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EQS-News News vom 21.07.2017

Edison Investment Research Limited: Edison issues initiation on DEMIRE (DMRE)

EQS-News: Edison Investment Research Limited / Key word(s): Research Update

21-Jul-2017 / 09:27 GMT/BST


London, UK, 21 July 2017

Edison issues initiation on DEMIRE (DMRE)

DEMIRE Deutsche Mittelstand Real Estate (DMRE) is an investor in German commercial property focused on secondary locations. It has grown significantly over the last two years and has a portfolio valued at EUR984m with annual contracted rental income of EUR71.7m (31 March 2017). Further efficiency gains as acquisitions are integrated are likely to increase profitability and provide a stable platform for further growth. A diverse portfolio of income streams and potential for capital growth may make this an attractive way to access the German property market at a discount.

Rapid NAV and FFO growth in 2015 was reflected in the share price movement that year, but in 2016 the shares moved sideways. While it trades above the peer average price/FFO ratio, DEMIRE is at a considerable discount to EPRA NAV/share of EUR4.61 at 31 March 2017 (c 20% vs a peer average of a 3% premium). As the company comes out of this phase of investment in rapid growth, and acquisitions and restructuring make a full contribution, there is scope for the discount to narrow. In addition, the achievement of the long-term aim of paying a dividend could be a catalyst for the share price too, although this is not expected in FY17.

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All reports published by Edison are available to download free of charge from its website
www.edisoninvestmentresearch.com

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

Julian Roberts, +44 (0)20 3077 5748
Andrew Mitchell, +44 (0) 20 3681 2500
financials@edisongroup.com

Learn more at www.edisongroup.com and connect with Edison on:

LinkedIn https://www.linkedin.com/company/edison-investment-research

Twitter www.twitter.com/Edison_Inv_Res

YouTube www.youtube.com/edisonitv



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End of Announcement - EQS News Service

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