OTCPK:IMMZ.F

Stock Analysis Report

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Executive Summary

IMMOFINANZ AG acquires, develops, owns, rents, and manages properties primarily in Austria, Germany, Poland, the Czech Republic, Slovakia, Romania, and Hungary.


Snowflake Analysis

Good value average dividend payer.

Share Price & News

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


Latest Share Price and Events

Stable Share Price: IMMZ.F has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

IMMZ.F

6.7%

US Real Estate

2.9%

US Market


1 Year Return

n/a

IMMZ.F

-10.5%

US Real Estate

8.9%

US Market

Return vs Industry: Insufficient data to determine how IMMZ.F performed against the US Real Estate industry.

Return vs Market: Insufficient data to determine how IMMZ.F performed against the US Market.


Shareholder returns

IMMZ.FIndustryMarket
7 Day0%6.7%2.9%
30 Dayn/a18.0%10.6%
90 Dayn/a-18.4%5.1%
1 Yearn/a-9.9%-10.5%11.4%8.9%
3 Year740.7%740.7%-11.3%-13.3%34.3%25.4%
5 Year603.7%603.7%-19.0%-21.4%60.7%42.7%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

5.93x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: IMMZ.F ($19) is trading above our estimate of fair value ($13.18)

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


Price To Earnings Ratio

PE vs Industry: IMMZ.F is good value based on its PE Ratio (5.9x) compared to the Real Estate industry average (16.1x).

PE vs Market: IMMZ.F is good value based on its PE Ratio (5.9x) compared to the US market (16.4x).


Price to Earnings Growth Ratio

PEG Ratio: IMMZ.F is good value based on its PEG Ratio (0.5x)


Price to Book Ratio

PB vs Industry: IMMZ.F is good value based on its PB Ratio (0.6x) compared to the US Real Estate industry average (1.1x).


Next Steps

Future Growth

How is IMMOFINANZ forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

12.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: IMMZ.F's forecast earnings growth (12.7% per year) is above the savings rate (2.2%).

Earnings vs Market: IMMZ.F's earnings (12.7% per year) are forecast to grow slower than the US market (22.3% per year).

High Growth Earnings: IMMZ.F's earnings are forecast to grow, but not significantly.

Revenue vs Market: IMMZ.F's revenue (3.3% per year) is forecast to grow slower than the US market (8.8% per year).

High Growth Revenue: IMMZ.F's revenue (3.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: IMMZ.F's Return on Equity is forecast to be low in 3 years time (6.8%).


Next Steps

Past Performance

How has IMMOFINANZ performed over the past 5 years?

55.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: IMMZ.F has a large one-off gain of €153.5M impacting its March 31 2020 financial results.

Growing Profit Margin: IMMZ.F's current net profit margins (49.4%) are higher than last year (38.3%).


Past Earnings Growth Analysis

Earnings Trend: IMMZ.F has become profitable over the past 5 years, growing earnings by 55.9% per year.

Accelerating Growth: IMMZ.F's earnings growth over the past year (22.3%) is below its 5-year average (55.9% per year).

Earnings vs Industry: IMMZ.F earnings growth over the past year (22.3%) exceeded the Real Estate industry -6.4%.


Return on Equity

High ROE: IMMZ.F's Return on Equity (9.9%) is considered low.


Next Steps

Financial Health

How is IMMOFINANZ's financial position?


Financial Position Analysis

Short Term Liabilities: IMMZ.F's short term assets (€585.9M) exceed its short term liabilities (€517.9M).

Long Term Liabilities: IMMZ.F's short term assets (€585.9M) do not cover its long term liabilities (€2.9B).


Debt to Equity History and Analysis

Debt Level: IMMZ.F's debt to equity ratio (95.8%) is considered high.

Reducing Debt: IMMZ.F's debt to equity ratio has reduced from 114.2% to 95.8% over the past 5 years.

Debt Coverage: IMMZ.F's debt is not well covered by operating cash flow (6%).

Interest Coverage: IMMZ.F's interest payments on its debt are well covered by EBIT (3.3x coverage).


Balance Sheet


Next Steps

Dividend

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

5.14%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: IMMZ.F's dividend (5.14%) is higher than the bottom 25% of dividend payers in the US market (1.62%).

High Dividend: IMMZ.F's dividend (5.14%) is in the top 25% of dividend payers in the US market (4.32%)


Stability and Growth of Payments

Stable Dividend: IMMZ.F's dividend payments have been volatile in the past 10 years.

Growing Dividend: IMMZ.F's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (30.5%), IMMZ.F's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: IMMZ.F's dividends in 3 years are forecast to be covered by earnings (78.3% payout ratio).


Next Steps

Management

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

5.2yrs

Average management tenure


CEO

Ronny Pecik (57yo)

0.083

Tenure

Mr. Ronny Pecik serves as Chief Executive Officer and Member of the Executive Board at IMMOFINANZ AG since May 4, 2020. Mr. Pecik is the Founder of Themis Privatstiftung. Mr. Pecik was Owner of A-tec Indus ...


Leadership Team

NamePositionTenureCompensationOwnership
Stefan Schönauer Bakk
CFO & Member of Executive Board4.25yrs€854.44k0.0050% 93.7k
Dietmar Reindl
COO & Member of Executive Board6.08yrs€1.07m0.0025% 47.1k
Ronny Pecik
Member of the Executive Board & CEO0.083yrno datano data
Andrea Sperling-Koch
Director of Finance & Accounting7.08yrsno datano data
Bettina Schragl
Head of Corporate Communications & Investor Relationsno datano datano data
Richard Bauer
Head of Legalno datano datano data
Christian Bauer
Head of Central Asset Management Office & Logisticsno datano datano data
Klaus Dorner
Head of Taxno datano datano data

5.2yrs

Average Tenure

45.5yo

Average Age

Experienced Management: IMMZ.F's management team is seasoned and experienced (5.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Christian Böhm
Independent Member of Supervisory Board10.17yrs€35.13k0.00099% 18.7k
Bettina Breiteneder
Independent Supervisory Board Vice Chairman0.25yr€27.45k0.0080% 150.3k
Nicolaas J. van Ommen
Independent Member of Supervisory Board11.75yrs€32.63k0.015% 281.0k
Michael Knap
Independent Supervisory Board Chairman7.42yrs€78.73k0.00015% 2.8k
Philipp Obermair
Member of Supervisory Board6.42yrsno datano data
Sven Bienert
Independent Member of Supervisory Board1.08yrs€21.37kno data
Maria Onitcanscaia
Member of the Supervisory Board1.25yrsno datano data

6.4yrs

Average Tenure

49yo

Average Age

Experienced Board: IMMZ.F's board of directors are considered experienced (6.4 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 not been meaningfully diluted in the past year.


Top Shareholders

Company Information

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


Key Information

  • Name: IMMOFINANZ AG
  • Ticker: IMMZ.F
  • Exchange: OTCPK
  • Founded:
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: €1.669b
  • Listing Market Cap: €1.890b
  • Shares outstanding: 100.88m
  • Website: https://www.immofinanz.com

Number of Employees


Location

  • IMMOFINANZ AG
  • Wienerbergstrasse 11
  • Vienna
  • Vienna
  • 1100
  • Austria

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
IIAWBAG (Wiener Boerse AG)YesOrdinary SharesATEURDec 1994
IMO1DB (Deutsche Boerse AG)YesOrdinary SharesDEEURDec 1994
0PANLSE (London Stock Exchange)YesOrdinary SharesGBEURDec 1994
IMMZ.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDDec 1994
IIAVBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURDec 1994
IIAWSE (Warsaw Stock Exchange)YesOrdinary SharesPLPLNDec 1994
IIASWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFDec 1994
IMOXTRA (XETRA Trading Platform)YesOrdinary SharesDEEURDec 1994
IIASEP (The Stock Exchange Prague Co. Ltd.)YesOrdinary SharesCZCZKDec 1994

Biography

IMMOFINANZ AG acquires, develops, owns, rents, and manages properties primarily in Austria, Germany, Poland, the Czech Republic, Slovakia, Romania, and Hungary. It develops office, retail, and other properties. The company manages offices under myhive brand; retail parks under STOP SHOP brand; and shopping centers under VIVO! brand. As of December 31, 2019, it had a property portfolio of approximately 213 properties. The company is headquartered in Vienna, Austria. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/05 04:13
End of Day Share Price2020/05/28 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.