Hauck Aufhaeuser sees real estate trouble ahead to weigh on Hypoport
06/01/2023 13:08
** A drought in real estate transactions should negatively
impact Hypoport's HYQGn.DE largest and most profitable segment
Credit Platform, German private bank Hauck Aufhaeuser says
** Rising interest rates have resulted in a standoff in the
German real estate market, it notes, as sellers are unwilling to
lower prices while buyers hesitate to pay up amid soaring
financing costs and high real estate prices
** Hauck Aufhaeuser also points to bleak real estate market
statistics and an increasingly pessimistic financing outlook,
with Bundesbank reporting a 40% fall yoy in November national
transaction volume on Wednesday
** It sees significant sales contraction and EBIT hit for
Hypoport due to negative operating leverage of the platform
business model, maintains its "sell" rating on the stock
** "Market expectations look set to be disappointed," the
broker says, "as there seems to be no escape from this double
whammy"
** Shares in Hypoport extend Thursday losses and fall about
5% on Friday, among worst performers on Germany's small-cap
index .SDAXI
($1 = 0.9516 euros)
(Reporting by Ozan Ergenay)
((ozan.ergenay@thomsonreuters.com))