WOOD Flash – Immofinanz: 3Q18 – a weak quarter; looking ahead, we focus on margin expansion and growth potential
Immofinanz has reported what we perceive as relatively weak 3Q18 numbers. Going forward, we believe the focal point should be the evolution of the margin on income from asset management. The strong result that Immofinanz reached in 2Q18 appears to signal that, once done with the refurbishment programme, Immofinanz might see a tangible margin expansion. In our latest update (CEE_Real Estate_IIA Update_SPI Initiation_27Jun2018.pdf), we assumed that the margin on income from asset management should increase to >80% only in 2020E. If Immofinanz shows sustained cost control in the coming quarters, we may have to review our estimates upwards.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.
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.
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