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4-Traders Homepage  >  Equities  >  Xetra  >  TAG Immobilien AG    TEG   DE0008303504

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TAG IMMO : TAG Immobilien AG successfully implements its growth strategy in H1 2011 and raises its full-year NAV guidance

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08/18/2011 | 08:50am CEST
  • Takeover of Colonia Real Estate AG and other acquisitions double real estate volume to approx. EUR 1.9 billion
  • Rental income doubles to EUR 39 million
  • EBT increases from EUR 6.2 million to EUR 33.7 million
  • NAV forecast for 2011 raised from EUR 8.00 to EUR 8.75 per share
  • Synergy target in relation to the Colonia takeover raised to EUR 30-35 million per year
  • Solid balance sheet and financing structure with LTV ratio of 59 percent

Hamburg (18. August 2011) – TAG Immobilien AG (‘TAG’ in the following) successfully put its growth strategy into practice during the first half of the year. Following the takeover and first-time consolidation of Colonia Real Estate AG (‘Colonia’ in the following), the integration continues better than expected. The merging of the administration units have resulted in major savings. The internalisation of asset and property management greatly increases the potential synergies. Vacancy reduction continues to be the focus on the operations level. In Salzgitter, the largest single portfolio, vacancy was reduced from 24 percent to 23.5 percent in the second quarter. Further acquisitions in 2011, in places where TAG already has properties, also serve to increase the NAV (Net Asset Value) and have a positive impact on profits and cash flow. The key indicators of the first half of 2011 are as follows:

Total revenues increased from EUR 39.8 million in the first half of 2010 to EUR 72.7 million in the first six months of 2011. First-half rental revenues increased from EUR 23.9 million in 2010 to EUR 53.5 million in 2011, resulting in consolidated rental income (TAG and Colonia) of EUR 39.2 million after EUR 19.3 million in H1 2010. The good rental result, the synergies achieved from the Colonia takeover, effects from other acquisitions, and a revaluation gain in the commercial portfolio resulted in first-half earnings before taxes (EBT) of EUR 33.7 million, after EUR 6.2 million in 2010. The takeover of Colonia engendered higher interest payments, and the result was also impacted by interest paid on the convertible bonds issued by TAG last year, as well as higher taxes on property loans as the result of acquisitions. In all, net interest for H1 2011 was EUR -36.3 million, after EUR -15.6 million. The TAG recorded Group net income of EUR 27.7 million after EUR 6.3 million in H1 2010.

Total assets increased, especially due to the Colonia takeover, from EUR 1.2 billion at year-end 2010 to approx. EUR 1.9 billion at the end of June 2011. The Group’s solid balance sheet and financial structure is reflected in a LTV (Loan to Value) ratio of 59 percent, and the financial liabilities were also reduced by approx. EUR 100 million during the second quarter.

 “Based on its successful expansion strategy and the value-driven portfolio management, TAG is raising its NAV guidance, which reflects the intrinsic value of the business, from EUR 8.00 to EUR 8.75 per share for 2011. At the same time we are upholding the EBT forecast for the present at between EUR 50-60 million. Our strategic goal remains the long-term growth of shareholder value,” says Rolf Elgeti, CEO of TAG.

Please refer to the interim financial report as of June 30, 2011, published today, for details.

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Financials (€)
Sales 2016 272 M
EBIT 2016 205 M
Net income 2016 128 M
Debt 2016 2 276 M
Yield 2016 4,59%
P/E ratio 2016 12,07
P/E ratio 2017 11,84
EV / Sales 2016 15,1x
EV / Sales 2017 14,7x
Capitalization 1 823 M
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Mean consensus HOLD
Number of Analysts 16
Average target price 12,3 €
Spread / Average Target -1,7%
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Rolf Elgeti Chairman-Supervisory Board
Claudia Hoyer Chief Operating Officer
Martin Thiel Chief Financial Officer
Lothar Lanz Deputy Chairman-Supervisory Board
Philipp K. Wagner Member-Supervisory Board
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