WBAG:LEG

Stock Analysis Report

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Executive Summary

LEG Immobilien AG operates as an integrated property company in Germany.


Snowflake Analysis

Acceptable track record second-rate dividend payer.


Similar Companies

Share Price & News

How has LEG Immobilien's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: LEG's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

2.4%

LEG

1.3%

AT Real Estate

-1.6%

AT Market


1 Year Return

0.4%

LEG

-24.3%

AT Real Estate

-24.5%

AT Market

Return vs Industry: LEG exceeded the Austrian Real Estate industry which returned -24.3% over the past year.

Return vs Market: LEG exceeded the Austrian Market which returned -24.8% over the past year.


Shareholder returns

LEGIndustryMarket
7 Day2.4%1.3%-1.6%
30 Day5.8%-3.3%0.2%
90 Day-4.8%-33.6%-26.2%
1 Year3.7%0.4%-21.9%-24.3%-23.2%-24.5%
3 Yearn/a-11.7%-25.7%-19.8%-26.3%
5 Yearn/a-15.0%-33.3%6.0%-7.7%

Price Volatility Vs. Market

How volatile is LEG Immobilien's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is LEG Immobilien undervalued compared to its fair value and its price relative to the market?

7.86x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: LEG (€111.46) is trading above our estimate of fair value (€43.95)

Significantly Below Fair Value: LEG is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: LEG is good value based on its PE Ratio (7.9x) compared to the Real Estate industry average (11.7x).

PE vs Market: LEG is good value based on its PE Ratio (7.9x) compared to the Austrian market (10.6x).


Price to Earnings Growth Ratio

PEG Ratio: LEG's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: LEG is overvalued based on its PB Ratio (1.3x) compared to the AT Real Estate industry average (0.6x).


Next Steps

Future Growth

How is LEG Immobilien forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

-16.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: LEG's earnings are forecast to decline over the next 3 years (-16% per year).

Earnings vs Market: LEG's earnings are forecast to decline over the next 3 years (-16% per year).

High Growth Earnings: LEG's earnings are forecast to decline over the next 3 years.

Revenue vs Market: LEG's revenue is expected to decline over the next 3 years (-2% per year).

High Growth Revenue: LEG's revenue is forecast to decline over the next 3 years (-2% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: LEG's Return on Equity is forecast to be low in 3 years time (6%).


Next Steps

Past Performance

How has LEG Immobilien performed over the past 5 years?

29.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: LEG has a large one-off gain of €885.1M impacting its March 31 2020 financial results.

Growing Profit Margin: LEG's current net profit margins (92.2%) are higher than last year (85.5%).


Past Earnings Growth Analysis

Earnings Trend: LEG's earnings have grown significantly by 29.9% per year over the past 5 years.

Accelerating Growth: LEG's earnings growth over the past year (32.7%) exceeds its 5-year average (29.9% per year).

Earnings vs Industry: LEG earnings growth over the past year (32.7%) underperformed the Real Estate industry 33.6%.


Return on Equity

High ROE: LEG's Return on Equity (15.7%) is considered low.


Next Steps

Financial Health

How is LEG Immobilien's financial position?


Financial Position Analysis

Short Term Liabilities: LEG's short term assets (€422.3M) do not cover its short term liabilities (€432.1M).

Long Term Liabilities: LEG's short term assets (€422.3M) do not cover its long term liabilities (€6.5B).


Debt to Equity History and Analysis

Debt Level: LEG's debt to equity ratio (81.9%) is considered high.

Reducing Debt: LEG's debt to equity ratio has reduced from 119.6% to 81.9% over the past 5 years.

Debt Coverage: LEG's debt is not well covered by operating cash flow (6.1%).

Interest Coverage: LEG's interest payments on its debt are not well covered by EBIT (2.9x coverage).


Balance Sheet


Next Steps

Dividend

What is LEG Immobilien's current dividend yield, its reliability and sustainability?

3.22%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: LEG's dividend (3.22%) is higher than the bottom 25% of dividend payers in the Austrian market (1.73%).

High Dividend: LEG's dividend (3.22%) is low compared to the top 25% of dividend payers in the Austrian market (5.32%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, LEG has been paying a dividend for less than 10 years.

Growing Dividend: LEG's dividend payments have increased, but the company has only paid a dividend for 7 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (25.4%), LEG's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: LEG's dividends in 3 years are forecast to be covered by earnings (73.1% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

0.9yrs

Average management tenure


CEO

LEG Immobilien has no CEO, or we have no data on them.


Leadership Team

NamePositionTenureCompensationOwnership
Lars Von Lackum
CFO, CEO & Chairman of the Management Board0.92yr€1.26m0.0014% 111.7k
Volker Wiegel
COO & Member of Management Board0.92yr€1.05mno data
Thomas Hegel
1yr€2.16m0.079% 6.1m
Hans-Peter Kneip
Head of Corporate Finance & Treasuryno datano datano data
Frank Kopfinger
Head of Investor Relationsno datano datano data

0.9yrs

Average Tenure

54yo

Average Age

Experienced Management: LEG's management team is not considered experienced ( 0.9 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Claus Nolting
Independent Supervisory Board Member4yrs€84.00kno data
Jochen Scharpe
Independent Supervisory Board Member7.33yrs€110.00kno data
Stefan Jutte
Independent Deputy Chairman of Supervisory Board7.33yrs€178.00kno data
Johannes Ludewig
Independent Supervisory Board Member7.33yrs€112.00kno data
Michael Zimmer
Independent Chairman of Supervisory Board7.33yrs€238.00kno data
Natalie Hayday
Independent Supervisory Board Member4.92yrs€112.00kno data

7.3yrs

Average Tenure

64yo

Average Age

Experienced Board: LEG's board of directors are considered experienced (7.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 9.2%.


Top Shareholders

Company Information

LEG Immobilien AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: LEG Immobilien AG
  • Ticker: LEG
  • Exchange: WBAG
  • Founded: 1970
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: €7.706b
  • Shares outstanding: 69.01m
  • Website: https://www.leg-wohnen.de/unternehmen/

Number of Employees


Location

  • LEG Immobilien AG
  • Hans-Böckler-Strasse 38
  • Dusseldorf
  • North Rhine-Westphalia
  • 40476
  • Germany

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LEGDB (Deutsche Boerse AG)YesOrdinary SharesDEEURFeb 2013
LEGXTRA (XETRA Trading Platform)YesOrdinary SharesDEEURFeb 2013
0QC9LSE (London Stock Exchange)YesOrdinary SharesGBEURFeb 2013
LEGI.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDFeb 2013
LEGDBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURFeb 2013
LEGWBAG (Wiener Boerse AG)YesOrdinary SharesATEURFeb 2013
LEGSWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFFeb 2013
LEGETLX (Eurotlx)YesOrdinary SharesITEURFeb 2013

Biography

LEG Immobilien AG operates as an integrated property company in Germany. It rents apartments, commercial units, and garages and parking spaces; and purchases and sells property portfolios. The company also offers property management and location development services; and housing industry services, as well as IT services for third parties. In addition, it generates electricity and heat. As of December 31, 2019, the company’s portfolio consisted of 134,031 apartments; 1,272 commercial units; and 34,283 garages and parking spaces in North Rhine-Westphalia. LEG Immobilien AG was founded in 1970 and is headquartered in Dusseldorf, Germany. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/24 00:17
End of Day Share Price2020/05/22 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.