Original-Research: EYEMAXX Real Estate AG (von GBC AG): Well above average




17.04.18 14:01
dpa-AFX

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Original-Research: EYEMAXX Real Estate AG - von GBC AG



Einstufung von GBC AG zu EYEMAXX Real Estate AG



Unternehmen: EYEMAXX Real Estate AG


ISIN: DE000A2GSSP3



Anlass der Studie: Credit Research - Bond Issue


Empfehlung: Well above average


Letzte Ratingänderung:


Analyst: Cosmin Filker, Marcel Goldmann



Issue of the sixth corporate bond planned to finance further projects; two


bonds already repaid; company has an extensive project pipeline of more


than EUR 750 million



EYEMAXX is currently in the issuance phase of a 5.5% corporate bond with a


volume of up to EUR 30 million.

In parallel, the company is offering the


holders of the already issued 7.875% corporate bond (outstanding volume:


EUR 8.66 million) to exchange their bond holdings so that, if fully


accepted, the issue proceeds could amount to up to EUR 21.34 million. We


have benchmarked the planned corporate bond with the market and awarded the


rating 'Well above average'.



With the new bond funds, EYEMAXX plans to primarily finance new projects.


Large-scale residential property projects as well as mixed-use projects


have already been identified, for which the financing of subordinate funds


for the purchase of real estate still has to be raised. Around EUR 12.0


million should be used to purchase the land. In addition, a further EUR


15.0 million could be used for the further expansion of the project


pipeline.



The project financing takes place at the level of the respective project


company. The equity of the project company amounts to 15-30% of the total


investment, of which EYEMAXX can raise both equity and debt at the level of


the parent company. Based on these investment data, the projected


investment in identified projects amounting to EUR 12.0 million will boost


a project scope of up to EUR 80 million. This would significantly increase


the existing and already extensive project pipeline of EUR 757.7 million.



On the basis of the planned investments and the projects that are already


acquired, we expect a further increase in total output, which should


establish itself well above a level of EUR 26.00 million. At the same time,


we expect that the group's high profitability continues, with EBIT margins


of more than 60%. Although the issue of the new EUR 30.0 million corporate


bond is expected to result in an increase in interest expenses, this


increase could be disproportionately lower if there is a high acceptance


rate for the exchange offer. In addition, the complete placement of the


5.5% coupon corporate bond should further reduce average interest rate. The


three outstanding corporate bonds all have a coupon of more than 7.0% each.



This should have a positive impact on credit metrics, which are important


for bond creditors. In the past fiscal years the EBITDA as well as the EBIT


interest cover ratio had stabilized at a level between 1.5 and 1.8. We


expect a significant improvement in the interest coverage ratio to over 2.5


(2019/2020e). The positive earning after-tax results and the expected


conversion of the outstanding convertible bonds, amounting to EUR 24.57


million, should also lead to a significant increase in the equity ratio to


over 50% in the coming fiscal years.



The 5.5% corporate bond offered for subscription from 26/04/2018 is


classified as 'Well above average' according to our market benchmark and


including the Creditreform rating (BB). We therefore award 4 out of 5 GBC


Falcons.



Die vollständige Analyse können Sie hier downloaden:


http://www.more-ir.de/d/16341.pdf



Kontakt für Rückfragen


Jörg Grunwald


Vorstand


GBC AG


Halderstraße 27


86150 Augsburg


0821 / 241133 0


research@gbc-ag.de


++++++++++++++++


Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (4,5a,6a,10,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:


http://www.gbc-ag.de/de/Offenlegung.htm


+++++++++++++++



-------------------übermittelt durch die EQS Group AG.-------------------




Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.


Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung


oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.



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