CA Immo 1Q 20 - Broadly in line with RCBe, limited Covid-19 impact so far
1Q results of CA Immo were broadly in line with RCBe with gross rental income slightly ahead at EUR 62.4 mn (vs. RCBe of EUR 60.6 mn and 1Q 19 EUR 58.3 mn) which was mainly driven by the portfolio growth over the recent year and occupancy levels. EBITDA at EUR 38.8 mn and EBIT at EUR 26.5 mn matched RCBe of EUR 39.2 mn and EUR 26.1 mn respectively. Pre-tax profit was slightly stronger than we anticipated, mainly due to a significantly positive result from derivatives of EUR 35.7 mn (driven by a non-cash valuation gain on CA Immo´s convertible bond of EUR 41.5 mn). As a result of this effect pre-tax profit of EUR 46.6 mn was somewhat higher than anticipated. FFO I was marginally better than in 1Q 19 and somewhat ahead of our estimates at EUR 30.0 mn (RCBe: EUR 28.3 mn, 1Q 19: 29.6 mn) while diluted EPRA NAV after 1Q 20 amounted to EUR 38.3 per share (RCBe EUR 38.4) which is constant to 4Q 19.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.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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