DIC Asset AG : FY 2021 figures and 2022e guidance in line with expectations – we raise our recommendation to Outperform from Neutral after updating our model
>2022e guidance in line with expectations and confirming growth path - Yesterday (9 February), DIC published FY 2021 figures which showed a notable increase y-o-y and which were overall in line with expectations. Net rental income of € 91.2m (+10.9% y-o-y) was just slightly above our estimate of € 88.9m. Fees from real estate management of € 101.2m (+27.0% y-o-y) were close to our estimate of € 101.8m and within the company guidance of € 94m-104m. FFO came in at € 10...DIC Asset along with its subsidiaries invests directly or indirectly in German commercial real estate and operates in the area of portfolio, asset and property management. Co.'s business segments include: commercial portfolio, which comprises portfolio properties owned by Co., which are leased long-term and offer attractive rental yields; and co-Investments, which comprises fund investments, investments in project developments and joint venture investments. As of Dec 31 2013, Co. had six branches located in the Hamburg, Berlin, Dusseldorf, Frankfurt Am Main, Mannheim, and Munich.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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