24.08.2016
Zugemailt von: Baader
2Q16: Strong FFO growth yoy – FFO I guidance increased by 10% to EUR 75mn
Our conclusion
conwert delivered strong results once again with a 76% FFO increase yoy this quarter. The company manages to actively streamline its portfolio (EUR 185mn as of August) and is well on track with its planned disposals and also showed its first acquisition in the portfolio in Duisburg. In our view it is likely that conwert will continue to deliver on its targets. Thus the company once again raised its FFO I guidance by 10% for 2016 to EUR 75mn (from EUR 70mn). Additionally the CEO stated that acquisitions of EUR 90mn are already signed and that conwert will have a more active role on the transaction markets going forward, which will be the main driver for the FFO. This shows the strong momentum the company has. Thus we are very positive about the results and the investment case.
A conference call I scheduled for today 4:00 pm CET.
Facts & Analysis
Like-for-like rental growth reached yoy 2.2% for the total portfolio. Especially the premium market portfolio (+2.6%) and premium commercial portfolio (+3.1%) experienced a strong l-f-l rental growth.
Vacancy dropped once again to 6.7% for the total portfolio from 8.9% in 2Q15. Especially in the core-markets the vacancy significantly improved from 6.5% (2Q15) to 3.5%.
Proceeds from sales of EUR 115mn were in-line with our expectation and showed a good momentum regarding the portfolio restructuring. The company plans to dispose EUR 300-350mn of non-core assets this year. As of August this year already properties for EUR 185mn were disposed.
FFO I increased yoy by 76% to EUR 21mn (2Q15 EUR 12mn). FFO was above our expectations mainly as the rental income was higher than expected.
Aktien auf dem Radar:Immofinanz, CA Immo, DO&CO, Warimpex, Flughafen Wien, Marinomed Biotech, VIG, Porr, EVN, RBI, Uniqa, Telekom Austria, AT&S, Rosenbauer, ams-Osram, FACC, Stadlauer Malzfabrik AG, Wolford, Zumtobel, Oberbank AG Stamm, BKS Bank Stamm, Kapsch TrafficCom, Agrana, Amag, Erste Group, Österreichische Post, Polytec Group, S Immo, Wienerberger, Rheinmetall, SAP.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)124724
inbox_baader_mit_hold_14_euro_zu_conwert_und_positivem_unterton
KTM
Die KTM Industries-Gruppe ist eine europäische Fahrzeug-Gruppe mit dem strategischen Fokus auf das globale Sportmotorradsegment und den automotiven high-tech Komponentenbereich. Mit ihren weltweit bekannten Marken KTM, Husqvarna Motorcycles, WP und Pankl zählt sie in ihren Segmenten jeweils zu den Technologie- und Marktführern.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/goboersewien
24.08.2016, 2713 Zeichen
24.08.2016
Zugemailt von: Baader
2Q16: Strong FFO growth yoy – FFO I guidance increased by 10% to EUR 75mn
Our conclusion
conwert delivered strong results once again with a 76% FFO increase yoy this quarter. The company manages to actively streamline its portfolio (EUR 185mn as of August) and is well on track with its planned disposals and also showed its first acquisition in the portfolio in Duisburg. In our view it is likely that conwert will continue to deliver on its targets. Thus the company once again raised its FFO I guidance by 10% for 2016 to EUR 75mn (from EUR 70mn). Additionally the CEO stated that acquisitions of EUR 90mn are already signed and that conwert will have a more active role on the transaction markets going forward, which will be the main driver for the FFO. This shows the strong momentum the company has. Thus we are very positive about the results and the investment case.
A conference call I scheduled for today 4:00 pm CET.
Facts & Analysis
Like-for-like rental growth reached yoy 2.2% for the total portfolio. Especially the premium market portfolio (+2.6%) and premium commercial portfolio (+3.1%) experienced a strong l-f-l rental growth.
Vacancy dropped once again to 6.7% for the total portfolio from 8.9% in 2Q15. Especially in the core-markets the vacancy significantly improved from 6.5% (2Q15) to 3.5%.
Proceeds from sales of EUR 115mn were in-line with our expectation and showed a good momentum regarding the portfolio restructuring. The company plans to dispose EUR 300-350mn of non-core assets this year. As of August this year already properties for EUR 185mn were disposed.
FFO I increased yoy by 76% to EUR 21mn (2Q15 EUR 12mn). FFO was above our expectations mainly as the rental income was higher than expected.
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Aktien auf dem Radar:Immofinanz, CA Immo, DO&CO, Warimpex, Flughafen Wien, Marinomed Biotech, VIG, Porr, EVN, RBI, Uniqa, Telekom Austria, AT&S, Rosenbauer, ams-Osram, FACC, Stadlauer Malzfabrik AG, Wolford, Zumtobel, Oberbank AG Stamm, BKS Bank Stamm, Kapsch TrafficCom, Agrana, Amag, Erste Group, Österreichische Post, Polytec Group, S Immo, Wienerberger, Rheinmetall, SAP.
KTM
Die KTM Industries-Gruppe ist eine europäische Fahrzeug-Gruppe mit dem strategischen Fokus auf das globale Sportmotorradsegment und den automotiven high-tech Komponentenbereich. Mit ihren weltweit bekannten Marken KTM, Husqvarna Motorcycles, WP und Pankl zählt sie in ihren Segmenten jeweils zu den Technologie- und Marktführern.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/partner
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