publity

DB: PBY

€276.8m market cap

€28.15 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 39.7 40.8 107.9
Relative* 34.3 26.5 115.3
52-week high/low €28.1/€10.4
*% relative to local index
Key management
Stephan Kunath Asst. CEO