Patrizia falls on FY guidance cut
28/07/2023 08:45
** Shares in Patrizia PATGn.DE fall 8.5% after the German
real estate investment manager cut on Thursday FY outlook,
expecting continued muted market investment activity in H2 2023
** The company now sees FY EBITDA of EUR 50–70 mln
(previously EUR 50–90 mln) and assets under management (AUM) of
EUR 57-62 bln (previously EUR 60–65 bln)
** "It seems that Patrizia has not been able to encourage
its clients to deploy available liquidity in the funds of about
EUR 4 bln," Berenberg says
** Although Patrizia had downgraded FY outlook with FY 2022
results, Berenberg still views the company as an "attractive"
investment opportunity thanks to its "robust business model, an
equity ratio of 71% and liquidity of EUR 370 mln as of March"
** Baader Helvea says hopes for a recovery in H2 do not seem
to materialize and have most likely to be postponed to the next
year
** The stock is at the bottom of Germany's small cap index
.SDAXI , on track for its worst day since May 2022
(Reporting by Amir Orusov)
((Amir.orusov@thomsonreuters.com))