Instone Real Estate Group SE : We lower our target price to € 8.0 from € 9.5 and confirm our Neutral recommendation – property investors´ appetite might remain muted
>2022 figures overall within expectations but earnings better than estimated - Recently, Instone published y-o-y declining 2022 results being overall within expectations with, however, better than estimated earnings. The 2023e guidance for adjusted revenue of € 600m-700m was within our expectation (€ 685.2m) while the adjusted EAT guidance of € 40-50m exceeded our estimated € 36.8m. Adjusted revenue amounted to € 621.0m (-20.8% y-o-y) in 2022, was in line with our est...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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.