04.12.2017, 3717 Zeichen

04.12.2017 Zugemailt von / gefunden bei: Berenberg Bank (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com) Die Berenberg Bank hält von 4. bis 7. Dezember ihre European Conference ab. Mehr als 350 Unternehmen werden sich präsentieren. Darunter auch einige österreichische Companies. Im Conference Book gibt es für die Investoren Zusammenfassungen der Berenberg-Analysten zu den präsentierenden Firmen.Das sagen die Analysten zu Buwog (Buy, TP 29,70 Euro)New developments becoming more relevantOur view in a nutshell: BUWOG owns a portfolio of c50,000 units, almost equally split between Germany and Austria. Its strategy is to reduce the Austrian portfolio and grow further in Germany. The company has continuously been selling single apartments in Austria at high prices. We view its entrance into Germany at the beginning of 2014 as a successful one, with the acquisition of the DGAG portfolio, which comprised c18,000 units predominantly located in northern Germany. The portfolio’s operational performance was good in the last fiscal year (ending in April), with a continuous reduction in vacancy rates and positive rent increases. The company has a fully established and well-experienced team in Germany and Austria, enabling it to cover a large part of the value chain in asset and property management, including new developments. BUWOG has increased its development pipeline to cEUR3bn, with a regional focus on Vienna, Berlin and Hamburg. We welcome the fact that it is accelerating new development activities as well as its strategy of keeping c30% of the current pipeline within in its own portfolio for letting.Recent trends and outlook: BUWOG recently received an initial long-term corporate credit rating of “BBB+” with a stable outlook from ratings agency S&P. S&P considers BUWOG’s portfolio quality to be average and said the company’s contracted rents are below market level; S&P makes similar comments about most of its peers. The main driver for the portfolio’s rental growth will, according to S&P, be generated primarily from the apartments in Germany (51%), as rental levels in Austria (49%) are highly regulated and are not expected to move much. While S&P described the overall size of the letting portfolio of c50,000 units as “solid”, it believes that BUWOG’s business is is “constrained by trading and development activities”, which the agency considers to be a more volatile business line. Accordingly, S&P adjusts EBITDA to reflect the results from property sales. It also noted that BUWOG could easily stop the sale of properties in Austria and adjust the development pipeline by increasing the number of develop-to-hold units and lowering the develop-to-sell units if the currently favourable market environments changed. Nevertheless, S&P assesses BUWOG’s underlying strategy as “riskier compared with peers like Vonovia, Deutsche Wohnen or Grand City, which focus mainly on rent generation from standing assets”.Key questions for management: Why is BUWOG’s regional focus for expansion in German buy-to-let apartments mostly in the northwest of the country, when competition has been on the rise almost everywhere? How will rising construction costs affect the disposal margin of new-builds?Valuation: We regard BUWOG’s current valuation levels, which will deliver an earnings yield of about 5% next year, as fairly attractive. Buwog auf der Wohnen und Interieur Messe in Wien 2017 8861 berenberg-analysten_zu_buwog_neue_developments_gewinnen_an_relevanz


Christian Drastil: Wiener Börse Plausch

Börsepeople S23/06: Maximilian Clary und Aldringen

Bildnachweis

1. Buwog auf der Wohnen und Interieur Messe in Wien 2017   >> Öffnen auf photaq.com

Aktien auf dem Radar:EuroTeleSites AG, RHI Magnesita, Flughafen Wien, Austriacard Holdings AG, Addiko Bank, Zumtobel, FACC, Pierer Mobility, Andritz, CA Immo, Lenzing, Mayr-Melnhof, OMV, UBM, SBO, Wiener Privatbank, Frequentis, BKS Bank Stamm, Oberbank AG Stamm, Josef Manner & Comp. AG, Amag, EVN, CPI Europe AG, Österreichische Post, Telekom Austria, Verbund, adidas, Fresenius Medical Care, Volkswagen Vz., Siemens Energy, Hannover Rück.

---

Buwog auf der Wohnen und Interieur Messe in Wien 2017