CA Immo raised to BUY, TP EUR 39.0 - Strong growth prospects and property portfolio
We upgrade CA Immo to BUY with a TP of EUR 39.0 per share. The investment case of CA Immo offers very good growth of earnings and NAV with a relatively low risk profile as a result of the focus on prime locations and the strong development pipeline in Germany, which should secure growth for the coming years, in our view. With the recent EUR 500 mn bond issuance the group raised capital to finance new developments and acquisitions, while the LTV should remain in the target range of 35-40%. CA Immo is currently trading at a premium to IFRS NAV of about 10% (12% discount to FY 20e EPRA NAV). The premium on P/B could be justified by the growth prospects of the company. With this update we transfer coverage to Oliver Simkovic.CA Immobilien Anlagenis a real estate investment company. Co. invests in commercial real estate, comprising hotel, residential, office, industrial, storage space, and logistics. Co. is also active in project development business. Co.'s activities are focused in Austria, Germany and Eastern Europe. Co. has 263 subsidiaries (including 24 joint ventures) in the following countries: Germany, Austria, Hungary, Luxembourg, Bulgaria, Netherlands, Slovakia, Cyprus, Russia, Czech Republic, Poland, Croatia, Ukraine, Romania and Serbia. Co., through its subsidiaries, is engaged in creation of entire urban districts, acquisition of real estate, project development, as well as property renovation.
PT Bank Central Asia is a financial institution based in Indonesia. Co. offers individual and business products and services. Co.'s individual products and services consist of savings accounts, electronic banking, credit cards, consumer credit products, bancassurance, investment products, remittance, collection and safe deposit facilities. Co.'s business products and services consist of savings accounts, BCA Trade, working capital loans, investment loans and bank guarantees for and small and medium-sized enterprises, as well as for corporate customers. In addition, Co. provides export import facilities such as letters of credit, negotiation, discounting and documentary collections.
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