Bankinter S.A. - Axiare (AXIA SM) Axiare: Mixed set of 2Q17 results

Report

Bankinter S.A.

Juan Moreno

EUR 100.00 For Business Accounts Only

Axiare: Mixed set of 2Q17 results

Operating 2Q17 results rose at double digit in QoQ basis and were slightly better than expected. Occupancy rates improved by 30bp to 92.9% in 2Q17 (85.6% offices, 97.1% logistic and 97.3% others). Main negative is the €19.1Mn shared-based performance incentive plan charged in 2Q17, which is much larger than expected (€4Mn BKTSe).

The company reported a GAV of €1,709Mn as of June 2017, implying a LfL increase of 9.1% YTD. As a consequence, NAV increased to €1,184.8Mn (€15.32/share), which is higher than our expected NAV for FY17 (€1,114.8Mn BKTSe).

Axiare’s NFD fetched €490.2Mn as of June 2017, implying a LTV of 28.6%. It is pretty much in line with our expected LTV of 30.3% by the end of 2017e.

27/07/2017 4 EN

Underlying

Axiare

See profile

Spain

Provider

Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

See profile

Analysts

Juan Moreno

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Axiare: Mixed set of 2Q17 results

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

Reig Jofre: EBITDA (adj.) +17% in 2019 and guidance is 2x in a five-year plan

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