Noratis

DB: NUVA

Market Cap€99m

Last Close €20.6

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

After a year of limited asset disposals following the announcement of Noratis’s decision in March 2020 to focus on net portfolio expansion, management expects a significant rise in property sales in FY21 and guides to much higher EBIT and PBT compared to FY20. Meanwhile, the company plans to further grow its portfolio, which it will support with c €22m raised through equity issues in FY20, a €30m corporate bond placed in the period and long-term funding from its anchor shareholder, Merz, which in March 2020 agreed to inject up to €50m in Noratis until the end of 2024.

Content on Noratis
Noratis – New capital to fuel portfolio growth
Real Estate | Update | 21 May 2021
Noratis – Portfolio expansion continues
Real Estate | Update | 8 September 2020
Noratis – Exits likely to be postponed
Real Estate | Update | 12 May 2020
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Share price graph
Price performance
%
1m
3m
12m
Actual 1.5 0.5 16.4
Relative* 4.5 2.2 (4.9)
52-week high/low €21.4/€15.8
*% relative to local index
Key management
Igor Christian Bugarski CEO
André Speth CFO