ING (Londres) commence à suivre ORCO avec un avis "BUY"
Voici le résumé de son commentaire (daté du 20 avril 2005 - cours de 42,6 EUR) :
"Diversified well, Growing fast.

Orco Property Group offers exposure to diversified real estate assets in CE4 with a good track record of enhancing value. We initiate coverage with a BUY recommendation and a target price of €48.9.

Unique growth story in the Czech market. Several property acquisitions were made last year and the improvement in occupancy rates should lead to net income CAGR 04-07F of 35%, vs a figure for the Czech market as a whole at 11%.

Solid pipeline of residential projects. Orco has a pipeline of 2,900 flats in the Czech Republic and another 700 in other CE countries. This area is the main source of Orco’s EBITDA (89% in 2004) and is a source of stable cash flow.

We expect an upturn in property and hospitability in 05, driven by improving occupancy rates after the signing of new tenant contracts in offices and completion of upgrade works in the Andrassy Hotel. 2006F valuations are attractive. While admittedly, the stock looks expensive on 2005F PER of 33.8x, at 2006F PER of 9.2x it looks attractive. The stock also trades at a 5-12% discount to GTC on P/NAV."