Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on IMMOFINANZ AG. We currently have 4 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
Merger with CA IMMO planned for Q2 17
18 Apr 16
Acquiring 25,690,163 shares (or 26%) of CA Immo at €23.50, Immofinanz has announced the first step of the merger with CA Immo. The €604m transaction with Terim Limited and O1 Group will be financed by debt and the issuance of a convertible bond. Prior to the merger, IMMOFINANZ also plans to demerge or sell its Russian assets. So far, the outlook on the distribution policy remains unchanged as previously announced.
H1-15/16 figures—Changing the Story
17 Dec 15
Immofinanz published its H1 (May-October) figures with, as expected, lower results from Russia. * Rental income stood at €160.3m, down 25% yoy, results of asset management were down by 40% to €102.1m and net profit stood at €132.2m from €3.4m, resulting from positive currency translation effects from ruble to Euro (+€335.4m). * On an lfl basis, figures decreased by 4.4% in H1, with a 4.1% decrease from Russia while other regions were relatively flat. * Management has announced its will to use €1.8bn of reserves to pay dividends, hopefully as soon as FY15-16. * In line with the announcements made last summer, an agreement has been signed with Blackrock to acquire Logistics for €500m, as soon as February 2016. The proceeds will finance new investments in Germany.
Weak Russia as expected and Buwog exit by FY15/16
17 Sep 15
Rental income stood at €91.4m, down from €117.6m yoy and down 2.7% on an organic basis, as expected impacted by the continuing mess in Russia, and the results from operations stood at €53.6m, also down from €90.9m. Net financing costs were marginally stable at €42.4m while FX effects from Russian financing increased to €94.1m from €17.1m yoy. Triple NAV stood at €4.08 from €3.94 at FY14/15.
Weak FY14/15 results as expected: selling Buwog and Logistics to focus on core West
07 Aug 15
Immofinanz has published weak FY14-15 (end April) figures as stated in the preliminary announcement. Rental income was down 10.9% (o/w -10% lfl) to €426.3m yoy, operating profit was down 54% to €216m, revaluation results stood at -€100.5m from €199.2m yoy and net profit down to -€361.4m from €72m. EPS stood at -€0.35 from €0.17 yoy. NAV stood at €4.19 down from €4.56, also below our expectations. And the total portfolio value now stands at €5.3bn down 9.6% reflecting the Russian negatives (-10.6%). Management has signed an agreement to dispose of its logistics portfolio (approx. 1 million sq.m, 7.8% of the total portfolio) and is putting its shares in Buwog on the market to offset the Russian pain and resume dividend payment next year. More information on dividend policy after the AGM.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
10 for 17
09 Jan 17
As always at the start of a year, there are significant uncertainties about the year ahead but I think in 2017, the level of uncertainly has decisively moved up a gear. In fact, a leading economist at the LSE, Ethan Ilzetzki, was recently quoted as saying “I view the current global economic environment as the most uncertain in modern history”. Wow.
11 Jan 17
Joules Group (JOU): Strong festive trading (BUY) | Shoe Zone (SHOE): Tough FY16 could be just the beginning (HOLD) | H&T (HAT): Alternative lender emerging (BUY) | Omega Diagnostics* (ODX): ISO accreditation received for Pune, India (CORP) | Redcentric* (RCN): Interims – restoring forecasts (CORP)