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).

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CA Immo erwirbt Teil B des Warsaw Spire Komplex. Fotocredit: Ghelamco © Aussendung

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