FCR Immobilien AG: FY ’21 in line; Further strong FFO improvement expected

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FCR Immobilien (“FCR”) presented FY 2021 results, confirming the prelim. results which had been published mid of March. Funds from operations (FFO) improved by over 40% yoy to EUR 7.1m. Despite the fact that FCR was originally aiming for an FFO of EUR 8m, we see FCR on track to further improve its cash generating ability, visible in an annualized FFO of EUR 12.8m. Consequently, the shortfall to the ambitious guidance was merely a timing issue of a backend loaded acquisition pipeline in 2021. In sum, FCR acquired 17 new properties worth EUR 80m bringing the value of the portfolio above EUR 400m. We incorporate the FY 2021 results leading to slightly lower net debt at year end and introduce our 2024 estimates. Given that the outlook remains very positive and further FFO improvements in 2022 at hand, we reiterate our BUY recommendation with unchanged PT of EUR 22.00. Upside potential of 30%.

 

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