We have updated our model after Fonciere des Regions’ H1 numbers. GS rent stood at €287m, up 5.9% yoy and flat on an lfl basis. By segment, French offices came in flat at -0.3%, Italian offices -0.8%, Hotels and Services -2.1% (due to the terrorism impact on AccorHotels) and German Resi gained 2.1% lfl. Net income was up 4.2% yoy to €176.6m, or €2.64 per share (decrease due to share issues). This comes slightly ahead of our expectations.
26 Jul 2016
Better than expected numbers
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Better than expected numbers
Covivio SA (COV:PAR) | 0 0 2.3% | Mkt Cap: 6,604m
- Published:
26 Jul 2016 -
Author:
Alda Kule Dale -
Pages:
3
We have updated our model after Fonciere des Regions’ H1 numbers. GS rent stood at €287m, up 5.9% yoy and flat on an lfl basis. By segment, French offices came in flat at -0.3%, Italian offices -0.8%, Hotels and Services -2.1% (due to the terrorism impact on AccorHotels) and German Resi gained 2.1% lfl. Net income was up 4.2% yoy to €176.6m, or €2.64 per share (decrease due to share issues). This comes slightly ahead of our expectations.