TAG Immobilien plans no dividend for 2022, shares drop

TAG Immobilien AG

22/11/2022 07:06

** Shares in TAG Immobilien  TEGG.DE  fall 7% in early
Frankfurt trade after the German real estate company said on
Monday it planned to pay no dividend for 2022, citing
uncertainty in the capital markets
    ** "Horrible! A company could not send a more negative
signal," a local trader says
    ** The company also released its 9-mth results and announced
2023 guidance on Monday, saying it sees a decline in funds from
operations (FFO) in 2023 on higher interest expenses, taxes
    ** The 2023 guidance is below expectations, the trader notes
    ** For 2023 the company expects FFO I to come in at EUR
170-174 mln and FFO II at EUR 240-246 mln
    ** The stock is at the bottom of German midcap index
 .MDAXI 
 (Reporting by Linda Pasquini)
 ((Linda.pasquini@thomsonreuters.com))