€77.8m market cap

€21.6 last close

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.

Investment summary

After significant portfolio expansion in H218 (which is now contributing to rental income), H119 saw several notable and profitable disposals. With EBIT at €8.8m and PBT at €6.9m in the period, Noratis is halfway through its FY19 targets (EBIT and PBT stable vs FY18 and FY17), which it reaffirmed recently. The company continued to expand its portfolio post period-end, which supports its long-term growth prospects based on a typical two-year lead time for asset value enhancement. The dividend remains attractive, with a FY19e yield of 6.2%.

Share price graph
Price performance
Actual (0.5) 3.8 1.9
Relative* (2.4) (0.4) (16.4)
52-week high/low €23.1/€20.2
*% relative to local index
Key management
Igor Christian Bugarski CEO
André Speth CFO