UBM Development confirmed at BUY, TP EUR 49.0 - Strong pipeline & balance sheet, cost inflation a risk
Decreased net debt, record liquidity and equity ratio above target range make UBM well prepared to face near term volatilityMost costs for projects under construction fixed, protecting against immediate inflation impact
Residential (55% of pipeline) historically proved to be a good hedge in times of uncertainty and elevated inflation levels
Likely margin pressure and possible delays on new project starts if material shortgages arise
Decrease in target price on the back of lowered estimates and higher discount rate
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.
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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