16.11.2017
Zugemailt von / gefunden bei: Baade Helvea (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
Putting a value on the full development pipeline – Buy
We reiterate our Buy rating and increase our TP by 22% to EUR 28 (previous: EUR 23). Our new TP contains the expected value created from the EUR 4.1bn development pipeline 2019E-25E (EUR 3.5 per share). Apart from the highly attractive development pipeline, we think selective disposalsand acquisitions should be value drivers going forward. We expect the disposal of the Tower 185 to be closed soon and some more gains out of the deal to be booked. For CEE, selective acquisitions, but also disposals are likely (CA Immo recently announced an acquisition in Poland for EUR 100mn). All in all, we expect recurring FFO per share to grow by 11% p.a. and a total shareholder value return of 7.4% p.a. for 2016-19E (this compares to 6.9% p.a. for our coverage) driven almost exclusively by organic growth. The share buyback was stopped because the maximum share price of EUR 24.10 was surpassed but provides a floor. S Immo announced an increase of its stake in CA Immo to 5.02% this week, and we would also not be surprised to see a further increase. Our best guess is that they aim to become the main shareholder of the new entity in case of a merger between IMMOFINANZ and CA Immo (which they currently are as they also hold ~5% in IIA).
Possible merger with IIA – Milestone reached: IIA announced the signing of the disposal of its Russian assets this week, which was the most important precondition for the possible merger. After the closing (expected for year-end), the merger talks should be resumed in January.
No change of FFO or NAV estimates: We assume the EUR ~4.1bn development pipeline to be realized. In our view, no equity injection is necessary. We increase our assumed net investment volumes for the years 2019E and beyond, but keep our FFO and NAV estimates for 2017-19E.
Valuation: At our TP, the premium to NAV 18E is 8%, the dividend yield 17E is 2.9% and the FFO yield (18E) is 4.7% (6.2% including disposal gains).
8592
baader_stattet_ca_immo_mit_hoherem_kursziel_aus
Aktien auf dem Radar:Addiko Bank, Strabag, CA Immo, Flughafen Wien, Austriacard Holdings AG, Kapsch TrafficCom, ATX TR, S Immo, AT&S, Rosgix, RBI, ATX, ATX Prime, FACC, Marinomed Biotech, Erste Group, Polytec Group, Agrana, EuroTeleSites AG, Gurktaler AG Stamm, Gurktaler AG VZ, Immofinanz, Semperit, Oberbank AG Stamm, Lenzing, Amag, EVN, Österreichische Post, Telekom Austria, Uniqa, VIG.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)190112
inbox_baader_stattet_ca_immo_mit_hoherem_kursziel_aus
AVENTA AG
Die AVENTA AG ist ein Immobilienunternehmen mit Sitz in Graz, das von den Hauptaktionären Christoph Lerner und Bernhard Schuller geführt wird. Geschäftsschwerpunkt ist die Entwicklung von Wohnimmobilien von der Projektentwicklung über die technische Projektierung bis hin zu den fertigen Objekten.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/goboersewien
16.11.2017, 4622 Zeichen
16.11.2017
Zugemailt von / gefunden bei: Baade Helvea (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
Putting a value on the full development pipeline – Buy
We reiterate our Buy rating and increase our TP by 22% to EUR 28 (previous: EUR 23). Our new TP contains the expected value created from the EUR 4.1bn development pipeline 2019E-25E (EUR 3.5 per share). Apart from the highly attractive development pipeline, we think selective disposalsand acquisitions should be value drivers going forward. We expect the disposal of the Tower 185 to be closed soon and some more gains out of the deal to be booked. For CEE, selective acquisitions, but also disposals are likely (CA Immo recently announced an acquisition in Poland for EUR 100mn). All in all, we expect recurring FFO per share to grow by 11% p.a. and a total shareholder value return of 7.4% p.a. for 2016-19E (this compares to 6.9% p.a. for our coverage) driven almost exclusively by organic growth. The share buyback was stopped because the maximum share price of EUR 24.10 was surpassed but provides a floor. S Immo announced an increase of its stake in CA Immo to 5.02% this week, and we would also not be surprised to see a further increase. Our best guess is that they aim to become the main shareholder of the new entity in case of a merger between IMMOFINANZ and CA Immo (which they currently are as they also hold ~5% in IIA).
Possible merger with IIA – Milestone reached: IIA announced the signing of the disposal of its Russian assets this week, which was the most important precondition for the possible merger. After the closing (expected for year-end), the merger talks should be resumed in January.
No change of FFO or NAV estimates: We assume the EUR ~4.1bn development pipeline to be realized. In our view, no equity injection is necessary. We increase our assumed net investment volumes for the years 2019E and beyond, but keep our FFO and NAV estimates for 2017-19E.
Valuation: At our TP, the premium to NAV 18E is 8%, the dividend yield 17E is 2.9% and the FFO yield (18E) is 4.7% (6.2% including disposal gains).
8592
baader_stattet_ca_immo_mit_hoherem_kursziel_aus
Was noch interessant sein dürfte:
Inbox: UBM-Projekte erhalten Auszeichnung
Inbox: Schwächerer Preisauftrieb bei Treibstoff und Flugtickets - Inflation fällt
Inbox: Österreichische Staatsdruckerei profitiert vom "Super-Pass-Jahr"
Inbox: Bawag: Es wurde weiter stabilisiert
Wiener Börse Party #619: Neuer bei Addiko, dad.at mit Milestone und grossem Neukundenpaket, alle Details Börsentag Wien 4.6.
Aktien auf dem Radar:Addiko Bank, Strabag, CA Immo, Flughafen Wien, Austriacard Holdings AG, Kapsch TrafficCom, ATX TR, S Immo, AT&S, Rosgix, RBI, ATX, ATX Prime, FACC, Marinomed Biotech, Erste Group, Polytec Group, Agrana, EuroTeleSites AG, Gurktaler AG Stamm, Gurktaler AG VZ, Immofinanz, Semperit, Oberbank AG Stamm, Lenzing, Amag, EVN, Österreichische Post, Telekom Austria, Uniqa, VIG.
AVENTA AG
Die AVENTA AG ist ein Immobilienunternehmen mit Sitz in Graz, das von den Hauptaktionären Christoph Lerner und Bernhard Schuller geführt wird. Geschäftsschwerpunkt ist die Entwicklung von Wohnimmobilien von der Projektentwicklung über die technische Projektierung bis hin zu den fertigen Objekten.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/partner
Die Useletter "Morning Xpresso" und "Evening Xtrakt" heben sich deutlich von den gängigen Newslettern ab.
Beispiele ansehen bzw. kostenfrei anmelden. Wichtige Börse-Infos garantiert.
Newsletter abonnieren
Infos über neue Financial Literacy Audio Files für die Runplugged App
(kostenfrei downloaden über http://runplugged.com/spreadit)
per Newsletter erhalten
AT0000A36XA1 | |
AT0000A2TTP4 | |
AT0000A2APC0 |
Wiener Börse Party #619: Neuer bei Addiko, dad.at mit Milestone und grossem Neukundenpaket, alle Details Börsentag Wien 4.6.
Die Wiener Börse Party ist ein Podcastprojekt für Audio-CD.at von Christian Drastil Comm.. Unter dem Motto „Market & Me“ berichtet Christian Drastil über das Tagesgeschehen an der Wiener Börse....
Tommaso Protti
Terra Vermelha
2023
Void
Kurama
erotiCANA
2023
in)(between gallery
Futures
On the Verge
2023
Void
Naotaka Hirota
La Scène de la Locomotive à Vapeur
1975
Yomiuri Shimbun