23.11.2016

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3Q16: Good results for the core portfolio – Sharp rental decline for residential non-core

Our conclusion

    Once again conwert delivered improved operating results and continues its way of forming a future residential pure play with its core portfolio. However we are a bit cautious about the remaining non-core residential portfolio (FV EUR 103mn), which shows a strong negative rental dynamic and faced like-for-like rental decline of ~15%. Aside from this we are still positive about the company and for the time being stick to our Buy rating.

    Vonovia takeover offer comment: The acceptance period for the takeover offer by Vonovia for conwert started on the 18 November through to 19 December 2016. When the offer was released, we were very positive about the exchange ratio, which offered a price of EUR 17.45 per conwert share. Now that the sector showed and Vonovia showed a negative share price development, the cash offer of EUR 16.16 exceeds the exchange offer of EUR 15.21 (as of yesterday). Based on the commitment by ADLER Real Estate (26%) and conwert itself (1.5%), the takeover offer is likely to go through.

Facts & Analysis

    Like-for-like rental growth reached yoy 2.6% for the core portfolio. The non-core portfolio experienced a sharp decline yoy of ~15% for the residential non-core portfolio and -2.4% for the commercial non-core portfolio.

    Vacancy remained at 6.7% for the total portfolio from 8.9% in 2015, which is likely to decline further based on the recently announced disposals of commercial assets. The vacancy for the core portfolio was once again improved from 3.5% to 3.4% qoq.

    FFO I increased more than doubled to EUR 23mn (3Q15 EUR 11mn). FFO was above our expectations mainly as property operating costs and personnel expenses were below our estimates.

HINWEIS: Baader-Analystin Christine Reitsamer ist am Freitag bei http://www.boerse-social.com/roadshow in Wien vor Ort.

Christine Reitsamer schaffte mit dem Team der Baader Bank gleich beim 1. Antreten den Teamwertungs-Sieg beim AnalystAward (c) Baader Bank

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