31.03.2017, 2667 Zeichen

31.03.2017

Zugemailt von / gefunden bei: Kepler (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)

Q. Does Immofinanz’s fate hinge solely on the disposal of Russian assets? 
Immofinanz’s shares have performed poorly over the last six months, due to an ongoing weak FFO development, the recent slightly dilutive convertible refinancing, and the postponement of its exit from its Russian business by one year to 2017, which triggered doubts that there could be no merger with CA Immo. Admittedly, a potential merger with CA Immo would be a clear positive share price trigger, and the exit from the Russian assets remains an unquestionable prerequisite for a deal. Therefore, could an investment in IIA shares be dead money until the Russian issue is resolved? 

A. No - internal measures and market tailwinds could turn around its business 
We believe a turnaround of the FFO I and NAV per share development of Immofinanz is imminent. The new management team has initiated several measures which will increase rental revenues (vacancy reductions, new development projects) and greatly improve the company’s cost position (overhead cost reduction, non-core asset disposals, refinancing of expensive debt). As a result, FFO I could soar decisively to EUR120m by 2019. In addition, the CEE rental and investment markets have improved recently, providing a helpful tailwind. Trading at a distressed more than 40% discount to its NAV 2017E, the stock offers an excellent, early turnaround entry opportunity regardless of the outcome in Russia, in our view. We upgrade from Hold to Buy: 2,25 Euro.

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Immofinanz

Thomas Neuhold, Kepler Cheuvreux

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Immofinanz

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1. Thomas Neuhold, Kepler Cheuvreux

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Thomas Neuhold, Kepler Cheuvreux