'No share price trigger in sight': Erste Group ups Immofinanz on priced-in uncertainties

CPI Europe AG

14/09/2022 07:56

** Erste Group raises Immofinanz  IMFI.VI  to "hold" from
"reduce" but cuts PT by 30% to EUR 16, citing substantially
reduced earnings and cash flow estimates, and valuation as it
sees no trigger for the share price and the stock being already
traded at a discount
    ** The reasons for Immofinanz earlier strong share price
correction, following the deterioration of market environment,
dilution of shares, and uncertainties regarding the company's
future strategy, are now fully priced in, the broker adds
    ** Although it sees Immofinanz's peers trading at the same
level or even a higher discount, the broker does not currently
expect the Vienna-based firm's stock to outperform the Austrian
market
    ** Immofinanz's stock is down by a third YTD

 (Reporting by Tristan Chabba)
 ((Tristan.chabba@thomsonreuters.com))