Accentro: more questions than answers – stock graduation

Accentro Real Estate’s three-quarter figures, which were published in November, are viewed by experts as a disappointment. Revenue in the privatization business drops by 12 percent. After a pre-tax profit of 19 million euros in the previous year, the real estate company reports a pre-tax minus of 8 million euros for the first nine months of 2020. The result fell from +13.2 million euros to -12.0 million euros. The equity ratio will decrease from 38 percent to 29 percent.

For the analysts at SRC Research, it is somewhat surprising “how one can produce such a result with the German Residential asset class, which is the most sought-after asset class in the real estate sector, even if the company reported lockdown-related disabilities in the months of March to May”.

The fact that the number of residential properties that one wants to hold for the long term is growing significantly has been positively received. This ensures additional rental income. The expansion of the Executive Board to include Hans-Peter Kneip as CFO is also highlighted. Kneip previously held a managerial position at LEG Immobilien and has relevant experience.

For 2020 Accentro continues to expect an EBIT of 39.8 million euros. After three quarters it comes to around 6 million euros. Therefore, the goal setting could be very ambitious.

There may be impulses in the future thanks to the takeover of DIM, which looks after 18,500 residential units in Germany. The important thing is how the purchase can be integrated. In addition, there is no information about the purchase price.


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