ARGAN : Oddo confirms its recommendation on the stock
The research firm reports that the company is "generally confident about its growth prospects in 2023/24".
Rental momentum remains very good, with an average indexation of +4% in 2023, in line with expectations, on an existing portfolio that remains 100% occupied.
Oddo notes that Argan is revising upwards its development prospects for 2023/2024. J.-C. Le Lan, Chairman of the Supervisory Board, confirms a volume of deliveries of new warehouses worth 134 ME already pre-financed for 2023, while the budget for deliveries in 2024 is about to be revised upwards: it should reach 180 ME vs. 120 ME previously targeted.
In this context, 'we expect growth in Recurring Net Income (RNR) / share of 4.1% in 2023e and 3.5% in 2024e', says Oddo.
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