2022 outlook cut weighs on Patrizia shares
03/11/2022 08:07
** Shares in Patrizia PATGn.DE fall 5.7% after the German
real estate investment manager cut its 2022 financial year
guidance on Wednesday
** Patrizia now expects an EBITDA range of EUR 70 Mln to EUR
85 Mln for FY22 vs. previous target of EUR 100 Mln-120 Mln
** "As lower investments on behalf of Patrizia's
institutional clients also mean a lower increase in total assets
under management, the company’s overall earnings levels will be
lower, as operational costs cannot be adjusted at the same pace"
Berenberg says
** The broker adds that it has also lowered its future
assumptions for assets under management, as transaction volumes
are likely to remain low for longer than previously expected
** Stock is among worst performers on Germany's small-cap
index .SDAXI
($1 = 1.0224 euros)
(Reporting by Ozan Ergenay)
((ozan.ergenay@thomsonreuters.com))