ODDO BHF GERMAN MORNING NEWS – DETAILED COMMENTS 08.07.2018

Real estate privatisation company Accentro is well positioned in the booming Berlin real estate market and aims to expand its privatisation business in other attractive metropolitan regions in Germany by setting up local teams in the targeted regions. Based on our peer-group valuation we derive a target price of € 10.70, suggesting downside of c.5%. We thus initiate coverage on Accentro with a Neutral rating. - ...

Patrizia Immobilien AG : Solid Q2 2018 results, and AuM increased due to Asian investor among others

>Q2 2018 operating income as expected - Yesterday evening (06 Aug) Patrizia (PAT) published solid Q2 2018 results, which were in line with our estimates. (The company had already announced its H1 2018 operating profit of € 72.5m on 30 July.) PAT consolidated Rockspring for the first time in Q2 2018; in Q1 2018 it had consolidated TRIUVA for the first time. Revenues increased yoy to € 78.2m (Oddo BHFe: € 88.0m, we assumed higher sales proceeds from principal inves...

Negative signals for the US housing sector

Macro indicators for the construction sector, and the housing market in particular, have been poor recently. Homebuilders confidence has plummeted, housing sales and starts are stagnating at low levels. A sector so central to the economy appears to be frozen. President Trump has an idea for boosting the sector, and this would involve cutting Fed rates by 200-300bp in one fell swoop, in the hope of making the cost of mortgage borrowing bearable. His anti-Powell fury no doubt has something to do with this housing slump. It goes without saying that the Fed is not prepared to move that fast or th...

Oddo’s 2 Weeks Ahead_Friday 27 June 2025

Signaux négatifs pour le secteur immobilier US

Dernièrement, les indicateurs macro relatifs au secteur de la construction, en particulier le marché du logement, ont été mauvais. La confiance des promoteurs a chuté, les ventes et la production de logements stagnent à un bas niveau. Un secteur si central pour l’économie paraît gelé. Le président Trump a une idée pour lui redonner du tonus, ce serait de baisser les taux de la Fed de 200-300pdb d’un coup, dans l’espoir de rendre supportable le coût des emprunts immobiliers. Sa fureur anti-Powell a sans doute à voir avec ce marasme. La Fed n’est pas disposée à bouger si vite ni si fort il va sa...