publity

DB: PBY

€197.1m market cap

€20.05 last close

publity is an asset manager with a focus on German office buildings. It has a 17-year track record as an investor in commercial real estate in larger German cities and currently manages a portfolio worth €3bn.

Investment summary

After being able to considerably grow its assets under management (AUM) in 2017 (albeit below initial management guidance), publity’s focus in 2018 is on retaining the asset base in line with the prior year. Despite the disposal of several office projects covering 100,000 sqm of lettable office space in H118, AUM remained stable at €4.6bn. publity is confident the current advanced-stage discussions around asset purchases should allow it to maintain the AUM level at the end of 2018 despite another sizeable disposal announced in August. Meanwhile, the FY18 earnings guidance was lowered in June, discussions with bondholders continue and shareholders approved a new share issue.

Share price graph
Price performance
%
1m
3m
12m
Actual 5.3 4.4 80.6
Relative* 6.2 (2.3) 92.3
52-week high/low €22.8/€10.4
*% relative to local index
Key management
Stephan Kunath Asst. CEO