publity

DB: PBY

€338.2m market cap

€34.4 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

In FY18, publity managed to post a rebound from the weak FY17, with an almost 50% y-o-y increase in revenues, PBT and net income (close to record-high FY16 figures). The company has also been moving closer to resolving its dispute with convertible bondholders, with a new share issue and partial bond repurchase that will continue in FY19. As the covenant limiting the increase in financial liabilities beyond €5m was recently waived, publity continues to review options for a potential new bond issue, which would support further business development, including further property purchases by publity Investor GmbH.

Share price graph
Price performance
%
1m
3m
12m
Actual (4.4) 30.3 217.9
Relative* (7.0) 26.8 221.3
52-week high/low €36.6/€10.4
*% relative to local index
Key management
Stephan Kunath Asst. CEO