Invest Securities reaffirms its 'buy' recommendation on Mercialys, with a price target raised from 11.8 to 12.1 euros, following data that is 'weaker than its peers, but resilient, which is highly commendable given the difficulties of Casino hypermarkets'.

Their replacement by other chains in 2024 is excellent news, in addition to the likely stabilization of values over the next twelve months (risk premium already reaching +310bp on the 10-year OAT)", the analyst believes.

The reduced visibility on the dividend is clumsy, but the dividend should correspond to a yield close to 9.5% on the basis of the current share price for the next five years", he adds.

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