DEFAMA Deutsche Fachmarkt AG | |||||
(General Standard, Real Estate) | |||||
Buy | Value Indicators: | EUR | Share data: | Description: | |
NAV (WRe) 22e: | 23.15 | Bloomberg: | DEF GR | Commercial real estate company | |
EUR 22.90 | FFO-Yield 22e: | 22.64 | Reuters: | DEF.MU | focused on retail parks in Northern |
ISIN: | DE000A13SUL5 | and Eastern Germany |
Market Snapshot: | Shareholders: | Risk Profile (WRe): | ||||||||||||||||
EUR m | 2020e | |||||||||||||||||
Market cap: | 84.86 | Freefloat | 65.0 % | LTV: | 52.1 % | |||||||||||||
Price | EUR 19.20 | |||||||||||||||||
No. of shares (m): | 4.42 | MSC Invest GmbH | 29.0 % | Equity Ratio: | 19.2 % | |||||||||||||
Upside | 19.3 % | Freefloat MC: | 55.16 | Geminus GmbH | 4.0 % | |||||||||||||
Ø Trad. Vol. (30d): | 21.13 th | Supervisory board | 2.0 % | |||||||||||||||
No disposal of trophy asset; Revaluation of loan enables attractive FFOPS growth
- DEFAMA announced yesterday that it will not sell its trophy asset Silberberg Centre in Radeberg after the completion of the current redevelopment. Despite some good offers for the property, which would have led to a one-off gain of an upper single-digit million, management will keep this asset within its growing portfolio with an FFO contribution of EUR 800k p.a. in 2021. The mentioned gain would require an estimated multiple of ~18 on expected rental income and possible proceeds of ~EUR 23m of an offer which would be above our former estimate of a multiple of 16 and a gain of ~EUR 6m (proceeds ~EUR 21m) which we was included in our forecast till August.
- Instead of selling this property DEFAMA will now refinance this asset long term after expected completion in November. The company is expecting additional proceeds of more than EUR 3m (after construction costs) which will further support DEFAMA's growth. With existing liquidity and the expected proceeds from the refinancing, DEFAMA should be able to increase its annualised FFOPS of currently EUR 1.52 to above EUR 2. This would be in line with our forecast as we estimate an FFOPS of EUR 1.92 in 2022.
- Against this background, the need for possible capital increase should be low within the next 18 months given the existing portfolio growth which is determined by the profitability of acquisitions and not by volume growth. We confirm our Buy recommendation and expect further positive news-flow from the acquisition pipeline which will increase annualised FFO to a targeted EUR 7m from current EUR 6.7m.
FY End: 31.12. | CAGR | 2016 | 2017 | 2018 | 2019 | 2020e | 2021e | 2022e | ||||||||||
in EUR m | (19-22e) | |||||||||||||||||
Rental income | 5.83 | 9.09 | 11.21 | 13.85 | 16.67 | 19.13 | ||||||||||||
3.44 | ||||||||||||||||||
Change yoy | 240.6 % | 69.5 % | 55.9 % | 23.3 % | 23.5 % | 20.4 % | 14.8 % | |||||||||||
EBIT | 1.67 | 2.67 | 3.59 | 4.50 | 5.48 | 6.80 | 7.73 | |||||||||||
FFO I | 1.59 | 2.58 | 3.65 | 4.62 | 5.86 | 7.29 | 8.50 | |||||||||||
FFO I-margin | 46.2 % | 44.3 % | 40.1 % | 41.2 % | 42.3 % | 43.7 % | 44.4 % | |||||||||||
EBT | 1.11 | 1.77 | 2.25 | 2.78 | 3.38 | 4.18 | 4.71 | |||||||||||
Net income | 0.89 | 1.36 | 1.68 | 2.06 | 2.52 | 3.12 | 3.52 | |||||||||||
EPS | 0.25 | 0.38 | 0.46 | 0.51 | 0.57 | 0.71 | 0.80 | |||||||||||
FFOPS I | 0.54 | 0.73 | 1.01 | 1.14 | 1.32 | 1.65 | 1.92 | |||||||||||
DPS | 0.20 | 0.34 | 0.40 | 0.45 | 0.50 | 0.55 | 0.60 | |||||||||||
Dividend Yield | 3.8 % | 3.8 % | 3.4 % | 2.9 % | 2.6 % | 2.9 % | 3.1 % | |||||||||||
Book Value / Share | 3.00 | 3.18 | 4.10 | 5.50 | 5.56 | 5.72 | 5.92 | |||||||||||
Rel. Performance vs General | ||||||||||||||||||
P / E | 20.9 x | 23.2 x | 25.0 x | 30.1 x | 33.7 x | 27.2 x | 24.1 x | |||||||||||
1 month: | 4.8 % | |||||||||||||||||
6 months: | 2.0 % | Price / Book | 1.4 x | 2.8 x | 2.6 x | 2.5 x | 3.5 x | 3.4 x | 3.2 x | |||||||||
P / NAVPS | 1.0 x | 1.1 x | 1.2 x | 1.3 x | 1.3 x | 1.2 x | 1.1 x | |||||||||||
Year to date: | 7.9 % | |||||||||||||||||
FFO I-Yield | 10.4 % | 8.2 % | 8.7 % | 7.5 % | 6.9 % | 8.6 % | 10.0 % | |||||||||||
Trailing 12 months: | 5.4 % | |||||||||||||||||
ROE | 10.9 % | 12.4 % | 12.3 % | 10.2 % | 10.3 % | 12.5 % | 13.7 % | |||||||||||
LTV | 38.9 % | 55.7 % | 59.9 % | 50.7 % | 52.1 % | 54.9 % | 56.5 % | |||||||||||
Company events: | ||||||||||||||||||
Guidance: | 2020e: FFO of least EUR ~5.7m, Net profit (HGB) of EUR 2.5m | |||||||||||||||||
A n a l y s t | ||||||||||||||||||
Andreas Pläsier | C O M M E N T | Published 10.09.2020 08:15 | 1 | |||||||||||||||
aplaesier@warburg -research.com | ||||||||||||||||||
+49 40 309537 -246 |
DEFAMA Deutsche Fachmarkt AG
EPRA-NAV per share development | FFO per share development |
in EUR | in EUR |
Source: Warburg Research | Source: Warburg Research |
Company Background
- Founded in 2014 and headquartered in Berlin, DEFAMA focuses on the acquisition, ownership and management of retail parks in German small and medium-sized cities, predominantly in Northern and Eastern Germany.
- The investment strategy is to "buy and hold" assets with high occupancy and minor capex needs for a purchase price of ~10x annual rent.
- Investment volumes are EUR 1 - 5 million per asset. Anchor tenants are nationwide retailers.
Competitive Quality
- Real estate competence: founder, major shareholder and CEO Matthias Schrade, previously oversaw as a board member responsilble for acquisitions for a non-listed real estate company based in Munich.
- Unique focus: the company competes for assets that are too large for individual investors and too small for institutional investors and can "buy low".
- Strong access to local public banks networks, for whom real estate financings for DEFAMA projects are large and important deals. They in turn know smaller tenants well.
- Focus on leading centers in smaller cities ("big fish in a small pond").
Geographical breakdown of rental | Rental income by sector |
income | % of rental income |
% of total rental income |
Source: Warburg Research
C O M M E N T | P u b l i s h e d 1 0 . 09 . 2 0 20 | 2 |
DEFAMA Deutsche Fachmarkt AG
Valuation
2016 | 2017 | 2018 | 2019 | 2020e | 2021e | 2022e | |
P / E | 20.9 x | 23.2 x | 25.0 x | 30.1 x | 33.7 x | 27.2 x | 24.1 x |
P / NAVPS | 1.0 x | 1.1 x | 1.2 x | 1.3 x | 1.3 x | 1.2 x | 1.1 x |
Price / Book | 1.4 x | 2.8 x | 2.6 x | 2.5 x | 3.5 x | 3.4 x | 3.2 x |
P / FFOPS I | 9.6 x | 12.2 x | 11.5 x | 13.4 x | 14.5 x | 11.6 x | 10.0 x |
FFO I-Yield | 10.4 % | 8.2 % | 8.7 % | 7.5 % | 6.9 % | 8.6 % | 10.0 % |
ROE | 10.9 % | 12.4 % | 12.3 % | 10.2 % | 10.3 % | 12.5 % | 13.7 % |
Equity Ratio | 32 % | 21 % | 19 % | 24 % | 19 % | 17 % | 16 % |
Company Specific Items
2016 | 2017 | 2018 | 2019 | 2020e | 2021e | 2022e | |
EPRA-NAV/Share since 2017 | 5.14 | 8.42 | 11.02 | 13.46 | 16.51 | 17.63 | 18.97 |
Vacancy Rate | 2.7 % | 2.7 % | 4.3 % | 4.0 % | 4.0 % | 4.0 % | 4.0 % |
C O M M E N T | P u b l i s h e d 1 0 . 09 . 2 0 20 | 3 |
DEFAMA Deutsche Fachmarkt AG
Consolidated profit and loss
In EUR m | 2016 | 2017 | 2018 | 2019 | 2020e | 2021e | 2022e |
Total Sales | 3.44 | 5.83 | 9.09 | 11.21 | 13.85 | 16.67 | 19.13 |
Rental income | 3.44 | 5.83 | 9.09 | 11.21 | 13.85 | 16.67 | 19.13 |
Change yoy | 240.6 % | 69.5 % | 55.9 % | 23.3 % | 23.5 % | 20.4 % | 14.8 % |
Property operating costs | 0.60 | 1.24 | 2.21 | 2.63 | 3.05 | 3.42 | 3.83 |
Property management costs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Rental profit | 2.84 | 4.58 | 6.87 | 8.57 | 10.80 | 13.25 | 15.31 |
Income from property sales | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Other revenues | 0.11 | 0.12 | 0.08 | 0.07 | 0.11 | 0.13 | 0.15 |
Gross profit | 2.95 | 4.70 | 6.95 | 8.64 | 10.91 | 13.39 | 15.46 |
Administration expenses | 0.38 | 0.35 | 0.70 | 0.70 | 0.69 | 0.83 | 0.96 |
Personnel expenses | 0.20 | 0.47 | 0.72 | 1.04 | 1.40 | 1.58 | 1.80 |
Other operating income/expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Unfrequent items | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
EBITDA | 2.36 | 3.89 | 5.53 | 7.04 | 8.82 | 10.97 | 12.70 |
Valuation result | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Depreciation of fixed assets | 0.69 | 1.22 | 1.95 | 2.55 | 3.34 | 4.17 | 4.97 |
EBITA | 1.67 | 2.67 | 3.59 | 4.50 | 5.48 | 6.80 | 7.73 |
Amortisation of intangible assets/Goodwill | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EBIT | 1.67 | 2.67 | 3.59 | 4.50 | 5.48 | 6.80 | 7.73 |
Interest income | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 |
Interest expenses | 0.56 | 0.90 | 1.34 | 1.73 | 2.10 | 2.62 | 3.02 |
Other financial income (loss) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Financial result | -0.56 | -0.90 | -1.34 | -1.72 | -2.10 | -2.62 | -3.02 |
EBT | 1.11 | 1.77 | 2.25 | 2.78 | 3.38 | 4.18 | 4.71 |
Margin | 32.2 % | 30.4 % | 24.8 % | 24.8 % | 24.4 % | 25.1 % | 24.6 % |
Total taxes | -0.22 | -0.41 | -0.55 | -0.71 | -0.71 | -0.71 | -1.18 |
thereof cash taxes | -0.22 | -0.41 | -0.55 | -0.71 | -0.85 | -1.04 | -1.18 |
Net income from continuing operations | 0.89 | 1.36 | 1.70 | 2.07 | 2.53 | 3.13 | 3.53 |
Income from discontinued operations (net of tax) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Net income before minorities | 0.89 | 1.36 | 1.70 | 2.07 | 2.53 | 3.13 | 3.53 |
Minority interest | 0.00 | 0.00 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 |
Net income | 0.89 | 1.36 | 1.68 | 2.06 | 2.52 | 3.12 | 3.52 |
Number of shares, average | 2.92 | 3.55 | 3.62 | 4.05 | 4.42 | 4.42 | 4.42 |
FFO (II) | 1.59 | 2.58 | 3.65 | 4.62 | 5.86 | 7.29 | 8.50 |
FFO I-margin | 46.2 % | 44.3 % | 40.1 % | 41.2 % | 42.3 % | 43.7 % | 44.4 % |
FFOPS I | 0.54 | 0.73 | 1.01 | 1.14 | 1.32 | 1.65 | 1.92 |
EPS | 0.25 | 0.38 | 0.46 | 0.51 | 0.57 | 0.71 | 0.80 |
EPS adj. | 0.25 | 0.38 | 0.43 | 0.47 | 0.57 | 0.71 | 0.80 |
*Adjustments made for: | |||||||
Guidance: 2020e: FFO of least EUR ~5.7m, Net profit (HGB) of EUR 2.5m |
Financial Ratios
2016 | 2017 | 2018 | 2019 | 2020e | 2021e | 2022e | |
Property operating costs / Rental Income | 17.3 % | 21.4 % | 24.4 % | 23.5 % | 22.0 % | 20.5 % | 20.0 % |
Operating Leverage (Real Estate) | 1.3 x | 2.3 x | 2.5 x | 5.4 x | 5.4 x | 6.1 x | 7.9 x |
Rental profit / interest expenses | 5.1 x | 5.1 x | 5.1 x | 5.0 x | 5.1 x | 5.1 x | 5.1 x |
Sales, EBITDA | Operating Performance | Performance per Share |
in EUR m | in % |
Source: Warburg Research | Source: | Source: Warburg Research | |||
C O M M E N T | P u b l i s h e d 1 0 . 09 . 2 0 20 | 4 | |||
DEFAMA Deutsche Fachmarkt AG
Consolidated balance sheet
In EUR m | 2016 | 2017 | 2018 | 2019 | 2020e | 2021e | 2022e |
Assets | |||||||
Goodwill and other intangible assets | 0.01 | 0.01 | 0.01 | 0.03 | 0.03 | 0.03 | 0.03 |
thereof other intangible assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
thereof Goodwill | 0.01 | 0.01 | 0.01 | 0.03 | 0.03 | 0.03 | 0.03 |
Property, plant and equipment | 0.03 | 0.03 | 0.08 | 0.11 | 0.11 | 0.11 | 0.11 |
Investment properties | 31.41 | 51.96 | 81.10 | 93.14 | 104.30 | 120.13 | 135.16 |
Financial assets | 0.05 | 0.24 | 0.26 | 1.70 | 1.70 | 1.70 | 1.70 |
Other long-term assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Fixed assets | 31.50 | 52.24 | 81.44 | 94.98 | 106.14 | 121.98 | 137.01 |
Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Accounts receivable | 0.12 | 0.22 | 0.51 | 0.00 | 0.44 | 0.44 | 0.44 |
Liquid assets | 1.46 | 2.49 | 2.80 | 6.98 | 22.78 | 27.61 | 27.68 |
Other short-term assets | 1.97 | 0.83 | 0.59 | -2.56 | -18.80 | -23.63 | -23.70 |
Current assets | 1.75 | 3.17 | 4.34 | 9.29 | 24.14 | 28.97 | 29.03 |
Total Assets | 33.25 | 55.41 | 85.79 | 104.28 | 130.28 | 150.95 | 166.04 |
Liabilities and shareholders' equity | |||||||
Subscribed capital | 3.55 | 3.55 | 3.90 | 4.42 | 4.42 | 4.42 | 4.42 |
Capital reserve | 6.15 | 6.15 | 10.03 | 17.31 | 17.31 | 17.31 | 17.31 |
Retained earnings | 0.94 | 1.59 | 2.06 | 2.56 | 2.86 | 3.55 | 4.43 |
Other equity components | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Shareholders' equity | 10.64 | 11.29 | 15.99 | 24.29 | 24.60 | 25.29 | 26.16 |
Minority interest | 0.00 | 0.10 | 0.38 | 0.39 | 0.39 | 0.39 | 0.39 |
Provisions | 0.20 | 0.36 | 1.01 | 0.43 | 0.43 | 0.43 | 0.43 |
thereof provisions for pensions and similar obligations | 0.10 | 0.18 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 |
Financial liabilities (total) | 20.83 | 43.07 | 67.79 | 76.52 | 101.92 | 121.83 | 135.98 |
thereof short-term financial liabilities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Accounts payable | 0.08 | 0.19 | 0.30 | 0.51 | 0.51 | 0.51 | 0.51 |
Other liabilities | 1.51 | 0.51 | 0.70 | 2.54 | 2.83 | 2.89 | 2.97 |
Liabilities | 22.61 | 44.13 | 69.79 | 79.99 | 105.69 | 125.66 | 139.88 |
Total liabilities and shareholders' equity | 33.25 | 55.41 | 85.79 | 104.28 | 130.28 | 150.95 | 166.04 |
Financial Ratios
2016 | 2017 | 2018 | 2019 | 2020e | 2021e | 2022e | |
Return on Capital | |||||||
ROA | 3.5 % | 3.1 % | 2.4 % | 2.2 % | 2.1 % | 2.2 % | 2.2 % |
ROE | 10.9 % | 12.4 % | 12.3 % | 10.2 % | 10.3 % | 12.5 % | 13.7 % |
FFO I / Equity | 0.2 x | 0.2 x | 0.3 x | 0.2 x | 0.2 x | 0.3 x | 0.3 x |
Solvency | |||||||
Net Debt | 19.46 | 40.76 | 65.20 | 69.75 | 79.35 | 94.43 | 108.52 |
Net Financial Debt | 19.37 | 40.58 | 64.99 | 69.54 | 79.14 | 94.22 | 108.30 |
Net Fin. Debt / EBITDA | 8.2 x | 10.4 x | 11.7 x | 9.9 x | 9.0 x | 8.6 x | 8.5 x |
LTV | 38.9 % | 55.7 % | 59.9 % | 50.7 % | 52.1 % | 54.9 % | 56.5 % |
Equity Ratio | 32.0 % | 20.5 % | 19.1 % | 23.7 % | 19.2 % | 17.0 % | 16.0 % |
LTV | ROE | Book Value per Share |
in % | in EUR |
Source: Warburg Research | Source: Warburg Research | Source: Warburg Research | |||
C O M M E N T | P u b l i s h e d 1 0 . 09 . 2 0 20 | 5 | |||
DEFAMA Deutsche Fachmarkt AG
Consolidated cash flow statement
In EUR m | 2016 | 2017 | 2018 | 2019 | 2020e | 2021e | 2022e |
Net cash provided by operating activities [1] | 1.65 | 2.76 | 3.42 | 3.80 | 5.90 | 7.35 | 8.57 |
Net cash provided by investing activities [2] | -17.92 | -21.95 | -31.12 | -16.09 | -9.00 | -20.00 | -20.00 |
Net cash provided by financing activities [3] | 14.02 | 20.23 | 28.01 | 16.47 | 18.90 | 17.48 | 11.50 |
Change in liquid funds [1]+[2]+[3] | -2.25 | 1.03 | 0.31 | 4.18 | 15.80 | 4.83 | 0.07 |
Effects of exchange-rate changes on cash | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Cash and cash equivalent at end of period | 1.46 | 2.49 | 2.80 | 6.98 | 22.78 | 27.61 | 27.68 |
Financial Ratios
2016 | 2017 | 2018 | 2019 | 2020e | 2021e | 2022e | |
Cash Flow | |||||||
FFO (II) | 1.59 | 2.58 | 3.65 | 4.62 | 5.86 | 7.29 | 8.50 |
FFOPS I | 0.54 | 0.73 | 1.01 | 1.14 | 1.32 | 1.65 | 1.92 |
FFOPS I diluted | 0.45 | 0.73 | 0.94 | 1.04 | 1.32 | 1.65 | 1.92 |
FFO I-Yield | 10.4 % | 8.2 % | 8.7 % | 7.5 % | 6.9 % | 8.6 % | 10.0 % |
FFO I-margin | 46.2 % | 44.3 % | 40.1 % | 41.2 % | 42.3 % | 43.7 % | 44.4 % |
Interest Paid / Avg. Debt | 3.4 % | 2.8 % | 2.4 % | 2.4 % | 2.4 % | 2.3 % | 2.3 % |
Management of Funds | |||||||
Capex/Investment Properties | -57.0 % | -42.3 % | -38.4 % | -17.3 % | -8.6 % | -16.6 % | -14.8 % |
Avg. Working Capital / Sales | 0.9 % | 0.7 % | 1.4 % | -1.3 % | -2.1 % | -0.4 % | -0.4 % |
Dividend Payout Ratio | 65.7 % | 88.6 % | 85.1 % | 88.2 % | 87.5 % | 77.5 % | 75.0 % |
FFO
Source: Warburg Research
C O M M E N T | P u b l i s h e d 1 0 . 09 . 2 0 20 | 6 |
DEFAMA Deutsche Fachmarkt AG
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SOURCES
All data and consensus estimates have been obtained from FactSet except where stated otherwise.
C O M M E N T | P u b l i s h e d 1 0 . 09 . 2 0 20 | 7 |
DEFAMA Deutsche Fachmarkt AG
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Solutions Inc ("CICI"), a U.S. registered broker-dealer and a related company of CIC, and are distributed solely to persons who qualify as "Major U.S. Institutional Investors" as defined in SEC Rule 15a-6 under the Securities Exchange Act of 1934. - Any person who is not a Major U.S. Institutional Investor must not rely on this communication. The delivery of this research report to any person in the United States of America is not a recommendation to effect any transactions in the securities discussed herein, or an endorsement of any opinion expressed herein.
Reference in accordance with section 85 of the German Securities Trading Act (WpHG) and Art. 20 MAR regarding possibleconflicts of interest with companies analysed:
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Warburg Research, or an affiliated company, or an employee of one of these companies responsible for the compilation of the research, hold a share of more than 5% of the equity capital of the analysed company.
Warburg Research, or an affiliated company, within the last twelve months participated in the management of a consortium for an issue in the course of a public offering of such financial instruments, which are, or the issuer of which is, the subject of the investment recommendation.
Companies affiliated with Warburg Research manage financial instruments, which are, or the issuers of which are, subject of the investment recommendation, in a market based on the provision of buy or sell contracts.
MMWB, Warburg Research, or an affiliated company, reached an agreement with the issuer to provide investment banking and/or investment services and the relevant agreement was in force in the last 12 months or there arose for this period, based on the relevant agreement, the obligation to provide or to receive a service or compensation - provided that this disclosure does not result in the disclosure of confidential business information.
The company compiling the analysis or an affiliated company had reached an agreement on the compilation of the investment recommendation with the analysed company.
Warburg Research, or an affiliated company, holds a net long position of more than 0.5% of the total issued share capital of the analysed company.
Warburg Research, or an affiliated company, holds a net short position of more than 0.5% of the total issued share capital of the analysed company.
The issuer holds shares of more than 5% of the total issued capital of Warburg Research or an affiliated company.
The company preparing the analysis as well as its affiliated companies and employees have other important interests in relation to the analysed company, such as, for example, the exercising of mandates at analysed companies.
Company | Disclosure | Link to the historical price targets and rating changes (last 12 months) |
DEFAMA Deutsche Fachmarkt AG | 5 | http://www.mmwarburg.com/disclaimer/disclaimer_en/DE000A13SUL5.htm |
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DEFAMA Deutsche Fachmarkt AG
INVESTMENT RECOMMENDATION
Investment recommendation: expected direction of the share price development of the financial instrument up to the given price targetin the opinion of the analyst who covers this financial instrument.
-B- | Buy: | The price of the analysed financial instrument is expected to rise over the next 12 months. |
-H- | Hold: | The price of the analysed financial instrument is expected to remain mostly flat over the next 12 |
months. | ||
-S- | Sell: | The price of the analysed financial instrument is expected to fall over the next 12 months. |
"-" | Rating suspended: | The available information currently does not permit an evaluation of the company. |
WARBURG RESEARCH GMBH - ANALYSED RESEARCH UNIVERSE BY RATING | ||
Rating | Number of stocks | % of Universe |
Buy | 132 | 64 |
Hold | 55 | 27 |
Sell | 13 | 6 |
Rating suspended | 5 | 2 |
Total | 205 | 100 |
WARBURG RESEARCH GMBH - ANALYSED RESEARCH UNIVERSE BY RATING …
- taking into account only those companies which were provided with major investment services in the last twelve months.
Rating | Number of stocks | % of Universe |
Buy | 34 | 87 |
Hold | 3 | 8 |
Sell | 0 | 0 |
Rating suspended | 2 | 5 |
Total | 39 | 100 |
PRICE AND RATING HISTORY DEFAMA DEUTSCHE FACHMARKT AG AS OF 10.09.2020
Markings in the chart show rating changes by Warburg Research GmbH in the last 12 months. Every marking details the date and closing price on the day of the rating change.
C O M M E N T | P u b l i s h e d 1 0 . 09 . 2 0 20 | 9 |
DEFAMA Deutsche Fachmarkt AG
EQUITIES
Matthias Rode | +49 40 3282-2678 |
Head of Equities | mrode@mmwarburg.com |
RESEARCH
Michael Heider | +49 40 309537-280 | Thilo Kleibauer | +49 40 309537-257 |
Head of Research | mheider@warburg-research.com | Retail, Consumer Goods | tkleibauer@warburg-research.com |
Henner Rüschmeier | +49 40 309537-270 | Eggert Kuls | +49 40 309537-256 |
Head of Research | hrueschmeier@warburg-research.com | Engineering | ekuls@warburg-research.com |
Stefan Augustin | +49 40 309537-168 | Andreas Pläsier | +49 40 309537-246 |
Cap. Goods, Engineering | saugustin@warburg-research.com | Banks, Financial Services | aplaesier@warburg-research.com |
Jan Bauer | +49 40 309537-155 | Malte Schaumann | +49 40 309537-170 |
Renewables | jbauer@warburg-research.com | Technology | mschaumann@warburg-research.com |
Jonas Blum | +49 40 309537-240 | Oliver Schwarz | +49 40 309537-250 |
Telco, Media, Construction | jblum@warburg-research.com | Chemicals, Agriculture | oschwarz@warburg-research.com |
Christian Cohrs | +49 40 309537-175 | Simon Stippig | +49 40 309537-265 |
Industrials & Transportation | ccohrs@warburg-research.com | Real Estate | sstippig@warburg-research.com |
Felix Ellmann | +49 40 309537-120 | Cansu Tatar | +49 40 309537-248 |
Software, IT | fellmann@warburg-research.com | Cap. Goods, Engineering | ctatar@warburg-research.com |
Jörg Philipp Frey | +49 40 309537-258 | Marc-René Tonn | +49 40 309537-259 |
Retail, Consumer Goods | jfrey@warburg-research.com | Automobiles, Car Suppliers | mtonn@warburg-research.com |
Marius Fuhrberg | +49 40 309537-185 | Robert-Jan van der Horst | +49 40 309537-290 |
Financial Services | mfuhrberg@warburg-research.com | Technology | rvanderhorst@warburg-research.com |
Mustafa Hidir | +49 40 309537-230 | Andreas Wolf | +49 40 309537-140 |
Automobiles, Car Suppliers | mhidir@warburg-research.com | Software, IT | awolf@warburg-research.com |
Ulrich Huwald | +49 40 309537-255 | ||
Health Care, Pharma | uhuwald@warburg-research.com | ||
Philipp Kaiser | +49 40 309537-260 | ||
Real Estate | pkaiser@warburg-research.com |
INSTITUTIONAL EQUITY SALES
Marc Niemann | +49 40 3282-2660 | Maximilian Martin | +49 69 5050-7413 |
Head of Equity Sales, Germany | mniemann@mmwarburg.com | Austria, Poland | mmartin@mmwarburg.com |
Klaus Schilling | +49 40 3282-2664 | Christopher Seedorf | +49 69 5050-7414 |
Head of Equity Sales, Germany | kschilling@mmwarburg.com | Switzerland | cseedorf@mmwarburg.com |
Tim Beckmann | +49 40 3282-2665 | ||
United Kingdom | tbeckmann@mmwarburg.com | ||
Lyubka Bogdanova | +49 69 5050-7411 | ||
Ireland, Poland, Australia | lbogdanova@mmwarburg.com | ||
Jens Buchmüller | +49 69 5050-7415 | ||
Scandinavia, Austria | jbuchmueller@mmwarburg.com | ||
Alexander Eschweiler | +49 40 3282-2669 | Sophie Hauer | +49 69 5050-7417 |
Germany, Luxembourg | aeschweiler@mmwarburg.com | Roadshow/Marketing | shauer@mmwarburg.com |
Matthias Fritsch | +49 40 3282-2696 | Juliane Niemann | +49 40 3282-2694 |
United Kingdom | mfritsch@mmwarburg.com | Roadshow/Marketing | jniemann@mmwarburg.com |
SALES TRADING
Oliver Merckel | +49 40 3282-2634 | Marcel Magiera | +49 40 3282-2662 |
Head of Sales Trading | omerckel@mmwarburg.com | Sales Trading | mmagiera@mmwarburg.com |
Elyaz Dust | +49 40 3282-2702 | Bastian Quast | +49 40 3282-2701 |
Sales Trading | edust@mmwarburg.com | Sales Trading | bquast@mmwarburg.com |
Michael Ilgenstein | +49 40 3282-2700 | Jörg Treptow | +49 40 3282-2658 |
Sales Trading | milgenstein@mmwarburg.com | Sales Trading | jtreptow@mmwarburg.com |
MACRO RESEARCH
Carsten Klude | +49 40 3282-2572 | Dr. Christian Jasperneite | +49 40 3282-2439 |
Macro Research | cklude@mmwarburg.com | Investment Strategy | cjasperneite@mmwarburg.com |
Our research can be found under:
Warburg Research | http://research.mmwarburg.com/en/index.html | Thomson Reuters | www.thomsonreuters.com |
Bloomberg | MMWA GO | Capital IQ | www.capitaliq.com |
FactSet | www.factset.com | ||
For access please contact:
Andrea Schaper | +49 40 3282-2632 | Kerstin Muthig | +49 40 3282-2703 |
Sales Assistance | aschaper@mmwarburg.com | Sales Assistance | kmuthig@mmwarburg.com |
C O M M E N T | P u b l i s h e d 1 0 . 09 . 2 0 20 | 10 |
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Defama Deutsche Fachmarkt AG published this content on 10 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 September 2020 09:04:11 UTC