IMMOFINANZ Q3 21 - Sale supports P&L, growth for FY 22 guided
IFRS income strong due to gain on sale of office building (EUR 27.7 mn)Q3 FFO I below expectations due to high financing cost burden
FY 22e guidance publication, FFO I >EUR 135 mn (RBIe EUR 129 mn, cons. EUR 131 mn)
YE 22e portfolio ca. EUR 6 bn vs. currently ca. EUR 5 bn
We see the results as positive on the back of the guided deployment of the excess cash position and IFRS earnings beat. This outweighs the shortfall on FFO I, in our view.
Immofinanz AG is an Austria-based real estate company that invests in commercial properties. The Company's core activities are the management and development of retail and office properties in selected Central and Eastern European countries. The Company focuses its operations on such markets as Austria, Germany, the Czech Republic, Slovakia, Hungary, Slovenia, Romania and Poland. The Company manages a portfolio of approximately 240 properties, covering rentable space of approximately 1.8 million square meters. In the office sector, the Company concentrates on the capital cities of the core countries and the major office locations in Germany with its international myhive brand. The Company's activities in the retail sector are based on the brands STOP SHOP for retail parks and VIVO! for shopping centers which are designed for secondary and tertiary cities of Central and Eastern Europe.
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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