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Slower AUM growth and delayed disposals

Update | Financials | 06 Mar 2018

The recent selling pressure on publity’s shares (price down 48% ytd) was accompanied by negative newsflow in January, including a profit warning and missed AUM guidance for FY17. The negative sentiment might have also resulted from the ongoing discussions with bondholders around the modification of convertibles’ terms and conditions. Management now guides to FY18 net profit in the range of EUR 15-20m (implying c 34-80% y-o-y growth) based on a cautious assumption of no AUM growth this year (vs previous guidance of EUR 7.0bn).


New mandates secure future growth

Update | Financials | 01 Sep 2017

publity’s H117 earnings momentum reflects both the ability to leverage its asset management expertise (AUM increased to EUR 3.8bn from EUR 3.2bn at end-2016) and its good cost discipline (OPEX down 11.2% y-o-y). New institutional mandates received ytd, coupled with a solid project acquisition pipeline should assist the company in achieving the AUM targets set for FY17e and FY18e at EUR 5.2bn and EUR 7.0bn, respectively. The stock currently trades at a FY17e P/E ratio of 6.1x, implying a 62% discount to the peer group. The stock offers an attractive dividend yield of 8% based on current year’s DPS consensus estimates.


An experienced investor in German real estate

Initiation | Financials | 03 Jul 2017

publity is an asset manager with long-term experience of investing in German office buildings. It is the largest servicer of non-performing loans (NPLs) in Germany and is able to acquire assets from restructuring German banks. It focuses entirely on asset management and is not distracted by property and facility management. It evaluates and analyses more than 1,000 assets per year, acquiring individual assets for its clients, rather than making portfolio acquisitions. It currently has AUM of EUR 3bn and a potential deal pipeline of more than EUR 26bn. Current valuations are attractive relative to sector comparatives, despite having the highest yield in its peer group.