in H1 20; the trend as from H2 20?
Mercialys SA (MERY:PAR) | 0 0 1.4% | Mkt Cap: 1,522m
- Published:
28 Jul 2020 -
Author:
Christian Auzanneau -
Pages:
5
H1 20 was safe with a stable FFO. However, H2 20 will be much harder with a 10-15% decline in FY 20 FFO (guidance) or a 20-30% decline in H2 20 alone. It reflects the lag effect of some rent cancellations, granted in Q2 20, but not in fact the negative contribution of increasing bankruptcies. Values were pretty resilient in H1 20, much as for the full Property companies up to now.