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MarketScreener Homepage  >  Equities  >  Xetra  >  Patrizia AG    PAT   DE000PAT1AG3

PATRIZIA AG

(PAT)
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Patrizia Immobilien : Second increase in guidance for 2018 – Operating income of slightly...

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11/06/2018 | 09:16am EST

• Significant increase in operating income guidance for the business year 2018 to slightly above EUR 140.0m (previous: EUR 100.0-110.0m)
• Operating income after first nine months of 2018 of EUR 98.1m (+110.5% y-o-y)

Augsburg, 6 November 2018. PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) has once again significantly increased its guidance for operating income for the business year 2018. Having started the business year with a guidance of EUR 85.0-100.0m, PATRIZIA increased its operating income guidance with its H1 2018 results to EUR 100.0-110.0m, based on successful cost efficiency measures. This second significant increase in operating income guidance for the business year 2018 to slightly above EUR 140.0m is based on the better than expected development of revenues in the fourth quarter of 2018.

Based on current calculations, the Group generated an operating income of EUR 98.1m in the first nine months of 2018, equivalent to 110.5% growth compared to the same period in 2017. Growth in assets under management, performance fees as well as the reduction of principal investments (in line with the Group's strategy) in particular contributed to the strong set of results. At the same time, cost efficiency measures related to the acquisition of SPI, TRIUVA and Rockspring took effect faster than anticipated during the first nine months of 2018.

Based on the current strong performance, PATRIZIA has adjusted its 2018 guidance for management, transaction and performance fees.

Management fees are expected in the range of EUR 170.0-175.0m based on increased assets under management (previous: EUR 162.5-170.0m).

Based on scheduled real estate transactions for its international institutional investors during the fourth quarter of 2018, PATRIZIA expects slightly lower transactions fees of EUR 50.0-60.0m (previous: EUR 55.0-62.5m). At the same time, the Group expects significantly higher than planned performance fees in a range of between EUR 90.0-100.0m (previous: EUR 50.0-70.0m).

The guidance for transaction volume, growth in assets under management, net sales revenues and co-investment income and net operating expenses remain unchanged.

The full set of 9M 2018 financial results including further details will be published on 14 November 2018 as planned.

Disclaimer

Patrizia Immobilien AG published this content on 06 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 06 November 2018 14:15:02 UTC

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Financials (EUR)
Sales 2019 346 M
EBIT 2019 102 M
Net income 2019 66,7 M
Finance 2019 275 M
Yield 2019 1,45%
P/E ratio 2019 27,8x
P/E ratio 2020 23,4x
EV / Sales2019 4,53x
EV / Sales2020 4,21x
Capitalization 1 843 M
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Average target price 21,71  €
Last Close Price 20,24  €
Spread / Highest target 23,5%
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Wolfgang Egger Chief Executive Officer
Theodor Seitz Chairman-Supervisory Board
Klaus Schmitt Chief Operating Officer
Karim Bohn Chief Financial Officer
Alfred Hoschek Deputy Chairman-Supervisory Board