COVIVIO : Invest Securities remains Buy, lowers its target
'Risk-free rates remaining higher than our expectations and the extreme weakness of investment markets are heightening our concerns over the dividend's sustainability', says the analyst after the nine-month trading update.
"In view of our RNR trajectory (TCMA 2023/28 of -4.7%), the payout could fall as early as fiscal 2024", it warns, estimating nevertheless that "in this conservative scenario, the 2024 yield would remain above 9% on the basis of the current share price".
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