Such Figures should actually be happy every stock market investor: The sales grew by 5.5 percent, the earnings before interest and taxes increased by six percent to 98 million euros. But what has reported to the Deutsche EuroShop as a result for the first half of this year, in mid-August, not advanced their share price.
Rather, the listing of the Hamburg-based operator of 21 shopping centres in Germany, Austria, Poland, the Czech Republic and Hungary, coincided with a market value of 5.1 billion Euro in the following weeks, by a further five percent.
a long-continued Trend. Stately 30 percent of the shares has lost rate of the single stock exchange-listed German shopping centre operator in the past three years. Not much better is what happened to the competitors.
The exchange rate of the French Unibail-Rodamco Westfield with a Portfolio of 102 shopping centers in 13 European countries and a market has fallen to a value of 62 billion euros in October 2015 to around 21 percent. The stock of Simon Property, with 325 shopping malls in the United States, Asia and Europe in a global industry, Prince, quoted, 13 percent lower than in the summer of last year.
afraid of the Internet
In this case, these two companies have increased, as well as their German competitors of the year for the year sales and profits. And a number of analysts have rated the stock regularly with a “Buy”. The recent positive rulings for the Deutsche EuroShop is derived from the French Bank Société Générale and the DZ Bank.
the results of The first half of the year, the Hamburg-based “largely as expected, failed,” writes DZ Bank Analyst Karsten Oblinger. “The Outlook for the current and the coming year have been confirmed.” He sees the fair value of the shares at 38 euros, which would correspond to the current quotation of a share price gain of nearly 35 percent. Even more optimistic of his French colleagues, which have a target price of 39 Euro.
However, many investors are blinded analyses, if the operator’s share of the shopping center. “Investors are scared that the Internet trade is to make bricks-and-mortar trade, soon an end”, says Helmut Short real estate equity Fund Manager in the Stuttgart-based private Bank Ellwanger &Geiger.
“you withdraw more and more from the shares of the company, the shopping center, and instead is becoming more and more papers of real estate companies, focused on logistics objects.” The need for these warehouses and distribution centers increases, the more consumers order on the Internet.
According to the courses of logistics real estate portfolio holders has increased in recent years. An example of the price history shows this, from ProLogis. The share of the global operating lessor of warehouses and distribution centers from Los Angeles increased from October 2015 to 75 percent. The paper of the Belgian Competitor VGP is crashed in that time even by 124 percent in the height.
dividend for logistics parks, shrinks
Actually, the logistics provider can rent out your real estate is currently as fast as you manage to draw you in. VGP managed in the first half of this year, leases of 264.000 square feet of new and existing warehouse and distribution areas to complete – an increase of almost 15 percent compared to the second half of 2017. The profit rose by about 20 percent to 75 million euros.
chief Executive Jan Van Geet wants to bring in this year and next year, a further logistics parks on the way. “We have acquired in the summer for areas in the Netherlands and are about to acquire in Italy, a whole bunch of land,” says Van Geet.
This does not necessarily mean that investors will give in the future, the share of logistics real estate developers. “The courses, the papers are so greatly increased that dividend yields are mirror images of melted together,” says a Fund Manager Shortly. “Three years ago, the average dividend yield were the logistics-stock-holders six per cent – today it is only three percent.”
Thus, the dividend yields of these exchange-values are less than the listed German housing companies such as Vonovia and LEG Immobilien, each with around 3.5 per cent. Also their prices have steadily increased, in parallel to the Gain that could bring in the companies as a result of the rising Rents in the housing markets in major German cities.
Weak courses, strong dividend yield
However, analysts no longer count on gains in housing companies with high Rates. Both the Baader Bank and Berenberg Bank have classified the shares of LEG Immobilien with a Buy. The target price of 110 Euro is, however, only just under ten per cent above the current share price.
have, However, attracted to the dividends of the shopping center operator. “They were in 2015, at around three percent, and maneuvering today in the range between 5.2 and six per cent,” says a Fund Manager Shortly. This is not only because the share prices fell in the company at this time.
“increase of The companies in the past three years, your profits are real and their dividend payments may increase,” says the Fund Manager. Deutsche EuroShop raised this year, your dividend even for the sixth Time in a row, by a further five cents to 1.45 euros per share.
a actually buy, more and more consumers over the Internet. In the second quarter of this year, ordered German consumers, according to calculations by the Federal Association of E-Commerce and mail order business (bevh) Goods of a total value of 15.6 billion euros online, an increase of 11.7 percent compared to the same period last year.
as Measured by the total turnover in the retail trade, the share of online providers is still low. Just 11.4 percent of total sales on the E-Commerce business. “Well-managed shopping center can increase despite the growth in Online business continues to your income, such as half of the operators present companies,” says Short. He has bought in his Fund, therefore, now, for the first time in several years, shares of Unibail-Rodamco Westfield.