DEFAMA presentation (as of November 21, 2024) 9th monthly figures $DEF (-2.77%)
Company profile
- Deutsche Fachmarkt AG (DEFAMA) pursues a "buy-and-hold" strategy and invests primarily in retail parks with the following characteristics:
- Solvent chain stores as (anchor) tenants.
- Low vacancy rate and manageable investment requirements.
- Purchase price of the properties usually between € 1 and 5 million.
- Target is a sustainable return on equity in the double-digit range.
Key financial figures (9 months 2024)
- Funds from operations (FFO): € 7.6 million (+7%).
- Annualized FFO: € 12.1 million (€ 2.52 per share).
- Turnover: € 19.9 million (+18%).
- Net result: € 3.9 million (+38%, EPS: € 0.81).
Portfolio (as at November 15, 2024)
- Locations: 77.
- Lettable space: 308,171 m².
- Occupancy rate: 96%.
- Annualized net cold rents: € 26.5 million.
- Average remaining lease term (WALT): 4.5 years.
- Portfolio value: > €300 million.
Transactions
- 2024: 13 new properties with expected additional net rents of € 2.7 million.
- Sale of Büdelsdorf: €6.7 million (positive one-off effect: €1.5 million).
- Purchase of a supermarket in Magdeburg: net rent > € 250 thousand p.a., purchase price € 2.55 million.
Financing
- Total debt: € 166 million (LTV: 58 %).
- Average interest rate: 2.89 %, fixed interest rate: 6.1 years.
- Financing primarily through local/regional banks.
Forecast 2024
- Net income (HGB): € 4.8 million (of which € 1.1 million from sales).
- FFO: € 10.3 million.
- Dividend: >€0.57 per share.
Investment case
DEFAMA achieves growth without capital increases or debt capital markets.
FFO growth through organic growth, revaluations and selective sales.
Strong diversification and solid tenancy agreements (80% of tenants are chain stores).
Share information
WKN/ISIN: A13SUL/DE000A13SUL5.
Market capitalization: € 136.3 million (share price: € 28.40).
Number of shares: 4.8 million.
DEFAMA consistently pursues a conservative and
nd profitable growth strategy and remains an attractive investment in the retail park niche.
