Posted Sep 28, 2022, 7:12 PMUpdated on Sep 28, 2022 at 8:14 PM
The three golden rules of real estate – location, location and location – always come with a footnote: timing. That of Nexity’s strategic plan by Véronique Bédague was a priori at the right time, seventeen months after her accession to general management, to restore visibility to the real estate developer by 2026 and thus span a crisis that began in the first half of the year in the sudden slowdown in demand. This was unfortunately without taking into account the rocks sown on the global interest rate market by a yet distant address, 10 Downing Street, and the soaring yields of ten-year US treasury bonds, above 4%, the highest since October 2008.
The “self-promotion” exercise that is in itself the presentation of the outlook took the unusual turn of a “promo” on the stock market, sending the stock ten years back with a fall of 14.1% and bringing back its multiple market capitalization at a decade low.
While taking the turn of the “sustainable city” requiring more services, the group co-founded by Alain Dinin has not yet derogated from the iron laws of the genre: a turnover in 2026 well located, 60% at beyond expectations, just like the operating result, placed three quarters above, and a dividend a third more generous. But we do not sign investors who want to lift the pen…
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