Argan is down nearly 4% following the publication of recurring net income (RNR) group share up 6% for 2022, to 118.9 million euros (or 5.2 euros per share), and a proposed dividend up 15% to three euros per share.

NTA NAV fell sharply (-9.8% over six months) to 93 euros, a trend that is set to continue in 2023", according to Invest Securities, which maintains its "neutral" recommendation, with a price target lowered from 77 to 72 euros.

The property company has published encouraging guidance for RNR and dividend for 2023, but its new strategic plan, cautious and pertinent, will include disposals and a more selective examination of potential projects, which will weigh significantly on growth", it warns.

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