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deutsche grundstücksauktionen

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Deutsche Grundstücksauktionen


Update | Financials | 18 Sep 2018

Deutsche Grundstücksauktionen (DGA) has improved even on an ‘outstanding’ H117 comparative, with the highest first-half gross turnover and net commission for more than a decade and net profit up c 60% in H118. While the driver (a record lot sale of EUR 15m, almost a quarter of total gross turnover) was arguably exceptional, the offer of further high-value lots is not wishful thinking, given DGA’s good relationship with the Federal Bundesanstalt and excellent publicity as a reference sale. Indications of positive imminent Q3 auctions support guidance of a stable second half and thus forecasts of a bumper dividend (prospective 5.2% yield).

Deutsche Grundstücksauktionen

Lots to admire

Update | Financials | 06 Jun 2018

Continued buoyancy in H217 has delivered another successful year for Deutsche Grundstücksauktionen (DGA). 2017 saw a double-digit increase in gross turnover comfortably exceed management expectations, while a 7% rise in an already generous dividend would have been significantly greater but for unusually high commission reversals on historic transactions. Positive prospects reflect sustained favourable macro factors and a record start to 2018 thanks to a bumper €15m Berlin auction lot and likely associated payout (surplus cash o DGA has no debt o allows profit to be distributed almost entirely by way of dividend).

Deutsche Grundstücksauktionen

From strength to strength

Update | Financials | 11 Sep 2017

Deutsche Grundstücksauktionen (DGA) continues to please with an “outstanding” H1, epitomised by the highest first-half gross turnover and net commission for a decade and a trebling of net income. No less encouraging is management’s confidence about the seasonally stronger H2 with a likely repeat of last year’s bumper autumn auctions and sustained favourable macro factors. Robust finances (debt-free) and a proven model should ensure that the company’s enviable dividend record is maintained.

Deutsche Grundstücksauktionen

As good as it gets

Initiation | Financials | 06 Jun 2017

Deutsche Grundstücksauktionen (DGA) is at full throttle as longstanding operational excellence combines with favourable macro factors. Continuous high demand for property is being supplemented by effective promotion of auctions as a distribution channel, higher margin online business and likely growing recurrent income from enhanced public sector contracts. Strong finances (debt-free) should further allow continued generous dividends by a management team evidently sympathetic to investor yield considerations.