Erste geht bei CA Immo über den O1-Preis von 18,5

"Our latest Company Report is now available for you. The main highlights are:

- Higher estimates, coupled with lower discount rates, push our target price to EUR 20.4 (previously EUR 16.6). The strong share price performance has already closed some of the book value gap, though, so we currently only see upside to garner an Accumulate recommendation.

- CA Immo has all the right ingredients for a further share price rise. The strong sector environment for real estate shares remains intact, on record yield gaps to government bonds, falling interest payments, rising FFOs and dividends. Company-specifically, CA Immo can play on its strengths, namely a 40% share of German assets, including prime development projects and a sizable land bank.

- We forecast further rising FFO IIs on additional rental income from projects in Germany, the sale of non-core assets, and the monetization of parts of the German land bank. We would also expect CA Immo to look at opportunistic growth opportunities in CEE to level out non-core asset sales. This FFO growth should support rising dividends over the coming years.

- Main risks are a rise in interest rates and a deteriorating economic development in CEE markets."

CA Immo

CA Immo veräußert Logistikimmobilien in Osteuropa - Logistik-Portfolio mit rund 467.000 m2 Gesamt...
>> Bildauswahl durch die BSNgine, zum Originalzusammenhang

Erste erhöht S Immo Ziel markant

"- We confirm our Buy call on S IMMO, a property investor and developer in Austria, Germany and the CEE/SEE region. Due to lower discount rates, increased estimates and some five more months of compounding, our target price goes from EUR 7.0 to EUR 9.0, which is still approx. 10% below the current EPRA NAV per share.

- Rental yields are continuously falling in Western Europe (‘yield compression’), as ever-more institutional investors are looking for higher-yielding alternatives to bonds. The interest is still focused on Germany, but should soon spill over to Austria and the CEE region as well. The gap between real estate rental yields and bond yields is at record-high levels.

- Selected Western European retail property companies and German residential property stocks already trade at levels clearly above their NAVs. The German office/commercial sector is the next to follow; CEE-focused and mixed-exposure companies are lagging behind a bit.

- The current macro environment is a blue-sky scenario for property companies, only a remarkable slowdown in economic activity could hurt rent development."

S Immo

S Immo: Wir sind begeistert: LV Jahresabschlussanalyse @fhkrems präsentierte Ergebnisse zu @simmo...
>> Bildauswahl durch die BSNgine, zum Originalzusammenhang

Useletter

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

Runplugged

Infos über neue Financial Literacy Audio Files für die Runplugged App
(kostenfrei downloaden über http://runplugged.com/spreadit)

per Newsletter erhalten