UBM Development 3Q 20 - Ahead of expectations on lower costs
UBMs 3Q results came in slightly ahead of expectations (PBT EUR 7.2 mn vs. RCBe EUR 1.5 mn) mostly driven by lower than anticipated costs of materials (EUR 27.8 mn vs. RCBe EUR 31.1 mn), personnel costs (EUR 6.7 mn vs. RCBe EUR 9.2 mn) and marginally higher income from associates (EUR 6.8 mn vs. RCBe EUR 6 mn). Revenues were exactly in line with our estimates at EUR 47.2 mn. IFRS NAV per share increased marginally as a result of the positive development to EUR 45.7 per share (adj. for hybrid capital). Equity ratio remained at 34% in the quarter and LTV stands at 37% far below the target of 50%.UBM Realitaetsentwicklung is engaged in the the development, utilization and management of real estate. Co.'s projects include: hotels; trade/entertainment; office blocks; logistics/commerce; urban development; residential buildings; revitalization; special projects; and garages/parking.
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.
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