Original-Research: UBM Development AG (von NuWays AG): BUY
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Original-Research: UBM Development AG - von NuWays AG
Einstufung von NuWays AG zu UBM Development AG
Unternehmen: UBM Development AG
ISIN: AT0000815402
Anlass der Studie: Update
Empfehlung: BUY
seit: 09.02.2024
Kursziel: 31.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald
Off to a good start / Muted Q4'23 expected; chg
Yesterday, UBM announced to have received the building permit for the
Timber Peak project in Mainz. Once completed, the 12-storey-building will
exceed a height of 40 metres and will have c. 9,500 sqm gross floor area.
The building will be equipped with heat pumps, heating and cooling panels,
EV-charging for up to 40 car parking spaces, and intelligent building
automation technology which is recording consumption and energy efficiency
data systematically. Hence, users will be able to de facto automatically
fulfil the reporting obligations for the EU Taxonomy.
While construction is set to kick off end of February, the project is
expected to be completed in Q2'25e. As the window for forward deals is
almost closed at the moment, we do not estimate a revenue contribution
before Q3 '25e. The proceeds are seen in the range of EUR 60-65m (eNuW).
Muted Q4e. UBM is expected to publish FY23 prelims in early March (final
FY23 figures on April 11th), which look set to come in muted with sales of
EUR 87.9m (eNuW; eCons: EUR 97.6m) and an EBT of EUR -23.6m (eNuW; eCons: EUR
-21.4m). Mind you, that UBM did not execute major sales in 2023 given the
standstill on the real estate transaction market. Hence, sales were mainly
stemming from smaller disposals as well construction progress on projects
already sold (POC). Importantly, our FY '23e EBT estimate is still subject
to a certain degree of uncertainty which is due to the outcome of the YE
impairment test of the standing assets portfolio.
Macro headwinds are starting to ease. After six quarters of decreasing
transaction volumes, we observed first sequential improvements in Q3 (+11%
qoq) that continued in Q4 (+10% qoq) in Germany's Top-7. Paired with
declining financing rates (10y EUR swap rate is -81bps since 10/23) this
indicates that the trough has been reached. Yet, a slow but steady recovery
appears more likely than a rapid upswing, in our view. For UBM, this could
offer the opportunity to sell the Timber Pioneer, which would generate
proceeds of EUR 150m (eNuW; 75% UBM share). However, amid the still high
uncertainty, we factor only a 50% likelihood of this happening and leading
to our estimate of EUR 176m sales in FY24e (eCons: EUR 167m) and an EBT of EUR
18.3m (eCons: EUR 24.6m).
Given the compelling mid-term prospects as well as easing macros, the stock
remains a BUY with an unchanged PT of EUR 31.00 based on DDM.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28853.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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