Gagfah GFJ GY

May 26, 2010 - 12:58am EST by

member

						2010	2011
Price:		5.20		EPS		$0.80	$0.80
Shares Out. (in M):		226		P/E		6.5x	6.5x
Market Cap (in $M):		1,175		P/FCF		0.0x	0.0x
Net Debt (in $M):		6,000		EBIT		0	0
TEV (in $M):		7,175		TEV/EBIT		0.0x	0.0x

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#	AUTHOR DATE SUBJECT
6	member 6/02/10 12:41AM RE: German Residential Property Yield 5
Can you talk about the drivers of german residential property yields? In the US cap rates on resi are ultimately tied to GSE financing costs, while any other commerical property type must be financed in... login to read the rest view available tags
5	member 6/01/10 5:17PM German Residential Property Yield
I am travelling and will address the questions in more detail when I get back. The refinacing risk and potential for dilution is particularly important and plan to expand on this. In the mean time I wanted to... login to read the rest view available tags
4	member 5/30/10 3:36PM RE: RE: important missing points 3
i believe there are multiple ways for the parent to recap it, including merging in private real estate funds with much less leverage ... if may well be that no recap is needed because the... login to read the rest view available tags
3	member 5/30/10 5:52AM RE: important missing points 2
ad, what do you think is misunderstood about speymill? if the 6 silos are nonrecourse, it looks like they can give back the keys on the covenant-breached silo. it also looks like there is upside from finishing... login to read the rest view available tags
2	member 5/29/10 12:16PM important missing points
1) all german property companies trade at 40% of Nav, and some better ones are much cheaper -- they are all too levered, and their NAV discounts reflect the equity dilution sure to eventually come 2)... login to read the rest view available tags
1	member 5/28/10 1:20PM Questions
1. As a quick hack I'd say they're paying 16%/year but shrinking the asset base 6%/year so my ROI is closer to 10%. Why is this wrong? I realize they slashed expenses last year to... login to read the rest view available tags

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