Baader cuts LEG Immo to 'add' waiting for H1 results

LEG Immobilien SE

03/08/2023 13:49

** Baader Helvea cuts German real estate firm LEG Immobilien
 LEGn.DE  to "add" from "buy", as it adjusts its estimates to
reflect the already given guidance change and the latest market
observations, citing mix of portfolio write-down and higher
rental growth
    ** The broker cites still negative price trend in
residential real estate, that will make it difficult to predict
both H2 and 2024 performance
    ** "The transaction activities remain on a subdued level and
do not really offer the change for meaningful disposals to
improve the capital structure," Baader adds
    ** However, it still sees robust operating performance,
supported by strong rental growth in the housing market
    ** The company is to publish its half-year results on August
10

 (Reporting by Anastasiia Kozlova)
 ((Anastasiia.Kozlova@thomsonreuters.com))