UBM Development AG
ISIN: AT0000815402
WKN: 852735
17 October 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: 21071

Original-Research: UBM Development AG - from NuWays AG

17.10.2024 / 09:00 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: 17.10.2024
Target price: EUR 27.00
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald

Good exchange result for new green bond

Topic: UBM recently announced the planned issue of a further green bond with a volume of up to € 100m (possible increase to € 150m) with a five-year term and an annual coupon of 7%. Until 15 October, the company provided an exchange offer to the holders of the UBM Bond 2019-2025 (2.175% coupon / € 120m) and the UBM Bond 2021-2026 (3.125% coupon / € 150m). In detail:

Yesterday, UBM announced the results of the exchange offer for the new green bond, as a nominal amount of € 73.6m, representing c. 25% of the holders of both the ’19-'25 and ’21-’26 bonds, was exchanged. In our view, this clearly underpins investors’ trust in the company’s prospects going forward. The re-offer price was set at 100% of the nominal amount.

In addition to the exchange offer, new investors will be able to subscribe to the new green bond in the period from 16 October to 22 October in the way of a private placement. While we expect the company to reach the targeted € 100m, we do not yet include this in our estimates and wait for the end of the offer period. The planned value date is 29 October.

Overall, the issuance will further strengthen UBM’s solid financial position with an equity ratio of > 30%, an LTV of 46% and liquid funds of € 180m as of H1. Moreover, UBM has no relevant maturities until the ’19-'25 bond (c. € 90m remaining nominal) expires in November ’25e.

Management intends to use the net issue proceeds for refinancing as well as the financing of new or existing suitable green projects, which are in accordance with the company’s Green Finance Framework. Mind you, that UBM is one of the leading developers of timber-hybrid construction in Europe with currently more than 300k sqm in the pipeline (total pipeline: € 1.9bn pro rate over 4 years), including the tallest timber-hybrid tower in the world, the Timber Marina Tower. Given the cost advantages in connection with the modular and serial construction as well as the significantly reduced carbon emissions, we expect UBM’s projects to meet brisk demand once the market fully reopens, as investors are under pressure to comply with the EU taxonomy.

Reiterate BUY with an unchanged € 27 PT based on DCF.

You can download the research here: http://www.more-ir.de/d/31071.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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2010095  17.10.2024 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=2010095&application_name=news&site_id=boersengefluester_html

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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