EU REAL ESTATE: CA Immobilien Anlagen: 1H25 Results (CAIAV; Baa3/NR/NR)
Stable results continuing what we saw in Q1.
• Net Rental Income €105.8m +8% yoy
• EBITDA €89.4m +15% yoy
• FFO I €62.9m +14%
• LTV 37.2% -101bps yoy but up from 34.7% in Q1
• Occupancy 93.9% up from 90.7% yoy on economic basis (ex-refits).
• Continues to dispose of non-core assets. 7 sales totalling €247m
• Total Investment Value of Properties €4bn. Office market is weakly positive in Germany and still seeing slight losses in CEE.
• The company had previously talked of selling out of Austria + 1 CEE country completely (Austria is 6% of assets) so watch for that.
• BUWOG court case: CA Immo alleges it was unfairly outbid in a 2004 privatisation process. Claiming damages of €1.9bn. The Supreme Court has declared that the case is not time-barred and the first partial claim (for just €1m) is proceeding. Outcome and value are uncertain.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
BRENT TECHS: (U5) Bear Threat Still Present
- RES 4: $85.00 - Round number resistance
- RES 3: $81.99 - 2.764 proj of the Apr 9 - 23 - May 5 price swing
- RES 2: $80.72 - 2.618 proj of the Apr 9 - 23 - May 5 price swing
- RES 1: $72.66/79.40 - 50.0% of the Jun 23-30 range / High Jun 23
- PRICE: $70.04 @ 06:52 BST Jul 29
- SUP 1: $65.92 - Low Jun 30
- SUP 2: $61.39 - Low May 30
- SUP 3: $58.00 - Low May 5
- SUP 4: $57.70 - Low Apr 9 and a key support
Brent futures are trading in a range. The trend set-up is unchanged and a bearish theme remains present. The sell-off on Jun 23 continues to signal scope for further weakness. The contract has pierced support at the 50-day EMA and note too that $66.17, 61.8% of the May 5 - Jun 23 bull leg, has also been pierced. A resumption of the bear leg would expose $61.39, May 30 low. Initial resistance to watch is $72.66, a Fibonacci point.
GILT TECHS: (U5) Trading Above Support
- RES 4: 93.00 Round number resistance
- RES 3: 92.74 61.8% retracement of the Jul 1 - 18 bear leg
- RES 2: 92.42 50.0% retracement of the Jul 1 - 18 bear leg
- RES 1: 91.83/92.15 20-day EMA / High Jul 22
- PRICE: 91.44 @ Close Jul 27
- SUP 1: 91.18/91.08 Low Jul 24 / 18 and the bear trigger
- SUP 2: 90.97 76.4% retracement of the May 22 - Jul 1 bull leg
- SUP 3: 90.59 Low May 29
- SUP 4: 90.46 Low May 23
Gilt futures continue to trade below the Jul 22 high and the contract remains above its recent lows. A rally early last week resulted in a break of the 20-day EMA. A resumption of gains would signal scope for a climb towards 92.42 next, a Fibonacci retracement. On the downside, key support and the bear trigger has been defined at 91.08, the Jul 18 low. Clearance of this level would resume the bear cycle that started Jul 1.
MNI: SWEDEN FLASH Q2 GDP +0.9% Y/Y
- MNI: SWEDEN FLASH Q2 GDP +0.9% Y/Y
