WOOD Flash – CA Immo: 3Q21 – 2022E FFO guidance withdrawn, considering exiting Romania
CA Immo's 3Q21 results were largely in line with our estimates, with a slight slowdown in the top line, as a result of non-core disposals. Management is seeing the continuing impact of COVID-19 on the leasing markets, and indicated that it believes that the company may miss the target of EUR 140m of pre-tax FFO I in 2022E (although the 2021E target of EUR 128m was reiterated). Additionally, CA Immo said that it has started to evaluate all the strategic options for its core market, Romania, including the potential sale of the entire portfolio. The company will provide its updated FFO I 2022E guidance in 1H22E. Based on these comments, we believe that there could be some small downside for our FFO I estimate for FY22E, at EUR 144m; however, at this juncture, we are not compelled to make a very significant adjustment. We believe that the key factor that could move the needle would be the sale of the Romanian portfolio: booked at nearly an 8% yield, the lost c.EUR 30m of rental income the buildings generate would be difficult to replace in the short run.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.
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