Instone Real Estate Group SE : Q1 2024 results overall in the range of our expectations but with better adjusted earnings y-o-y
>FY 2024e guidance confirmed - This morning, Instone (INS) published Q1 2024 figures which were overall in the range of our expectations but with better adjusted earnings y-o-y. Adjusted revenue amounted to € 119.5m (-3.2% y-o-y), below our estimate of € 126.5m. But the gross margin of 27.4% exceeded our forecast of 24.5% and was at the same level as last year´s Q1 margin of 27.4%. Adjusted EAT of € 9.6m increased by +17.1% y-o-y, above our estimate of € 8.5m. Finall...Instone Real Estate Group AG is a Germany-based real estate developer specializing in residential properties. The Company's activities range from new development of apartment buildings and urban residential quarters to redevelopment and refurbishment of monument-protected properties and repurposing of former military barracks or industrial sites. The Company's portfolio consists of approximately 50 projects located in German metropolitan areas. The Company pursues further acquisitions of land for development. The Company sells the residential units it develops to owner-occupiers, private buy-to-let and institutional investors. Instone Real Estate Group AG operates through a number of branches across Germany.
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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