Invest Securities reiterates its 'buy' recommendation on Gecina, with a price target raised from €108 to €111, following last week's publication, which showed a 'very satisfactory' increase in 2023 NAV per share of +8.2% (to €6.01).

While the decline in NTA NAV is expected to continue between now and the end of the current financial year, the research firm considers that distribution capacity is "intact, in a context of strong visibility on five-year financial expenses and an excellent balance sheet position".

The analyst adds that "the credible 2024 RNR guidance (between 6.35 and 6.40 euros) should finally enable the property company to increase its dividend this year (5.50 euros according to our estimates) and steadily over the medium term".

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