Deutsche Grundstücksauktionen (DGA) has improved even on an ‘outstanding’ H117 comparative, with the highest first-half gross turnover and net commission for more than a decade and net profit up c 60% in H118. While the driver (a record lot sale of €15m, almost a quarter of total gross turnover) was arguably exceptional, the offer of further high-value lots is not wishful thinking, given DGA’s good relationship with the Federal Bundesanstalt and excellent publicity as a reference sale. Indications of positive imminent Q3 auctions support guidance of a stable second half and thus forecasts of a bumper dividend (prospective 5.2% yield).
18 Sep 2018
Deutsche Grundstücksauktionen - Well-positioned
Sign up for free to access
Get access to the latest equity research in real-time from 12 commissioned providers.
Get access to the latest equity research in real-time from 12 commissioned providers.
Deutsche Grundstücksauktionen - Well-positioned
Deutsche Grundstucksauktionen AG (DGR:BRN) | 0 0 0.0%
- Published:
18 Sep 2018 -
Author:
Richard Finch -
Pages:
3
Deutsche Grundstücksauktionen (DGA) has improved even on an ‘outstanding’ H117 comparative, with the highest first-half gross turnover and net commission for more than a decade and net profit up c 60% in H118. While the driver (a record lot sale of €15m, almost a quarter of total gross turnover) was arguably exceptional, the offer of further high-value lots is not wishful thinking, given DGA’s good relationship with the Federal Bundesanstalt and excellent publicity as a reference sale. Indications of positive imminent Q3 auctions support guidance of a stable second half and thus forecasts of a bumper dividend (prospective 5.2% yield).