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RCM Beteiligungs (RCM)

Business description

RCM Beteiligungs is primarily a residential property developer focusing on the refurbishment of assets in the area of Dresden, Saxony. Additionally it invests in financial assets. RCM acquires low to medium value residential multi-family homes and modernises them. The objective is to achieve rent increases and an appreciation of the asset value. RCM realises value by selling the asset and re-investing in new real estate assets and opportunistic financial participations. While the real estate business accounted for 89% of revenues and represented 70% of the balance sheet total of €55m in 2016, the financial holdings and participation business represented 11% of revenues and tripled in value to €5.5m.

Stock data

Market cap.€30m
Last close€2.14
High / Low (52 weeks)€2.3 / €2.1
Stock market listingDB
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(0.9)(1.8)(1.8)
Relative *(3.4)(3.4)7.2

* % Relative to local index

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Company news

Latest research

Moving on

Update | Financials | 21/08/2018

Playing smart

Update | Financials | 16/07/2018

Rising expectations

QuickView | Financials | 22/11/2017

Delivering in spades

Update | Financials | 21/08/2017

Real estate assets in Dresden

Initiation | Financials | 23/06/2017

AKTUELLE VERÖFFENTLICHUNGEN

RCM Beteiligungs

Es geht weiter

21/08/2018
RCM Beteiligungs

Kluges Vorgehen

16/07/2018
RCM Beteiligungs

Üppige Zahlen

21/08/2017
RCM Beteiligungs

Immobilienanlagen in Dresden

23/06/2017

Investment summary

Having reported a bumper first quarter, RCM Beteiligungs has predictably met H118 expectations of €2.4m PBT, which alone exceeded full-year 2017 (€2.1m). Favourable macro factors and scope for efficiencies and asset development encourage continued confidence, even if this risks being tempered by a quiet Q2 (lower profit) and the lack of elaboration on post-Q1 guidance of €3m+ 2018 PBT. Sound finances (high interest cover and an above industry average equity ratio of 45% at June 2018) should allow a resumption in property expansion after a pause in 2017 and subsequent disposals.

Last updated on 21/08/2018

Key management

Company address

Fronaeckerstrasse 34
Sindelfingen
71063
Germany
+49-7031-4690960
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