Instone slumps on 2022 profits 'materially below consensus'

Instone Real Estate SE

18/11/2021 08:43

** Shares in Instone  INS2.DE  fall over 8% after the German
real estate group posted outlook for 2022  urn:newsml:reuters.com:*:nASN001WF3
    ** The company expects 2022 adjusted revenues between EUR
0.9-1.0 bln and adjusted earnings after taxes between EUR 90-100
mln
    ** It adds that the management expects in 2022 delays in
building right and permit approvals related to corona situation
    ** Credit Suisse sees 2022 profits materially below
consensus, impacted by further permitting delays, nothing that
2022 earnings after tax are 16-24% below consensus
    ** The broker adds that forecasting the ongoing impact
beyond 2022 is clearly difficult at this stage
    ** The stock is at the bottom of the German small-cap index
 .SDAXI , on track for the worst day since March 2020
    

 (Reporting by Elizaveta Gladun)
 ((elizaveta.gladun@thomsonreuters.com))