publity - Termination of coverage

Edison Investment Research is terminating coverage on: • 2G Energy (2GB) • Apontis Pharma (APPH) • Artec technologies (A6T) • Beta Systems (BSSA) • Blue Cap (B7E) • Cyan (CYR) • Consus Real Estate (CC1) • Daldrup & Soehne (4DS) • DATAGROUP (D6H) • Datron (DAR) • Delignit (DLX) • Deutsche Börse (DB1) • Deutsche Grundstücksauktionen (DGR) • Deutsche Rohstoff (DR0) • DVS Technology (DIS) • Edel (EDL) • Ernst Russ (HXCK) • Exasol (EXL) • expert.ai (EXAI/EXSY) • Fashionette (FSNT) • Formycon (FYB)

publity - Changes to group structure on the horizon

On 19 October 2021, publity announced a European consortium led by a Luxemburg investment company has signed a Letter of Intent to become the new majority shareholder of PREOS (publity’s property investment subsidiary) in exchange for contributing a Luxemburg property portfolio to GORE (PREOS’s subsidiary) and measures to finance PREOS’s portfolio expansion. publity will continue to serve as an asset manager for PREOS, with management targeting PREOS portfolio growing by at least €3bn by 2023 (c

publity - Lower transaction activity in FY20

While publity continues to pursue its two-pillar strategy based on real estate asset management and own investments, it is in discussions with a large Asian conglomerate to sell a majority stake in PREOS, which (through publity Investor and GORE German Office Real Estate) holds the group’s investment properties. The parties are also negotiating the provision of an additional three-digit million euro in funding to PREOS (on the successful closure of the deal) to fuel its international portfolio e

publity - Strengthening the second business pillar

As publity shifts towards a two-pillar business model, focused on real estate asset management and investment, its portfolio of fully owned properties (held by PREOS) expanded to €1.5bn, with €8.0bn targeted by 2024. The company aims for both domestic and international expansion, focused on large metropolitan areas in Europe. Prospective growth is planned to be fuelled by a €400m bond issue already announced by PREOS to replace its 2019/2024 convertible, which will be followed by issuing new cap

publity - Focusing on its portfolio

In FY19, publity focused on expanding beyond its pure-play asset management profile through direct office real estate investment activities. This was driven by property acquisitions executed by publity investor, as well as obtaining a controlling stake in PREOS. As a result, the company moved to a more asset-heavy business model fuelled by debt financing. The company expects to continue the expansion, and considers the economic slowdown related to the coronavirus outbreak as an opportunity for a

publity - Developing both as asset manager and owner

publity is evolving from a pure asset manager and is building its own portfolio of German office properties (valued at €243.3m at end-June 2019) through its subsidiary, publity Investor (Investor). The next strategic step is combining Investor with PREOS Real Estate (an asset owner also controlled by publity’s main shareholder, Thomas Olek). We believe that the parent company will now devote part of its capacity to managing its subsidiary’s portfolio (apart from third-party assets). However, thi

publity - Creating a new real estate investment group

publity plans to transfer up to 94.9% of its stake in subsidiary publity Investor (Investor) to PREOS Real Estate (PREOS), a listed real estate investor controlled by publity’s main shareholder. The transaction is structured as a capital increase for PREOS in exchange for a contribution in kind, implying a valuation for Investor of €400m. The deal will create a real estate investment group led by publity and valued at c €574m, according to company own estimates. We believe this will also solve a

publity - Back on track

In FY18, publity managed to post a rebound from the weak FY17, with an almost 50% y-o-y increase in revenues, PBT and net income (close to record-high FY16 figures). The company has also been moving closer to resolving its dispute with convertible bondholders, with a new share issue and partial bond repurchase that will continue in FY19. As the covenant limiting the increase in financial liabilities beyond €5m was recently waived, publity continues to review options for a potential new bond issu

publity - Stable AUM despite asset disposals

After being able to considerably grow its assets under management (AUM) in 2017 (albeit below initial management guidance), publity’s focus in 2018 is on retaining the asset base in line with the prior year. Despite the disposal of several office projects covering 100,000 sqm of lettable office space in H118, AUM remained stable at €4.6bn. publity is confident the current advanced-stage discussions around asset purchases should allow it to maintain the AUM level at the end of 2018 despite anothe

publity - Slower AUM growth and delayed disposals

The recent selling pressure on publity’s shares (price down 48% ytd) was accompanied by negative newsflow in January, including a profit warning and missed AUM guidance for FY17. The negative sentiment might have also resulted from the ongoing discussions with bondholders around the modification of convertibles’ terms and conditions. Management now guides to FY18 net profit in the range of €15-20m (implying c 34-80% y-o-y growth) based on a cautious assumption of no AUM growth this year (vs prev

New mandates secure future growth

publity’s H117 earnings momentum reflects both the ability to leverage its asset management expertise (AUM increased to €3.8bn from €3.2bn at end-2016) and its good cost discipline (OPEX down 11.2% y-o-y). New institutional mandates received ytd, coupled with a solid project acquisition pipeline should assist the company in achieving the AUM targets set for FY17e and FY18e at €5.2bn and €7.0bn, respectively. The stock currently trades at a FY17e P/E ratio of 6.1x, implying a 62% discount to the

An experienced investor in German real estate

publity is an asset manager with long-term experience of investing in German office buildings. It is the largest servicer of non-performing loans (NPLs) in Germany and is able to acquire assets from restructuring German banks. It focuses entirely on asset management and is not distracted by property and facility management. It evaluates and analyses more than 1,000 assets per year, acquiring individual assets for its clients, rather than making portfolio acquisitions. It currently has AUM of €3b

LIBERUM: Ramsdens Holdings: Solid H1 and trading conditions on an improving trend

Balancing act

Over the past three years, trusts with blended approaches rather than a strong tilt to growth or value have been at or near the top of the pack across the developed equities sectors, benefitting from their flexibility in a period of extreme style gyrations.

Molten Ventures - Making progress on its realisation agenda

Molten Ventures has recently completed the exits from Perkbox, Endomag and Graphcore. This translates into more than £70m realisation proceeds, which means Molten is on track to reach the £100m that management expects for FY25. As a result, Molten has announced a £10m buyback programme (starting on 26 July), in line with its recently updated capital allocation policy of earmarking at least 10% of realisation proceeds for share repurchases. Molten has also agreed a new £180m debt facility that re

Jarvis Securities - In line with expectations in a challenging year; Skilled Person enquiry ongoing

Today's announcement from JIM reflects a year which saw challenges both in underlying terms and in relation to the ongoing Section 166 process. Trading volumes have remained under pressure against a choppy economic backdrop. Voluntary requirement (VREQ) restrictions placed on “Model B” clients have led to a reduction in client numbers in this category, although numbers have remained stable since the Q3 completion of assessments. The company did benefit from rising interest rates, a significant p

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PANMURE: Premier Miton : Improving … As Anticipated

AUM down in Q3, another fixed income acquisition

AUM declined over Q3 of FY24 from £39.6bn on 31 Mar 24 to £36.9bn on 30 Jun 24, a fall of 6.8%. That offsets a 5.9% increase over H1, resulting in AUM being down 1.3% over the first 9 months of FY24. Net flows and market movements / investment performance were negative in the quarter, -£1.89bn and -£0.81bn respectively. Impax noted that outflows were dominated by its wholesale channel, with some clients continuing to rotate out of equities, although outflows eased in key parts of its European op

Jarvis Securities - Q1 DPS announcement pending eventual completion of Skilled Person Report

Today's RNS from JIM is brief and economical as they generally are in terms of the quarterly DPS announcement and announces what would appear to be a prudent number, 1.75p. This marks a return to payment of the DPS after Q4-2023, when no dividend was paid.