Immofinanz AG

Immofinanz AG. Immofinanz AG is an Austria-based real estate company that invests in commercial properties. The Company's core activities are the management and development of retail and office properties in selected Central and Eastern European countries. The Company focuses its operations on such markets as Austria, Germany, the Czech Republic, Slovakia, Hungary, Slovenia, Romania and Poland. The Company manages a portfolio of approximately 240 properties, covering rentable space of approximately 1.8 million square meters. In the office sector, the Company concentrates on the capital cities of the core countries and the major office locations in Germany with its international myhive brand. The Company's activities in the retail sector are based on the brands STOP SHOP for retail parks and VIVO! for shopping centers which are designed for secondary and tertiary cities of Central and Eastern Europe.
  • TickerIIA
  • ISINAT0000A21KS2
  • ExchangeVienna Stock Exchange
  • SectorReal Estate Investment & Services
  • CountryAustria
Research Team

Raiffeisen Centrobank Equity Daily 09.10.2020

 AT: IMMOFINANZ - Placement of 7 year, EUR 500 mn bond (neutral)  HR: Ericsson Nikola Tesla - Dividend proposal of HRK 49 per share (positive)  PL: LPP - 2Q 20 EBIT of PLN 32 mn vs. PLN -40 mn in preliminary release (positive)  PL: PGNiG - Recognition of PLN 389 mn impairment related to PGNiG's participation in PGG (negative)  CEE Macro Daily

Research Team

Raiffeisen Centrobank Equity Daily 07.10.2020

 AT: FACC - Management Board mandate of COO Andreas Ockel extended until 2025 (neutral)  AT: Frequentis - Maritime distress and safety system put into operation in Greenland despite COVID-19 restrictions (neutral)  AT: IMMOFINANZ - Intention to issue senior notes, benchmark size (neutral)  PL: PZU - PZU to return to paying dividends as soon as possible, new strategy in early 2021 (positive)

Increased risk weighs on IMMOFINANZ, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of IMMOFINANZ (AT), active in the Real Estate Holding & Development industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date October 2, 2020, the closing price was EUR 13.49 and its target price was estimated at EUR 10.76.

Research Team

Raiffeisen Centrobank Equity Daily 09.10.2020

 AT: IMMOFINANZ - Placement of 7 year, EUR 500 mn bond (neutral)  HR: Ericsson Nikola Tesla - Dividend proposal of HRK 49 per share (positive)  PL: LPP - 2Q 20 EBIT of PLN 32 mn vs. PLN -40 mn in preliminary release (positive)  PL: PGNiG - Recognition of PLN 389 mn impairment related to PGNiG's participation in PGG (negative)  CEE Macro Daily

Research Team

Raiffeisen Centrobank Equity Daily 07.10.2020

 AT: FACC - Management Board mandate of COO Andreas Ockel extended until 2025 (neutral)  AT: Frequentis - Maritime distress and safety system put into operation in Greenland despite COVID-19 restrictions (neutral)  AT: IMMOFINANZ - Intention to issue senior notes, benchmark size (neutral)  PL: PZU - PZU to return to paying dividends as soon as possible, new strategy in early 2021 (positive)

Raiffeisen Centrobank Equity Daily 18.09.2020

ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group CECE index review - Add: BIF, Graphisoft Park, Play Communications; Del: Appeninn, PGE FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group; STOXX Europe 600 Index review - Dino to be added WIG20/WIG30 indices review - No change in constituents AT: FACC - Informing employees today regarding layoffs, up ...

Jakub Caithaml ...
  • Research Team

CEE Real Estate: Turning constructive (Atrium, CA Immo, Dom Development, Echo Investment, Etalon, Globalworth, Graphisoft, GTC, Immofinanz, LSR, NEPI Rockcastle, S Immo, Warimpex)

We are bullish on CEE real estate on a one-to-three year horizon, as we believe the rent levels should be broadly sustainable, at both quality offices and retail assets. Financing seems accessible, if at a higher cost than before the pandemic started. The available liquidity should support the investment volumes and, in turn, limit the downside for valuations, in our view. That said, we do expect the companies to book further revaluation losses in the rest of the year, beyond the 2-4% write-off that most of the CEE real estate landlords have recorded so far. As such, our preference – for the...

Raiffeisen Centrobank Equity Daily 03.09.2020

 ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group  PL: Cyfrowy Polsat - Company expresses interest in expanding into radio (neutral)  RU: Detskiy Mir, Sistema - Sistema and RCIF sold their entire stakes in Detskiy Mir (neutral)  RU: Lenta - Vladimir Sorokin replaces Herman Tinga as CEO (neutral)  RU: Russian O&G statistics - Daily oil and condensate output up by 5.1% mom in August due to OPEC+ limits' easing (neutral)  RU: Russian O&G statistics - Gas production in August down by 4.1% yoy, but the recovery is already visible (p...

Research Team

WOOD Daily: KMB MS; CEE Real Estate; PZU PW; MYTIL GA; OPAP GA; CAR PW; CIE PW; TENERGY GA; PL Utilities

HEADLINES: • Komercijalna Banka: a sizeable growth story in the Balkans (BUY - initiation of coverage) • CEE real estate: turning constructive (Atrium, CA Immo, Dom Development, Echo Investment, Etalon, Globalworth, Graphisoft, GTC, Immofinanz, LSR, NEPI Rockcastle, S Immo, Warimpex) • PZU: 2Q20 results - big beat vs.consensus; very strong insurance delivery POSITIVE • PZU: changes in the management board • Mytilineos: 1H20 results - Power and Gas unit leading the way • OPAP: 2Q20 review - EUR 15m net loss, in line with expectations • Inter Cars: 2Q20 results - in line with p...

Research Team

WOOD Daily: CPS PW; SFG RO; TGN RO; GWI LN; IIA AV; POSR SV; CDR PW; EUROB GA

HEADLINES: • Cyfrowy Polsat: weak 2Q20 results, as expected, with 11% yoy EBITDA drop NEUTRAL • Sphera Franchise Group: 2Q20 - as weak as expected, but positive June dynamics • Transgaz: 2Q20 - net income beat on one-off financial gains NEUTRAL • Globalworth: preliminary 1H20 results - 3% write-down on portfolio, recurring largely stable • Immofinanz: 2Q20 - 3.1% write-down of the portfolio, recommends no dividend from the 2019 earnings • Sava Re: discusses potential 2020E dividend payment with the regulator POSITIVE • CD Projekt: develops free-to-play Witcher for mobile devic...

Research Team

WOOD Daily: PL Banks; RU Macro; SBER RX; IIA AV; OPL PW; CAR PW; PL Telecoms

HEADLINES: • Polish banks: nothing will be the same (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Handlowy, Bank Millennium, Alior Bank) • Russia macro: popular mandate supporting Putin suggests RUB stability • Sberbank: June RAS results - 2Q20 read-across positive, but unlikely to tip the balance POSITIVE • Immofinanz: successfully raises EUR 356m of capital in a combination of shares and convertible notes NEUTRAL • Orange Polska: to record PLN 64m provision release on jubilee bonuses in 2Q20E NEUTRAL • Inter Cars: June sales up by 11% yoy • Polish telecoms: mobile...

Research Team

The Rear-View Mirror – EME markets: Equity returns mixed as rebound forces weaken

EME Equity Market – June 2020 Market performance – in June, Turkish equities performed the best (+7.7%), while Hungary was the weakest (-2.2%). Following its rebound in the past couple of months, the MSCI EM Europe Index declined in June, losing 1.8% in EUR terms and 0.6% in local currency terms. Turkish equities were the best performers, with the ISE30 Index +7.7%, followed by Prague’s PX Index (+3.5%), and the WIG20 (+2.3%). After its good run in May, the Romanian BET lost 0.3% in June, while the Russian MOEX was down 2%. Greek equities declined 2.1%, while the worst-performing index w...

Research Team

WOOD Daily: IIA AV; PGN PW; ATRS AV; BFT PW; TEN PW

HEADLINES: • Immofinanz: considering raising up to 25% of new capital • PGNiG: to be paid USD 1.5bn by Gazprom by 1 July 2020 POSITIVE • Atrium: shareholders authorise the company to offer a scrip dividend NEUTRAL • Benefit Systems: likely to take months for fitness to return to normal NEUTRAL • Ten Square Games: Glu Mobile developing social fishing game, to be launched in 2021E • Short News (PEO, CPS, GPW)

Increased risk weighs on IMMOFINANZ, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of IMMOFINANZ (AT), active in the Real Estate Holding & Development industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date October 2, 2020, the closing price was EUR 13.49 and its target price was estimated at EUR 10.76.

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