CA Immo 2Q 20 - Good 2Q results despite pandemic, several one-offs
CA Immos 2Q 20 results came in ahead of expectations, were however defined by several positive and negative one-offs described below. The underlying results were solid and we see especially the limited impact from the pandemic (only EUR 2.6 mn on rental income, rent collection >90%, 0.6% portfolio valuation decrease) and strong FFO I (EUR 38.8 mn) positively. CA IMMO gave an FY 20 FFO I guidance of more than EUR 126 mn, which is broadly flat to last year´s result when adjusted for the Immofinanz dividend and higher financing costs.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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