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.
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 - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)
Small Cap Breakfast
24 Apr 17
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
Mining the cash
20 Apr 17
The global metals and mining industry is not out of the woods yet. Previously burned investors are not rushing to buy the sector, and sentiment remains subdued. Meanwhile, we think it could be sensible to dip one’s toes in the water at these levels. BRWM has a sizable yield of nearly 4%, albeit a bit lower than a few months ago, as the sector rerated upwards during 2016. In our opinion, the trust offers exposure to skillfully picked global metals and mining businesses, and pays decent dividend which has potential to increase in the next few years. We take comfort in better revenue generation prospects for the fund. While in the past two years BRWM had to pay part of its dividends out of reserves, this year we expect higher income to be sufficient to cover the dividend payment.