Die Aktie der CA Immo zählt heuer zu den besten ATX-Werten, Baader erhöht trotz guter Aktienperformance weiter.

Baader Bank: "We reiterate our Buy rating for CA Immo and increase our TP by 7% to EUR 16.10 (prev. EUR 15.10). The main triggers for the stock over the next few quarters are a) the (partial) disposal of the logistics portfolio which should lead to a special dividend/share buyback, b) further reduction of landbank exposure at attractive prices enhancing ROE, and c) further vacancy reduction to below 10%. In addition, CA Immo may do acquisitions on a selective basis which will bolster top line growth. The strong balance sheet (LTV of 42%) allows for both: growth and a more attractive dividend. We increase our dividend estimates by between 6-11% p.a. for 2014-16E and arrive at an expected dividend yield of some 3.3% on average, excluding a potential special dividend. In addition, we expect gross rental income to grow by 9% p.a. in 2015/16E mainly through investments. We therefore believe that the discount to NAV will be reduced further. 

Deleveraging reduced risk profile significantly: Our TP increases to EUR 16.10 mainly due to the full reflection of the strengthening of the balance sheet, which affects our assumption for the discount to NAV (down to 15% from 17.5%) and for beta (down to 0.87 from 0.90). In addition, the increase of our dividend estimates increases the fair value derived from the DDM and from the peer group comparison. 

New estimates: With 1Q14, CA Immo applied new accounting rules for its assets held in Joint Venture structures (JV), which are no longer fully consolidated but consolidated at-equity. We adapt our estimates accordingly. Overall, our EPS and FFO estimates only change moderately.

Valuation: The current discount to NAV is 30% and the dividend yield is 3.1% for 2014E. The FFO yield for 2015E (2014 is a transition year) is 5.2% (6.4% including disposals). At our TP, the discount to NAV is 23%, the dividend yield is 2.8% and the FFO yield (2015E) is 4.8% (5.8%)."

CA Immo

CA Immo: Letzter Schlusskurs (Euro): 14.715, das ist der 94. beste von 126 Handelstagen (%-Perf.) , das ist der 2. beste von 126 Handelstagen (Preis) , Periodenhoch am 04.07.14 (Kurs: 14.790 Δ% -0.51), Periodentief am 14.03.14 (Kurs: 12.300 Δ% 19.63), 126 Handelstage, davon ↑ 62 → 7 ↓ 57 , Performance Periode: 14.25 %, Umsatz '14/'13: 178 %

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