Noratis

DB: NUVA

Market Cap€97.8m

Last Close €20.3

Noratis is a specialised asset developer, acquiring residential rental income-producing assets in secondary locations with optimisation potential. Investing in the asset base and improving the tenant mix creates value, which Noratis exploits during well-structured asset sales, either through individual or block sales.

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Investment summary

Noratis’s earnings increased materially in H121 on resumed sales activity, with c €50m revenue from asset disposals in H121 versus c €6m in H120. The growth follows a weak FY20, affected by the decision to postpone major property sales beyond FY20 and focus on portfolio growth after Merz became its anchor shareholder in March 2020. Portfolio expansion continued in H121, reflected in visibly higher rental revenue versus H120. Noratis reaffirmed its FY21 guidance for sizeable year-on-year growth in EBIT and PBT. In August 2021, it issued a €10m corporate bond, which it will use as quasi-equity to finance new property acquisitions in H221.

Content on Noratis
Noratis – Resumed sales activity drives H121 results
Real Estate | Update | 13 October 2021
Noratis – New capital to fuel portfolio growth
Real Estate | Update | 21 May 2021
Noratis – Portfolio expansion continues
Real Estate | Update | 8 September 2020
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Share price graph
Price performance
%
1m
3m
12m
Actual (1.5) (1.0) 17.3
Relative* 0.2 1.1 (1.1)
52-week high/low €21.4/€15.8
*% relative to local index
Key management
Igor Christian Bugarski CEO
André Speth CFO