Noratis

DB: NUVA

€86.5m market cap

€17.95 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

The significant decline in the H120 results reflects Noratis’s decision, announced earlier this year, to postpone major asset sales beyond 2020. Its focus this year is instead on building up the portfolio, which it hopes will provide longer-term earnings sustainability. Portfolio expansion will be supported by €5m equity provided by the company’s new core shareholder Merz Real Estate in May 2020. Noratis plans to raise a further €16.9m for portfolio growth in a public capital increase, announced in August 2020.

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Share price graph
Price performance
%
1m
3m
12m
Actual 11.1 (0.2) (17.9)
Relative* (3.4) (2.8) (18.2)
52-week high/low €22.1/€15.3
*% relative to local index
Key management
Igor Christian Bugarski CEO
André Speth CFO