XTRA:LEG

Stock Analysis Report

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Executive Summary

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


Snowflake Analysis

Mediocre balance sheet 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 is less volatile than 75% of German stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: LEG's weekly volatility (3%) has been stable over the past year.


Market Performance


7 Day Return

-2.6%

LEG

-0.3%

DE Real Estate

1.1%

DE Market


1 Year Return

1.2%

LEG

4.9%

DE Real Estate

33.9%

DE Market

Return vs Industry: LEG exceeded the German Real Estate industry which returned -1.2% over the past year.

Return vs Market: LEG underperformed the German Market which returned 21.4% over the past year.


Shareholder returns

LEGIndustryMarket
7 Day-2.6%-0.3%1.1%
30 Day-7.7%-2.2%0.7%
90 Day-7.0%-2.8%8.8%
1 Year4.2%1.2%7.8%4.9%38.0%33.9%
3 Year38.8%26.3%24.0%14.7%17.1%6.9%
5 Year64.3%40.6%60.7%41.9%46.8%26.0%

Long-Term 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

Valuation

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

7.87x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: LEG (€111.28) is trading above our estimate of fair value (€52.38)

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 DE Real Estate industry average (13.7x).

PE vs Market: LEG is good value based on its PE Ratio (7.9x) compared to the German market (25.4x).


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's PB Ratio (1.2x) is in line with the DE Real Estate industry average.


Next Steps

Future Growth

How is LEG Immobilien forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

-12.2%

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 (-12.2% per year).

Earnings vs Market: LEG's earnings are forecast to decline over the next 3 years (-12.2% per year).

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

Revenue vs Market: LEG's revenue (3.1% per year) is forecast to grow slower than the German market (5.8% per year).

High Growth Revenue: LEG's revenue (3.1% per year) is forecast to grow slower than 20% 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 (7.5%).


Next Steps

Past Performance

How has LEG Immobilien performed over the past 5 years?

22.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: LEG has a large one-off gain of €932.1M impacting its September 30 2020 financial results.

Growing Profit Margin: LEG's current net profit margins (93.5%) are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: LEG's earnings have grown significantly by 22.5% per year over the past 5 years.

Accelerating Growth: LEG's earnings growth over the past year (6.7%) is below its 5-year average (22.5% per year).

Earnings vs Industry: LEG earnings growth over the past year (6.7%) exceeded the Real Estate industry -4.7%.


Return on Equity

High ROE: LEG's Return on Equity (14.8%) 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 (€1.0B) exceed its short term liabilities (€786.2M).

Long Term Liabilities: LEG's short term assets (€1.0B) do not cover its long term liabilities (€7.1B).


Debt to Equity History and Analysis

Debt Level: LEG's debt to equity ratio (84.6%) is considered high.

Reducing Debt: LEG's debt to equity ratio has reduced from 136% to 84.6% over the past 5 years.

Debt Coverage: LEG's debt is not well covered by operating cash flow (5.9%).

Interest Coverage: LEG's interest payments on its debt are well covered by EBIT (3.5x coverage).


Balance Sheet


Next Steps

Dividend

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

3.24%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: LEG's dividend (3.24%) is higher than the bottom 25% of dividend payers in the German market (0.9%).

High Dividend: LEG's dividend (3.24%) is low compared to the top 25% of dividend payers in the German market (3.37%).


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 8 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (25.5%), 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 (75.1% payout ratio).


Next Steps

Management

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

1.8yrs

Average management tenure


CEO

Lars von Lackum (45 yo)

1.75yrs

Tenure

€1,261,000

Compensation

Mr. Lars Von Lackum has been Chief Executive Officer at LEG Immobilien AG since June 1, 2019 and is its Member of Management Board since 2019 and also served as its Chief Financial Officer until July 1, 20...


CEO Compensation Analysis

Compensation vs Market: Lars's total compensation ($USD1.50M) is below average for companies of similar size in the German market ($USD3.30M).

Compensation vs Earnings: Insufficient data to compare Lars's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
Lars von Lackum
CEO & Chairman of the Management Board1.75yrs€1.26m0.0014%
€ 111.2k
Volker Wiegel
COO & Member of Management Board1.75yrs€1.05mno data
Thomas Hegel
1.83yrs€2.16m0.076%
€ 6.1m
Susanne Schroter-Crossan
CFO & Member of Management Board0.67yrno datano data
Hans-Peter Kneip
Head of Corporate Finance & Treasuryno datano datano data
Frank Kopfinger
Head of Investor Relationsno datano datano data

1.8yrs

Average Tenure

44.5yo

Average Age

Experienced Management: LEG's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Claus Nolting
Independent Supervisory Board Member4.83yrs€84.00kno data
Jochen Scharpe
Independent Supervisory Board Member8.17yrs€110.00kno data
Stefan Jutte
Independent Deputy Chairman of Supervisory Board8.17yrs€178.00kno data
Johannes Ludewig
Independent Supervisory Board Member8.17yrs€112.00kno data
Michael Zimmer
Independent Chairman of Supervisory Board8.17yrs€238.00kno data
Martin Wiesmann
Members of the Supervisory Board1.17yrsno datano data

8.2yrs

Average Tenure

69yo

Average Age

Experienced Board: LEG's board of directors are considered experienced (8.2 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 4.5%.


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: XTRA
  • Founded: 1970
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: €7.997b
  • Shares outstanding: 72.10m
  • 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
LEGUDB (Deutsche Boerse AG)UNSP ADR EA REPR 0.25 ORDDEEURAug 2015

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...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/03/08 19:18
End of Day Share Price2021/03/08 00:00
Earnings2020/09/30
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.