• Total revenues increased by 41% to €225m for Q2 21 compared to Q2 20 • Loss allowances declined by 31% to €33m for Q2 21 • Tax ratio outlook of 50-60% for FY2021 due to one-off old investment case • Pre-tax profit was up from €2m for Q2 20 to €41m for Q2 21 • Aareal confirmed its operating profit target range of €100-175m for FY2021
Companies: Aareal Bank AG
• Total revenues decreased by 4% to €189m for Q1 21 compared to Q1 20 • Loss allowances declined from €58m for Q1 20 to €7m for Q1 21 • Net profit attributable to shares increased from €2m for Q1 20 to €16m for Q1 21 • Aareal confirmed its operating profit target range of €100-175m for FY2021
• Net result attributable to shares decreased from a profit of €145m for 2019 to a loss of €90m for 2020 • Loss allowances rose from €90m for 2019 to €344m for 2020 • DPS proposal of €1.50 for FY2020 as announced in January despite an EPS loss €-1.50 • Operating profit target range of €100-175m for FY2021 and €300m for FY2023
• Aareal Bank expects a consolidated operating loss in a double-digit €m amount for FY2020 • Dividend proposal of €1.50 per share in the current year for FY2020 in two tranches • Aareal Bank anticipates a clearly positive operating profit for 2021 and it envisages a consolidated operating profit in the range of €300m for 2023
• Net profit attributable to shares decreased from €35m for Q3 19 to a loss of €4m for Q3 20 • Loss allowances rose from €27m for Q3 19 to €61m for Q3 20 including €30m direct and indirect impacts of COVID-19 • Aareal targets a substantially positive consolidated operating profit, expected in the medium double-digit €m range for FY2020
• Aareal Bank sells a 30% stake in IT subsidiary Aareon to Advent International for €260-310m, which values total Aareon at €860m to €1.03bn compared to a total market cap of Aareal Bank of €1.1bn • No special dividend expected as the capital gain of €180m will be recognised directly in consolidated equity and not affect net income • Aareon’s business seems more attractive for shareholders than old-fashioned banking business
• Net profit attributable to shares decreased from €37m for Q2 19 to €5m for Q2 20 • Loss allowances rose from €23m for Q2 19 to €48m for Q2 20 including €39m direct and indirect impacts of COVID-19 • Aareal considers a substantially positive consolidated operating profit expected in the medium to high double-digit €m range for FY2020
• Net profit attributable to shares decreased from €35m for Q1 19 to €2m for Q1 20, which is below the consensus expectation of €5m • Loss allowances rose from €5m for Q1 19 to €58m for Q1 20 including €50m direct and indirect impacts of COVID-19 • Aareal considers a substantially positive consolidated operating profit should be achievable for FY2020
• Net profit attributable to shares was down by 30% to €145m • DPS proposal and net profit slightly above consensus expectations • Expenses of €50m at loss allowances for the accelerated reduction of risk exposures mainly in Italy in 2019 • Disappointing outlook for 2020 only on the 2019 level
• Net profit attributable to shares was unchanged at €37m for Q2 19 • RWAs decreased by 2% to €12.8bn at end June 2019 versus year-end 2018 • Aareal Bank confirmed its operating profit (pre-tax profit) target for FY2019
• Net profit attributable to shares decreased by 10% to €35m for Q1 19 • Total expenses rose stronger than revenues due to DHB and European bank levy. 2/3rds of the expected integration costs for DHB were already booked in Q1 19 • Aareal Bank confirmed its operating profit (pre-tax profit) target for FY2019
Preliminary net profit attributable to shares increased by 9% to €208m for FY2018 compared to FY2017. Net interest income was down by 8% to €535m for 2018 compared to 2017. Loan loss provisions declined by 12% to €72m in 2018. Commission income rose by 4% to €215m in 2018. The net derecognition result was down by 52% to €24m for 2018 compared to 2017. Administrative expenses declined by 10% to €462m in the same period. Pre-tax profit decreased by 4% to €316m for 2018 compared to 2017. Pre-tax pr
Net profit attributable to shares decreased by 13% to €41m for Q3 18 compared to Q3 17 and was up by 11% compared to Q2 18. Net interest income was down by 9% to €131m for Q3 18 compared to Q3 17. Loan loss provisions decreased by 46% to €14m in Q3 18. Commission income rose by 6% to €51m in Q3 18. Net derecognition result (early loan repayments) declined by 75% to €5m for Q3 18 compared to Q3 17. Operating income decreased by 16% to €191m for Q3 18 compared to Q3 17. Administrative expenses wer
Aareal Bank announced today that it has reached an agreement to acquire all the shares in Düsseldorfer Hypothekenbank AG for c. €162m from the Association of German Banks. The residual lending volume of Düsseldorfer Hypothekenbank amounted to €533m as at 30 June 2018. Aareal Bank will not pursue any further strategic objectives with the acquisition and wants to commence an orderly run-down. Closing of the transaction is subject to regulatory approvals and is currently expected to take place in
Net profit attributable to shares decreased by 40% to €37m for Q2 18 compared to Q2 17 which had benefited from a one-off gain of €50m. Net interest income was down by 10% to €136m for Q2 18 compared to Q2 17. Loan loss provisions declined by 24% to €19m in Q2 18. Commission income rose by 4% to €51m in Q2 18 compared to Q2 17. Administrative expenses were down by 16% to €109m in the same period. Other operating income was €3m for Q2 18 compared to €55m in Q2 17 due to a positive €50m one-off co
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Today's results include few surprises in terms of cash outcomes, which are in-line with our FY21E forecasts. These record results come despite the year being challenged by Covid-19, evidencing the resilience of Duke's operating model and royalty partners. Post-period, 4 new investments have been concluded, which should help drive cash results higher over FY22E, despite a further 2 exits from the portfolio. As the company approaches near full deployment by FY23E, we expect to see FCF p/s and DPS
Companies: Duke Royalty Limited
A disappointing earnings release coupled with low transparency on the Sandringham Financial Partners acquisition have led M&G’s share price to return to its pre-crisis level. While our valuation suggests a positive recommendation considering the low point, momentum remains uncertain.
Companies: M&G Plc
Litigation Capital Management has released its results for FY21, reflecting on a positive year for the group in very challenging market conditions. Although well flagged, these set of results highlight the strength of LCM's investment process as it's maturing balance sheet continues to deliver strong returns on capital as key cases settle.
Companies: Litigation Capital Management Ltd
NextEnergy Solar Fund’s investment in NextPower III ESG is delivering in terms of widening international exposure with NPIII following its recent project win in Spain with another in Poland. This is the first acquisition the vehicle has made in Poland and the project will be supported by a fifteen year CfD. We see NESF’s investment in NPIII ESG as delivering a diversified asset growth opportunity and so far this is proving to be the case.
Companies: Nextenergy Solar Fund
Gore Street continues to find good projects in the GB market and has today announced a 57MW project in Leicester. It is now more active in seeking projects beyond the UK and RoI in North America and Western Europe and we think there are significant opportunities in these geographies. The company now has a pipeline of 2.5GWh with 2GWh of that in new geographies and 160MWh of that under exclusivity. With these opportunities in mind the company has announced a placing at 107p.
Companies: Gore Street Energy Storage Fund PLC
Companies: Real Estate Investors plc
What’s new: Tatton has signed a 5 year distribution partnership with Fintel and agreed to acquire Fintel’s Verbatim Funds for £5.8m cash consideration of which £2.8m is on competition and £3.0m is subject to performance
Companies: Tatton Asset Management Plc
Tatton has acquired the Verbatim funds from Fintel for (up to) £5.8m adding £650m AuM – and pushing Tatton’s AuM through the £10bn milestone. A long term strategic partnership has also been formed allowing Tatton to market to Fintel’s significant intermediary client base. We upgrade our earnings forecasts by +4% for the part year contribution in FY22e and +11% FY23e (the first full year) – but make no assumption around the potentially material opportunity from the distribution partnership. Tatto
Bluejay Mining* (JAY LN) – Greenland agrees new economic aid with the US Ariana Resources (AAU LN) – Further drilling results from Kepez North CATL (CATL N) – CATL may be joining the bidding war for Millennial Lithium Corp. as Chinese firms battle for EV material supply Condor Gold* (CNR LN) – Senior mining engineer appointed to advance La India feasibility study Cora Gold* (CORA LN) – Interims Galileo Resources (GLR LN) – Sale of Kalahari Copper Belt licences expected to complete next week
Companies: AAU JAY CNR CORA GLR GGP POW RRR VUL SSW
NextEnergy’s JV with storage specialist Eelpower is an important strategic development. Storage demand is set to grow if the UK is to move towards its net zero targets and the combined attributes of the JV partners make it well suited to succeed here. For NESF it opens up a new route to asset growth in our view.
NextEnergy Solar Fund (NESF), which has the ability to invest up to 10% of its gross assets in energy storage, has announced a significant step into energy storage with the establishment of a £100m joint venture partnership with one of the leading battery storage specialists, Eelpower Limited (Eelpower). The joint venture is owned 70% by NESF and 30% by Eelpower. The partnership has also announced the signing of its maiden acquisition, a 50MW standalone battery storage project, which is ready to
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
Today's in-line results illustrate the financial impact from restrictions upon face-to-face Insurance sales over the past 15 months. However, they heavily mask the strategic momentum underway across the Group. Since the lifting of restrictions from June, Insurance is exhibiting a strong and accelerating rebound in demand, which should mark an inflection point for policyholder numbers and restore premium income to pre-pandemic levels over the medium-term. We expect the Group's other product lines
Companies: Personal Group Holdings Plc
Following the successful completion of the Hawthorn disposal, towards the top-end of our £180-230m range, and the transformation to a pure retail property group we update forecasts and briefly set out our investment thesis ahead of the Group’s CMD. We estimate FFO for FY22F, FY23F and FY24F of 7.2p, 8.3p and 9.4p per share respectively; a 3-year CAGR of c35% over the 3.8p generated in FY21A. Post-Hawthorn, balance sheet metrics have markedly improved, flexibility enhanced, and refinancing risk r
Companies: NewRiver REIT plc
Agronomics has announced a follow-on investment in existing portfolio company, Formo (previously LegenDairy Foods). The company has invested €3.15m in Formo's Series A funding, and now holds c5.9% of the enlarged share capital. The fundraise has generated a 7.5x uplift for Agronomics original €1m investment (Dec-19) and values Formo at c€180m (post-money) versus c€16m post-money value following the Seed round. Formo now becomes Agronomics largest holding, c9.1% and has delivered a net uplift in
Companies: Agronomics Limited
