Financials UBM Development AG

Equities

UBS

AT0000815402

Real Estate Development & Operations

Real-time Estimate Tradegate Other stock markets 03:33:22 04/07/2024 pm IST			5-day change	1st Jan Change
21.75 ^EUR	+0.69%		0.00%	+3.79%

27/06	RALT Raiffeisen-Leasing Gesellschaft m.b.H. & Co. KG acquired 80% stake in Center Wien Mitte of UBM Development AG for ?30 million.	CI
29/05	UBM Development AG Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	352.7	267.5	323.5	170.4	157.7	161.4	-	-
Enterprise Value (EV) ¹	814.5	746.6	704.6	670.6	767.9	701	661.8	681.9
P/E ratio	6.67 x	8.15 x	9.62 x	10.1 x	-3 x	-15 x	12.9 x	5.82 x
Yield	4.66%	6.15%	5.2%	4.82%	-	1.39%	3.38%	7.34%
Capitalization / Revenue	1.46 x	1.46 x	1.16 x	1.27 x	1.85 x	0.94 x	0.52 x	0.48 x
EV / Revenue	3.37 x	4.07 x	2.53 x	5.01 x	9 x	4.09 x	2.14 x	2.03 x
EV / EBITDA	10.9 x	11.5 x	9.28 x	17.1 x	-28.1 x	39.8 x	15.3 x	11.6 x
EV / FCF	-10 x	-64.8 x	-6.63 x	-6.51 x	-	-100 x	8.45 x	65.6 x
FCF Yield	-9.96%	-1.54%	-15.1%	-15.4%	-	-1%	11.8%	1.53%
Price to Book	0.77 x	0.56 x	0.59 x	0.34 x	-	0.53 x	0.51 x	0.48 x
Nbr of stocks (in thousands)	7,472	7,472	7,472	7,472	7,472	7,472	-	-
Reference price ²	47.20	35.80	43.30	22.80	21.10	21.60	21.60	21.60
Announcement Date	27/04/20	23/04/21	08/04/22	17/04/23	11/04/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	242	183.3	278.3	133.9	85.32	171.2	310	335.5
EBITDA ¹	74.97	65.1	75.93	39.17	-27.28	17.59	43.26	58.98
EBIT ¹	71.45	62.01	73.3	33.91	-30.06	14.84	40.34	55.79
Operating Margin	29.53%	33.82%	26.34%	25.31%	-35.24%	8.67%	13.01%	16.63%
Earnings before Tax (EBT) ¹	70.51	62.26	60.14	31.45	-39.36	-2.504	22.55	37.41
Net income ¹	53.07	39.8	33.62	16.79	-52.5	-10.8	12.6	27.7
Net margin	21.93%	21.71%	12.08%	12.54%	-61.54%	-6.31%	4.06%	8.26%
EPS ²	7.080	4.390	4.500	2.250	-7.030	-1.440	1.680	3.710
Free Cash Flow ¹	-81.16	-11.52	-106.3	-103	-	-7	78.3	10.4
FCF margin	-33.54%	-6.29%	-38.21%	-76.88%	-	-4.09%	25.26%	3.1%
FCF Conversion (EBITDA)	-	-	-	-	-	-	181.01%	17.63%
FCF Conversion (Net income)	-	-	-	-	-	-	621.43%	37.55%
Dividend per Share ²	2.200	2.200	2.250	1.100	-	0.3000	0.7304	1.585
Announcement Date	27/04/20	23/04/21	08/04/22	17/04/23	11/04/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2022 Q1
Net sales	79.6	59.59	-
EBITDA	40.3	18.81	-
EBIT	38.4	18.01	-
Operating Margin	48.24%	30.23%	-
Earnings before Tax (EBT)	43.84	13.96	-
Net income ¹	-	-	2.378
Net margin	-	-	-
EPS	2.980	0.6400	-
Dividend per Share	-	-	-
Announcement Date	27/08/20	08/04/22	25/05/22

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	462	479	381	500	610	540	500	521
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.161 x	7.359 x	5.018 x	12.77 x	-22.36 x	30.67 x	11.57 x	8.827 x
Free Cash Flow ¹	-81.2	-11.5	-106	-103	-	-7	78.3	10.4
ROE (net income / shareholders' equity)	12%	8.51%	6.57%	3.27%	-	-3.05%	5.25%	8.7%
ROA (Net income/ Total Assets)	4.16%	2.96%	2.35%	1.15%	-	-0.7%	1.1%	1.8%
Assets ¹	1,276	1,344	1,433	1,460	-	1,543	1,145	1,539
Book Value Per Share ²	61.10	64.00	73.00	67.10	-	40.50	42.30	44.70
Cash Flow per Share	-	-4.640	-6.120	-	-	-	-	-
Capex	-	134	61.7	32.7	-	-	-	-
Capex / Sales	-	73.1%	22.16%	24.43%	-	-	-	-
Announcement Date	27/04/20	23/04/21	08/04/22	17/04/23	11/04/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for UBM Development AG

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

21.6 EUR

Average target price

27.73 EUR

Spread / Average Target

+28.40%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

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