CA Immobilien CAI.VI
What does CA Immobilien do?
CA Immobilien is a commercial real estate company based in Vienna. The group owns, leases and develops mainly office properties and complements them with hotels, retail space and logistics assets. The regional branches largely operate as decentralized profit centers. The portfolio is concentrated in Austria, Germany and Central and Eastern Europe, including Poland, the Czech Republic, Hungary and Serbia.
The company earns most of its income from ongoing rental income from its existing portfolio. In addition, there are proceeds from the development of projects, which either remain in its own portfolio or are sold after completion. Tenants are mainly companies and institutional users. In terms of competition, CA Immobilien positions itself with modern, centrally located office space in major cities and with its own development expertise. Competitors are other listed and private real estate investors as well as project developers in the respective markets.
Score profile
Rank vs. Real Estate Services (8 companies). 10 = top of the group, 5 = middle. Calculated from the metrics below, without AI.
Metrics compared with the industry
On profitability and quality, CA Immobilien ranks among the best in the group Real Estate Services (8.4/10). On growth, the company ranks in the bottom fifth in the group Real Estate Services (1.9/10). On valuation (higher = cheaper), the stock ranks in the bottom fifth in the group Real Estate Services (2.0/10). On financial strength, CA Immobilien ranks in the middle in the group Real Estate Services (4.3/10).
| Metric | Stock | Group median | Ranking |
|---|---|---|---|
| Forward P/E | 18.0x | 15.2x | better than 21 % |
| Trailing P/E | 13.4x | 38.4x | better than 92 % |
| PEG ratio | 2.8x | 0.8x | better than 10 % |
| EV/EBITDA | 23.7x | 23.1x | better than 42 % |
| Price/sales | 7.1x | 0.7x | better than 6 % |
| Price/book | 0.8x | 1.7x | better than 94 % |
| Revenue growth | -10.8% | 9.7% | better than 6 % |
| Earnings growth | 0.0% | 0.0% | better than 31 % |
| Gross margin | 69.0% | 27.9% | better than 81 % |
| Operating margin | 58.8% | 4.3% | better than 94 % |
| Net margin | 55.5% | 2.5% | better than 94 % |
| Return on equity | 6.2% | 3.0% | better than 69 % |
| Debt/equity | 84.5% | 62.8% | better than 44 % |
| Current ratio | 0.8x | 1.2x | better than 6 % |
| Free cash flow yield | 20.0% | 5.3% | better than 79 % |
| Dividend yield | 4.3% | 4.3% | – |
| Payout ratio | 57.0% | 92.6% | – |
| Beta | 0.50 | 1.27 | – |
Valuation: what is CA Immobilien worth?
Two valuation approaches – a discounted cash flow model and a valuation at the industry’s median multiples – give CA Immobilien a model range of 17.96 EUR to 45.05 EUR per share.
5 analysts, average rating “Hold”, average price target 24.92 EUR (+17.5%).
The full DCF matrix, the reverse DCF (what growth the price implies) and scenarios are part of the Pro analysis.
What the business depends on
- Rental income depends on occupancy, lease terms and the ability to adjust rents to market developments or indexation.
- The quality and location of the buildings determine demand, achievable rents and the valuation of the property portfolio.
- Successful project developments and sales create value gains and allow the portfolio to be reallocated.
Risks
- Rising interest rates make financing more expensive and can weigh on property valuations, as these react to market interest rates and yield expectations.
- Structurally changed demand for office space, for example due to remote working and higher sustainability requirements, can increase vacancy and investment needs.
- Project developments are subject to cost, schedule and letting risks, and economic conditions and country risks also affect several markets.
What to look for with CA Immobilien
FFO (funds from operations) shows the operating cash flow from rental activity excluding valuation effects and disposal gains, and is therefore particularly informative for portfolio holders.