29.11.2017

Zugemailt von / gefunden bei: Baader Bank (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)

IMMOFINANZ - (Hold/TP EUR 1.80) - 3Q17: Disappointing FFO and net profit generation

Our conclusion

    FFO (including development result) was again negative in 3Q17 (like in 1H17) whereas we would have expected a positive EUR 15.7mn FFO generation. Main reason for the deviation to our estimate was a EUR 4mn loss made with the development business (pre-valuation effects) vs. our expectation of a neutral result as well as higher than expected financing costs. A positive surprise for the net rental income margin was more than outweighed.

    Net profit pre discontinued operations was only slightly positive: Despite having benefited again from valuation gains for the stakes in CA Immo and BUWOG in 3Q17 for an amount of EUR ~11mn, net profit only reached EUR ~3mn (pre discontinued operations and minorities).

    Russian assets disposal announced recently: The result from discontinued operations was deeply negative due to the announced disposal of the Russian assets below book value.

Facts & Analysis

    Like-for-like rental growth was 3.9% in 9M17 (4.6% in 1H17). The occupancy rate reached a record level of 92.9% (1H17: 92.8%, FY16: 89.6%).

    The net rental income margin improved further qoq to 71% (1H17: 64%, FY16 abbreviated: 55%).

    The disposal result was slightly positive.

    The development business continued to be loss making excluding valuation gains despite the fact that the difficult project Gerling Quartier has been sold.

    The profit from equity-accounted investments (CA Immo, BUWOG) amounted to EUR 11mn.

Companies im Artikel

Buwog

CA Immo

Immofinanz

Immofinanz, zuletzt war man auch "Finanzmarktfoto des Monats" im Magazine

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