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SRH AlsterResearch AG Update: FCR Immobilien AG - Portfolio expansion continues; BUY reiterated

SRH AlsterResearch AG Update: FCR Immobilien AG - Portfolio expansion continues; BUY reiterated

Nachrichtenquelle: AlsterResearch AG
04.05.2021, 10:22  |  139   |   |   

FCR executed on another significant transaction, acquiring a portfolio of 8 commercial properties with a total leasable area of 7.500 m² and an estimated value of EUR 7m (eAR).

FCR Immobilien AG (Update)

Real Estate
MCap EUR 119m

BUY, PT EUR 14.80 (+21% potential)
Research_update

FCR executed on another significant transaction, acquiring a portfolio of 8 commercial properties with a total leasable area of 7.500 m² and an estimated value of EUR 7m (eAR). Together with earlier transactions, YTD investments amount to EUR 27m. We believe that FCR is on a good track to invest the earmarked EUR 160m in 2021, allowing for an FFO to once again double in 2021E - close to EUR 10m (eAR). As such, FCR’s business model looks intact in our view with the aim to grow its retail property portfolio in established secondary locations in Germany with less competitive pressure and ultimately higher average yield potential. We therefore reiterate to BUY with unchanged PT of EUR 14.80 (based on our DCF model and comparable company analysis), allowing for an upside potential of c. 21%

 

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FCR Immobilien Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de

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Disclaimer

SRH AlsterResearch AG Update: FCR Immobilien AG - Portfolio expansion continues; BUY reiterated FCR executed on another significant transaction, acquiring a portfolio of 8 commercial properties with a total leasable area of 7.500 m² and an estimated value of EUR 7m (eAR). Together with earlier transactions, YTD investments amount to EUR 27m. We believe that FCR is on a good track to invest the earmarked EUR 160m in 2021, allowing for an FFO to once again double in 2021E - close to EUR 10m (eAR).

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