Topiknyitó: Mifi104 2018. 03. 14. 10:58

(UP)PENINN  

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atikasz 2019. 10. 04. 08:49
Előzmény: #19815  farkasfu
#19820

felőlem maradhatnak együtt csak emelkedjenek:)
ha ml- telenitik az appot elszakadhat az opitol.
BarackVirág
BarackVirág 2019. 10. 04. 08:18
Előzmény: #19815  farkasfu
#19819
Érdekes ábra. Köszi
farkasfu
farkasfu 2019. 10. 04. 08:09
Előzmény: #19816  czm
#19818
miért nincs?? 😒
polkiop 2019. 10. 04. 07:13
Előzmény: #19816  czm
#19817
A reggeli nap sugara törölje ki az álmosságot szemed sarkából, és imígyen adjon választ bohó kérdéseid sorára.
Kedves fórumtársam. :)
czm 2019. 10. 04. 02:48
Előzmény: #19815  farkasfu
#19816
miert pont juliustol?
miert pont ez a 3 papir?
miert kell elszakadni?
mi az az egymas? 
miert nem logos skalan erdekes?
eladni kell vagy venni, ha elszakad a valami a masik ketto valamitol?
es mikor?
es mikor nem?
most kell cselekdni, hogy jo legyen  majd az elszakadas a mezei kisbufinek?
mi szamit jo elszakadasnak, es mi nem?
vagy lehet az is, hogy meghiusul kesobb a kezdetben sikeres elszakadas?
azt mibol lehet majd latni?
es mikor?
--
tobb kerdesem nincs hirtelen
farkasfu
farkasfu 2019. 10. 03. 20:25
Előzmény: #19813  kockaveto1
#19815
jó lenne már elszakadni egymástól" 
https://invst.ly/gjjpe
besz 2019. 10. 03. 20:15
Előzmény: #19808  signal2
#19814
már épp itt volt az ideje.
kockaveto1
kockaveto1 2019. 10. 03. 19:11
#19813
zöldben zártunk.
lupus55 2019. 10. 02. 16:23
#19812
Adtam neki 18000 db-t. Kicsit meguntam a tökölést. Még van belőle bőven!
HARDCORETERROR
HARDCORETERROR 2019. 10. 02. 15:49
#19811
440, van ott egy 20ks vétel is
thomasss
thomasss 2019. 10. 02. 14:53
Előzmény: #19809  kockaveto1
#19810
ahhoz képest hogy milyen zivatar van, egész jól tartja magát az App... pacsi neki...
kockaveto1
kockaveto1 2019. 10. 02. 12:02
Előzmény: #19807  signal2
#19809

"A Társasága tervek szerint20 milliárd forint értékben bocsátana ki kötvényeket, a befolyt összeget akvizíciós terveinek megvalósítására, valamint refinanszírozási célokra használná fel. A tervezett kötvénykibocsátásra a közgyűlésifelhatalmazás után kerülhet sor."
signal2
signal2 2019. 10. 02. 11:36
Előzmény: #19807  signal2
#19808
Coverage: 2.2x I non-outstanding short-term debt
.
Liquidity is adequate, with unrestricted cash and free operating cash flow (excluding discretionary spending for acquisitions) exceeding short-term debt. Appeninn plans to refinance all of its outstanding debt with an unsecured 10-year bond in Q4 2019. This means there will be no short-term debt left at year-end 2019 or going forward.Senior unsecured debtScope’s recovery analysis factors in Appeninn’s low WAULT, its somewhat aged portfolio and the non-prime characteristics of some of its properties, which would weigh on attainable advance rates in a distressed sale scenario. Given these parameters, the agency arrived at an ‘above average’ recovery at the hypothetical point of default, based on a high amount of unencumbered assets to outstanding debt, allowing for a one-notch uplift. This translates into a BB- rating for senior unsecured debt.
.
Recovery is based on a hypothetical default scenario occurring at year-end 2020, in which Scope assumes outstanding first-lien ranked debt (customer deposits) of EUR 1m and unsecured debt financing of EUR 60.6m.
.
In Q4 2019 Appeninn plans to issue a EUR 60.6m senior unsecured bond with a 2.6% coupon and a 10-year tenor. Scope’s rating scenario assumes that this bond is the only debt outstanding going forward – any changes to the company’s debt structure would be likely to impact the credit rating of the unsecured debt.OutlookThe Outlook for Appeninn is Stable and incorporates: i) a successful portfolio clean-up with no significant discounts to current market values; ii) the successful placement of a HUF 20bn (EUR 60.6m) bond in Q4 2019 and the subsequent repayment of all currently outstanding interest-bearing debt; and iii) the execution of a moderate growth strategy in Hungary/CEE. Assuming an equity/cash flow-driven expansion going forward, the Stable Outlook foresees an EBITDA interest cover of above 3x and a loan-to-value (LTV) ratio of below 50%.Rating-change driversA positive rating action would require a significant improvement in Appeninn’s business risk profile. This could be through a growth in size and a strengthening of market position, increased geographical and tenant diversification of the portfolio, and more cash flow visibility through longer WAULTs while sustaining the loan/value ratio below 50%.
.
A negative rating action would be possible in the event of an unsuccessful repositioning or a change in strategy, leading to a deterioration in leverage to above 60%, or if the bond asset ratio were to fall below 1.7x.
signal2
signal2 2019. 10. 02. 11:33
#19807
https://bet.hu/site/newkib/hu/2019.10./Appeninn_Nyrt._-_Rendkivuli_tajekoztatas_128307300
.
Appeninn Holding is an exchange-traded Hungarian real estate company predominantly active in Budapest and focused on a buy-and-hold strategy regarding office and retail properties.
.
The B+ issuer rating on Appeninn benefits from i) a very high occupancy rate of 97% as at September 2019, reflecting tenant demand for its inner-city locations, ii) its exposure to the second-tier investment market of Budapest and iii) relatively high EBITDA margins of around 70%. The company’s debt protection has been strong and is forecasted to improve to above 3.0x, in addition to a moderate and decreasing leverage (loan/value ratio of 46% as at 2018), driven by a modest equity/cash flow-driven expansion.
.
Rating constraints include Appeninn’s small scale, which leads to greater sensitivity to unforeseen shocks and cash flow volatility, its weak geographical and tenant diversification, a very short weighted average unexpired lease term (WAULT) providing limited visibility, and insignificant market shares with a somewhat dated portfolio.
.
Scope’s rating scenario assumes the following:
  • Execution of management’s strategy to clean up portfolio by selling EUR 11.5m non-core properties in 2019, factoring in a discount of 10% to market values
  • Replacement of a further EUR 10m in non-core office stock with EUR 10m in prime office space; prime yields from Cushman&Wakefield used
  • Acquisition of EUR 15m of retail exposure in Hungary/CEE in 2020 and EUR 5m of retail exposure in 2021
  • 3.2% inflation rate for operational expenditures
  • Unsecured bond issuance in Q4 2019 (EUR 60.6m, 2.6% fixed coupon) to replace all outstanding debt; no further secured debt issued
  • Tax rate : 9% corporate tax; 2% business tax
  • No dividends paid for 2018-22
Positive rating drivers
  • Strong and improving debt protection (EBITDA interest coverage forecasted above 3.0x) and moderate and decreasing leverage in Scope’s base case scenario
  • Very high occupancy rate as at September 2019 of 97% thanks to desirable inner-city locations
  • Exposed to second-tier investment market with healthy demand from tenants
  • Relatively high EBITDA margins of between 65% and 72%, but vulnerability due to constant reletting pressure
Negative rating drivers
  • Relatively small property company (compared to Western peers), resulting in high sensitivity to unforeseen shocks and volatile cash flows
  • Weak diversification in terms of geographies and high tenant concentration risks
  • Very short WAULT at 2.2 years providing limited visibility in cash flows and a constant dependency on reletting with the associated high turnover costs
  • Small market shares in an increasingly competitive environment in combination with somewhat dated properties are likely to result in declining rental income or increased capex spending
.
LiquidityScope considers liquidity to be adequate. In detail:
Position: YE 2018 I YE 2019E
Unrestricted cash: EUR 0.9m I EUR 7.7m
Open committed credit lines: EUR 0.0m I EUR 0.0m
Free operating cash flow (t+1): EUR 15.9m I EUR 33.4m
Short-term debt: EUR 7.8m I EUR 0.0m
Joe76 2019. 10. 02. 10:37
Törölt hozzászólás
#19806
Istvan78 2019. 10. 01. 13:37
#19804
Ez a kötvény kibocsátás több szempontból is jó hír nekünk:
- Egy-két hete jött a hír, hogy Tiborcz ingatlanos Kft-t alapított és ez rossz ómen volt akkor. Viszont most az látszik, hogy Tiborcz meg akarja venni az OPI részt és 20 milliárdos kötvényt bocsát ki, tehát mégis ezzel a céggel (is) nagyon komoly tervei vannak.
- Tiborcz jó eséllyel megkapja az MNB-től a kötvény pénzt
koati
koati 2019. 10. 01. 13:36
Előzmény: #19799  thomasss
#19803
Azért jó lenne, ha mi sem járnánk rosszul nem csak az opus!
farkasfu
farkasfu 2019. 10. 01. 13:35
Előzmény: #19800  1378
#19802
hagyd csak ott, a pezsgőt is ott érlelik :)
farkasfu
farkasfu 2019. 10. 01. 13:30
Előzmény: #19798  Zsimo
#19801
majd kiderül.., én nem kalkulálok vele. Amikor fizet, akkor az a baj, hogy keveset! Opus legyen a múlté, aztán kiderül hol tartunk..

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