Helma Eigenheimbau (H5E)

Business description

Helma Eigenheimbau provides development, planning, sales, finance advisory and construction services for turnkey, low rise, domestic properties. It uses solid construction techniques, usually block and render. It operates mainly in cities in middle and north Germany and in Munich.

Investment summary

Helma’s H117 results confirmed the anticipated slowdown in the German residential market associated with longer project turnaround time in the construction planning and contracting stages. The company’s order intake showed some signs of moderation as it declined 3.6% y-o-y to €116.3m due to the already expected weaker order inflow in HELMA Wohnungsbau. However, management reiterated its recent guidance and forecasts a considerably higher order intake in H217 compared with H117. Helma’s current premium to peers of c 15% on FY17e P/E reverses to a 5% discount in FY18e based on consensus expectations of 27% EPS growth.

Last updated on 14/09/2017

Key management

Gerrit Janssen, CFO
Elaine Hirsch, CFO Assistant

Company address

Zum Meersefeld 4
Lehrte
31275
Germany
+49-5132-88500
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