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Citycon (CTY1S)

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  • Kas keegi oskab kommenteerida, et miks Cityconi aktsia täna tulemustele nii valulikult reageeris?

  • ***Cityconin osakkeen sijoitussuositus nousi tasolle "pidä", aiempi "myy", osakkeen tavoitehinta laski 1,90 euroon 2,00 eurosta - Carnegie

    Dividendide ja aktsiakapitali väljamakse on 1+12 senti. Eks oodati paremat, ehk tagasitulekut 15c juurde, mida Citycon maksis 2011-2015.
  • HELSINKI, July 5, 2022 /PRNewswire/ -- Citycon purchased an additional notional amount of approx. EUR 20 million of its bond maturing in 2027. In the last three weeks, Citycon repurchased a total notional amount of EUR 54 million of its bonds for approximately EUR 50 million in cash. This brings its year-to-date notional repurchases to approx. EUR 79 million using approx. EUR 75 million of cash.

    "These additional bond repurchases further reduce interest expense, strengthen our strong credit profile, lower refinancing risk and improve our well-laddered maturity schedule. In addition, we continue to demonstrate strong and accretive capital allocation by using part of the proceeds from our two non-core dispositions in Norway, which were sold at a net initial yield of 5.2%, to repurchase our bonds at an average yield of 5.3%.", says Bret McLeod, Citycon´s Chief Financial Officer.
  • Citycon OJY (CTY1S FH) 9М Results:
    Net rental income 145.1 MIO EUR (-4.8%)
    Direct operating profit 123.1 MIO EUR (-5.4%)
    Adjusted EPRA Earnings per share 0.482 EUR (-10.2%)
    Fair value of investment properties 3,979 BLN EUR (-5.6%)
    EPRA NRV per share 10,43 EUR (-10,7%)
    LTV (Loan to Value) = 43.9%
    Gross Leasable area 1 058 340 M2 (34 Properties)

    193 (Estimated NET Income) / 7% (Yield) = 2 969 (Assets Value) - 1 832 (Debt) + 27 (Cash) = 952 / 168 (Stocks) = 5.66 EUR

    Hind on ajaloo madalaim tasemel, alla COVID-19 (2020 Low) ja alla 2008 market crash Low.

    Juhul kui suudavad enne oktoober 2024 realiseerida varasid plaanipäraselt väärtuses 350-380 MIO EUR väärtuses, raamatupidamishinna lähedal, siis võib paraneda bilanss ning vähendatakse kõrgema intressi riski, sest lunastatakse võlakiri, võib olla jääb raha et hübriid võlakiri turult väljaostuks diskonteeritud hinnaga.
    Kuna turuväärtus on suhteliselt väike, ning Gazit-Globe (52% osalus) vajab raha enda LTV parandamiseks, siis mingi suurem ettevõtte saab on väljaostupakkimine teha (tavaliselt 80-85% raamatupidamisväärtuse kandis)
  • Citycon OJY (CTY1S FH) 12М Results:
    Net rental income 195.7 MIO EUR (-3.9%)
    Direct operating profit 164.8 MIO EUR (-5.9%)
    Adjusted EPRA Earnings per share 0.479 EUR (-12.6%)
    Fair value of investment properties 3,858 BLN EUR (-4.5%)
    EPRA NRV per share 9,30 EUR (-15,5%)
    LTV (Loan to Value) = 46.3%
    EPRA LTV = 61.6% (+ Subordinated Debt)
    Gross Leasable area 1 057 740 M2 (34 Properties)

    195 (Net Income) / 5.9% (Yield) = 3 305 (Assets Value) - 2 537 (Total Debt + Subordinated) + 25 (Cash) = 793 / 172 (Stocks) = 4.61 EUR

    Based on the proposed authorization, the maximum total amount of equity repayment, shall not exceed 0.30 per share.(-40%)

    Citycon is committed to execute the previously disclosed divestment target by the end of 2024 and have increased its target to EUR 950 million over the next 24 months.

    Outlook for 2024
    Direct operating profit MEUR 185–203
    Adjusted EPRA Earnings per share (basic) EUR 0.46–0.58

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