TAG Immobilien: Interesting dividend yield

TAG Immobilien’s rental income rose by 1.5 percent to 159.7 million euros in the first half of the year. The pre-tax profit fell from 283.6 million euros to 264.5 million euros. After taxes, profit fell from 227.3 million euros to 205.7 million euros. This results in earnings per share of EUR 1.41 (previous year: EUR 1.55). The FFO is up 7.7 percent to EUR 86.5 million. That is EUR 0.59 per share (previous year: EUR 0.55).

TAG’s portfolio has grown by around 1,000 units to 85,500 units in the past six months. The vacancy rate increases from 4.5 percent to 5.1 percent.

For the full year, TAG expects FFO of between EUR 168 million and EUR 170 million. The value per share should be 1.16 euros. The dividend should amount to EUR 0.87.

The analysts of Nord LB consider 171 million euros to be a realistic FFO. Accordingly, there should be a dividend of 0.88 euros. That corresponds to a dividend yield of 3.5 percent.

They continue to give a stop recommendation. As before, the target price is EUR 24.40.


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