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Inbox: Warimpex für die RCB jetzt ein Buy


Warimpex Letzter SK:  0.00 ( 5.20%)

14.09.2017

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

Warimpex raised to BUY, TP EUR 1.80 - Earnings, target and rating upgrades

- Rental income forecasts raised between 17% and 37% over the entire forecast period
- Significant earnings upgrades amid inclusion of two current office developments
- Target price lifted to EUR 1.80 (EUR 1.45)
- Rating upgrade to BUY (HOLD) given the healthier gearing and focus on offices
- Attractive valuation with an adj. P/E (x) of 13.7 for 2019e


After the closing of eight hotel transactions in 2Q 17 the gearing of the group is on a much healthier level now. Given the upbeat management statements and higher level of pre-leasing for its two existing office developments in Poland we have made several significant changes to our forecast assumptions leading to a massive upgrade of earnings estimates. This, in turn, leads to a new target price of EUR 1.80 (EUR 1.45) and given the new development focus on office assets and the low adj. P/E (x) of 13.7 for 2019e we raise our rating to BUY (from HOLD).
 
Encouraging structural progress: The group has two office developments under construction with total GLA of 38,000 sqm in the Polish cities of Lodz and Krakow. The level of pre-leasing has increased meanwhile and the management was upbeat that both assets should be very well rented once they are complete, which we think is very encouraging. An additional office project in Krakow with GLA of 26,000 sqm and a hotel project in Budapest with total GLA of 16,000 sqm are in the development pipeline of the group with planned openings in 2019. Moreover, management mentioned that it still plans to dispose of the two at-equity consolidated hotels at the Disneyland resort in Paris around the year-end of 2018. We have not modelled any disposal proceeds from the potential sale of these two hotels but would regard it as a positive trigger.
 
Significant earnings upgrades: Given the upbeat statements of the management we now incorporate EUR 67 mn of construction costs for the two office developments which are currently being built in Poland, spread over 2017e and 2018e. As a consequence, we have also raised our gross debt and interest cost projections accordingly over the entire forecast horizon. We raise our rental income projections by between 17% and 37% over the entire forecast period based on the assumptions that both office developments 1) will be finished according to plan, 2) will be rented at market comparable rents and 3) will achieve an occupancy rate of more than 80%. Furthermore we now also expect property re-valuation gains for these developments in 2018e and 2019e following the construction progress.
 
Cash-return to shareholders: The net debt of Warimpex declined significantly to EUR 105.1 mn (net gearing of 104%) and the liquid funds soared to EUR 46 mn thanks to the closing of the disposal of eight hotels in 2Q 17. These numbers represent a major improvement from previous levels because the net LTV was 60% in 2Q after 87% at 4Q 16. As a result, the group is now in a position to resume the payment of dividends, something that was confirmed by the management at the last AGM. Moreover the group also received shareholders approval to conduct a share buy-back program. We maintain our existing DPS forecasts of EUR 0.05 for 2017e and the years thereafter.
       

Company im Artikel

Warimpex

 
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Für Zusatzliquidität im Orderbuch der Warimpex-Aktien sorgen die Raiffeisen Centrobank AG als Specialist sowie die Market Maker Erste Group Bank AG, Oddo Seydler Bank AG und Wood & Company Financial Services, Klick auf Institut/Bank öffnet Übersicht.



Warimpex © photaq/Martina Draper



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

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