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.
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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.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
M&A coming to a company near you?
16 Mar 17
Markets have retained their relative strength over the last fortnight. We have seen a mixed reaction to the Budget last week, the passing of the Brexit Bill earlier in the week and the first interest rate hike by the Federal Reserve in the US yesterday. Against this backdrop, we have seen some notable M&A activity across a range of sectors which may move down the market capitalisation scale. We now face an extended period of heightened speculation but “no running commentary” regarding Brexit in the UK after Article 50 is triggered at the end of the month.