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Noratis (NUVA)

Business description

Noratis is a specialised asset developer, acquiring residential rental income producing assets in secondary locations with optimisation potential. Investing in the asset base and improving the tenant mix creates value, which Noratis exploits during well-structured asset sales, either through individual or block sales.

Stock data

Market cap.€78.5m
Last close€21.80
High / Low (52 weeks)€28.0 / €17.0
Stock market listingDB
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(11.4)(1.8)27.9
Relative *(7)8.243.9

* % Relative to local index

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Company news

Latest research

Building well

Update | Financials | 11/10/2018

On a growth path

Update | Financials | 04/07/2018

The real estate optimisers

Initiation | Financials | 30/06/2017

AKTUELLE VERÖFFENTLICHUNGEN

Noratis

Ein gutes Gefüge

11/10/2018
Noratis

Auf Wachstumskurs

04/07/2018
Noratis

Die Immobilien-Optimierer

30/06/2017

Investment summary

The shortfall in H1 results (revenue and adjusted EBIT down by a third) should not detract from Noratis’s ambition to benefit from favourable macro factors and clear opportunity in real estate with development potential in non-core German cities. The outturn was, as expected, a matter of timing (likely high-margin asset sales will be H2 oriented), so guidance of a rise in full-year profit is maintained, albeit on lower revenue. For the longer term, the asset base (stock book value up 15% in H1 at €114m) continues to be actively grown with c 900 units acquired since May (under 1,200 units in total at the start of 2018). Solid finances should allow a further generous dividend (6.7% yield 2018e).

Last updated on 11/10/2018

Key management

Igor Christian Bugarski , CEO
André Speth, CFO

Company address

Hauptstraße 129
Eschborn
65760
Germany
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