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Umweltbank (UBK)

Business description

UmweltBank is a specialised lender with total assets of €3.6bn, providing financing of renewable energy projects, as well as loans for new construction or renovation of sustainable residential, community and commercial real estate.

Stock data

Market cap.€234.8m
Last close€8.42
High / Low (52 weeks)€12.0 / €7.7
Stock market listingDE
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(1.2)(7.9)(16.8)
Relative *4.03.41.2

* % Relative to local index

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Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 59.5 N/A 46.0 116.1 7.3 N/A
2017A 55.1 N/A 40.3 99.4 8.5 N/A
2018E 55.6 N/A 38.6 92.7 9.1 N/A
2019E 55.1 N/A 36.8 87.0 9.7 N/A

Last updated on 27/11/2018

Investment summary

UmweltBank (UBK) is a play on Germany’s ongoing transition towards a low-carbon, resource-efficient economy. Its long-term asset and earnings growth should continue to be driven by regulatory and public support of green construction and renewable energy (RE) projects. In this context, UBK recently launched a junior green bond offering to raise up to €30.6m of net new tier-2 capital and is considering a new share issuance to further improve the CET1 ratio. UBK is one of the most profitable listed banks in the German-speaking region due to its low cost base and high credit quality. Its shares trade at a P/BV 2018e of 1.2x, which looks low relative to its above-average ROE (we expect 11.8% in FY18).

Last updated on 29/11/2018

Industry outlook

UBK’s focus on financing sustainable projects should continue to facilitate the bank’s growth in the long term, with Germany’s ambitious target to generate more than 80% of electricity from RE sources by 2050 (vs 36% in 2017). In the short term however, the recently introduced auction system aimed at encouraging more competition and cost effectiveness has led to some market uncertainty. The trend towards sustainability is also reshaping the German real estate industry and becoming the key driver of UBK’s new lending volumes, as illustrated by its H118 results.

Last updated on 29/11/2018

Key management

Goran Basic, Member of the Board
Stefan Weber, Speaker of the Board
Juergen Koppmann, Member of the Board

Company address

Laufertorgraben 6
Nürnberg
90489
Germany
0911 / 53 08 - 0
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