Oddo BHF maintains its 'neutral' rating on Mercialys shares, with its target price raised slightly from 10.8 to 11.2 euros.
The analyst points in particular to the improved visibility of the investment outlook.

Oddo BHF reports that Mercialys' economic exposure to Casino is to be reduced from 17.4% to 6.2% by July 2, 2024. This could be further adjusted downwards as the sale processes for the Corsica stores (3.4%) and the Brest and Niort hypermarkets (1.1%) are underway, the broker believes.

The analyst adds that the widening of the distribution range to ' 75% -95% ' of FFO vs ' 85% - 95% ' gives Mercialys greater flexibility to organize its future growth.

In this context, the proposed increase in the 2023 dividend to 0.99E / share (+ 3.1% y-o-y) follows the publication of solid 2023 results and is in line with guidance with a payout ratio of 85%


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