FCR Immobilien

DB: FC9

Market Cap€104.5m

Last Close €10.7

FCR Immobilien is a German real estate investor primarily focused on small and mid-sized properties in tier two domestic locations. It looks for special situations translating into bargain purchases. Subsequent measures are aimed at improving rental income generation.

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Investment summary

FCR invests mainly in retail property, targeting total returns from recurring rental income and capital gains. It buys properties at attractive prices and actively manages the assets to improve income by reducing voids and increasing rent levels and capital values with minimal or no capex. It sells properties where asset management plans are mature, with capital recycled into new opportunities. High initial loan to value at property level and high loan amortisation rates are part of the strategy, with ECB’s monetary easing providing relatively cheap debt funding. FCR’s portfolio value was c €331m at end-September 2020.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 37.3 7.6 2.8 35.1 30.5 N/A
2019A 50.1 18.5 11.9 145.9 7.3 N/A
2020E 52.4 18.5 10.6 94.6 11.3 N/A
2021E 72.4 24.2 14.9 123.8 8.6 N/A
Industry outlook

Transaction volumes in the German property investment market recovered somewhat in H220, translating into an 11% y-o-y decline to €81.6bn in 2020, according to JLL. For FY20, management expects rental and hotel revenue of €28.3m (up 31% y-o-y) and pre-tax profit to reach €11.1m (€11.9m in FY19). FCR continues to focus on portfolio expansion (targeting the acquisition of €160m in additional properties in 2021) which it intends to fund via, among others, a new share issue with gross proceeds of up to €14.1m and a subscription period starting on 28 January.

Last updated on 26/02/2021
Content on FCR Immobilien
FCR Immobilien – Seeking new funding to grow its portfolio
Financials | QuickView | 2 November 2020
FCR Immobilien – Rental income improves on growing portfolio
Financials | Scale Update | 18 August 2020
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Share price graph
Price performance
%
1m
3m
12m
Actual (10.1) (4.1) (14.0)
Relative* (9.5) (7.6) (20.3)
52-week high/low €13.0/€9.2
*% relative to local index
Key management
Falk Raudies CEO
Alexander Lauterbach Head of finance