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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.€32.1m
Last close€2.18
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
Actual0.0(0.9)1.6
Relative *3.76.41.5

* % Relative to local index

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Company news

Latest research

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

Kluges Vorgehen

16/07/2018
RCM Beteiligungs

Üppige Zahlen

21/08/2017
RCM Beteiligungs

Immobilienanlagen in Dresden

23/06/2017

Investment summary

Ahead of H1 results on 15 August, Q1 showed the success of RCM Beteiligungs’ strategic focus on certain well-defined projects. Quarterly PBT of €2.3m, which alone exceeded full-year 2017 thanks to a c €11m development sale, all but guarantees guidance of more than €3m PBT in 2018. Driven by favourable macro factors and scope for efficiencies, asset development and appreciation, RCM’s positive outlook is reflected in confirmation of a 50% dividend hike for last year. Solid finances (almost 5x 2017 interest cover and an above industry-average equity ratio of 40%+ at March 2018) provide ample scope for reinvestment after Q1 disposals.

Last updated on 16/07/2018

Key management

Company address

Fronaeckerstrasse 34
Sindelfingen
71063
Germany
+49-7031-4690960
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