Invest Securities has reaffirmed its 'buy' recommendation on Carmila, and raised its target price from 17.1 to 18 euros, citing 'fundamentals that support a healthy dividend over the medium term', following the property company's annual results.

Very satisfactory operating figures are in line with good organic growth (+4.2%), which led to a 26% increase in net income per share (including the Covid impact) to 1.56 euros per share", the analyst points out.

"The property company's risk/return ratio remains very attractive, bolstered by a governance structure that is attentive to its minority shareholders. In addition to highly accretive share buybacks, the company offers a secure return of at least 7% over five years", he continues.

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