UBM Development AG
ISIN: AT0000815402
WKN: 852735
30 August 2024 09:01AM

Original-Research: UBM Development AG (von NuWays AG): Buy

UBM Development AG · ISIN: AT0000815402 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 20675

Original-Research: UBM Development AG - from NuWays AG

30.08.2024 / 09:01 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


Classification of NuWays AG to UBM Development AG

Company Name: UBM Development AG
ISIN: AT0000815402
 
Reason for the research: Update
Recommendation: Buy
from: 30.08.2024
Target price: EUR 27.00
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald

Improved total output + residential recovery in sight, chg.

UBM released Q2 results, showing a steep increase in total output thanks to several disposals but still weak operating performance due to the ongoing standstill on the real estate transaction market.

Total output in Q2, which in addition to sales also refers to pro-rata sales of companies consolidated at-equity
as well as proceeds from share deals, increased by 161% yoy to € 164.1m, which was especially driven by the partial sale of the LeopoldQuartier Office project (30% stake) to a project partner. Further drivers were the disposals of the W3 – Center Wien Mitte to the co-owner as well as the office building Polezcki Madrid to a tenant. Notably, all deals were concluded at book value. Total net cash inflows from the transaction amount to € 75m in H1 (eNuW: € 50m in Q2), leading to a comfortable cash position of € 179m (FY ’23: € 152m).

Yet, Q2 sales, which only recognize signed project sales on a PoC base, only increased slightly by 13% yoy to € 22.5m (eNuW: € 24.9m) against a weak comparable base. The most significant sales contributions came from the construction progress on residential projects in Germany and the Czech Republic as well as forward sales in Austria. Yet, early indicators for a revival of the residential market were visible, as UBM sold a total of 97 units in H1, which is already exceeding the FY ’23 amount (96). On a positive note, Q2 EBITDA improved yoy to € 1m (eNuW: € -1.2m), which is mainly to the absence of negative fair value adjustments of the property portfolio. Moreover, cost for personnel reduced by 20% yoy following reduced head count.

As it remains uncertain, when the real estate market will reopen again, we still expect positive newsflow form UBM in the coming quarters. For instance, the company recently sent out the teaser for the Timber Pioneer project and so far attracted dozens of interested buyers for Frankfurt’s first hybrid-timber office building. While a disposal in H2 appears not likely due to the shortage of time, we estimate a closing in H1 ‘25e to be realistic. Furthermore, we expect the recovery in residential to accelerate going forward, driven by the increasing supply/demand imbalance. In office/light-industrial we further anticipate positive impacts from Germany’s “GebäudetypE” draft law, which is seen to simplify planning processes (i.e. more flexibility on room height, less radiators, etc.) and thus reduce total construction costs.

The shares remains a BUY with an unchanged PT of € 27 based on DDM.

You can download the research here: http://www.more-ir.de/d/30675.pdf
For additional information visit our website: www.nuways-ag.com/research

Contact for questions:
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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1978161  30.08.2024 CET/CEST

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Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.

The most important financial data at a glance
  2018 2019 2020 2021 2022 2023 2024e
Sales1 514,05 242,00 183,34 278,31 133,94 85,32 0,00
EBITDA1,2 58,89 74,97 65,10 75,93 39,17 -27,28 0,00
EBITDA-Margin3 11,46 30,98 35,51 27,28 29,24 -31,97 0,00
EBIT1,4 55,94 71,45 62,01 73,30 33,91 -30,06 0,00
EBIT-Margin5 10,88 29,53 33,82 26,34 25,32 -35,23 0,00
Net Profit (Loss)1 39,49 50,06 40,75 43,71 27,11 -46,05 0,00
Net-Margin6 7,68 20,69 22,23 15,71 20,24 -53,97 0,00
Cashflow1,7 113,81 -39,92 -34,64 -45,71 -70,74 -54,48 0,00
Earnings per share8 5,31 6,16 4,39 4,50 2,25 -3,14 1,15
Dividend per share8 2,20 2,20 2,20 2,25 1,10 0,00 0,00
Quelle: boersengefluester.de and Company information
Explanation

1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de

Auditor: BDO

All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.

INVESTOR-INFORMATION
©boersengefluester.de
UBM Development
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
852735 AT0000815402 AG 119,93 Mio € Halten 8FWR598Q+W2
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
6,17 8,80 0,70 4,68 0,32 -2,20 1,41
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
1,10 0,00 0,00 0,00%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
21.05.2025 28.05.2025 28.08.2025 28.11.2024 11.04.2025
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
-9,32%
16,05 €
ATH 51,00 €
-11,93% -17,89% -23,93% -24,65% +114,00%

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