First Berlin – FCR Immobilien AG Research Update (11/06/2019)

First Berlin Equity Research has published a research update on FCR Immobilien AG (ISIN: DE000A1YC913). Analyst Ellis Acklin reiterated his BUY rating and increased the price target from EUR 25.00 to EUR 26.00.

Abstract
Recently reported Q1 KPIs showed that 2019 is off to an excellent start. Thanks to strong disposal income, FFO 2 reached €4.2m in Q1, which already tops the 2018 result (€4.1m). The company now controls +€260m in commercial properties, while NAV stands at €94m (YE: €89m). In April, FCR launched a new corporate bond netting proceeds of €13.6m thus far to finance acquisition growth, and a €0.35 dividend for 2018 was approved by the recent AGM. The good start to Q1, a full pipeline and ample financing give us a high degree of confidence in our near-term forecasts. We increase our price target to €26 (old: €25) after rolling our model forward. Our rating remains Buy.