WOOD Flash – CA Immo: 3Q18 – another strong quarter, FFO I exceeds our and consensus estimates by 10% and 6%
CA Immo has reported another set of strong results. The FFO exceeded our and the consensus estimates by 10 and 6%, respectively. For 9M18, the FFO I (pre-tax) stood at EUR 93.7m, up 11% yoy. CA Immo is thus well on track to reach its FY18E guidance of at least EUR 115m, and exceed our 2018E FFO I forecast of EUR 111m, in our view. The results were boosted by a EUR 44m revaluation gain, driven predominantly by gains in Austria, related to a 14k sqm GLA rental agreement that CA Immo signed with Volksbank for the Erdberger Lande office in Vienna. This pushed the EPRA NAV to EUR 31.1/share, up 11% yoy and 2% above our estimate. Following the recent correction, CA Immo trades at 92% P/NAV, and a touch below our price target (PT) of EUR 29.0/share.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.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.