Sujet : Hispania Activos Inmobiliarios SA (HIS)
Cette société immobilière réglementée (REIT) est entrée en bourse (Madrid) en Mars 2014 et compte deux principaux investisseurs prestigieux que sont George Soros et John Paulson. Elle commence à payer un dividende cette année. L'objectif de cette société est de bénéficier pleinement du redressement de l'immobilier en Espagne et de surfer sur la vague de succès touristique. Je suis rentré dans cette valeur juste après l'annonce du Brexit (PRU = 10,40 eur) car j'estimais que les SIR belges étaient devenues trop chères.
Cours de l'action le 11/11/2016 = 10,20 eur.
Les résultats du Q3 2016 ont été publié ce vendredi 11 après bourse.
Voici un résumé:
HISPANIA REGISTERS NET PROFIT OF 137 MILLION EURO IN THE FIRST NINE MONTHS
OF 2016
Hispania generated gross rents of 100 million euro in the first nine months of 2016, five
times more than the same period in 2015.
Hispania consolidates its position in the market as the largest hotel owner (non-operator) in
Spain.
Based on its solid 2016 results, it is the intention of the company to pay an interim dividend of
17 million euro out of the expected total of 40 million euro on the back of 2016 results.
Madrid, November 11th
, 2016.- Hispania has presented a solid set of results for the third quarter
2016 on the back of the excellent performance of its hotel portfolio, which has recorded important
growth in occupancy and ADR during the summer season.
During the first nine months of the year Hispania has recorded gross rental income of 100 million
euro and recurring EBITDA of 64 million euro, which after the revaluations of the first half of 112
million euro, reach a net profit of 137 million euro, 11x more than the same period of 2015. The
company’s good results are mainly a consequence of the excellent performance of the hotel
segment, which accounts for 82% of total rents.
At the end of the period Hispania has registered a total GAV of 1,684 million euro and a NAV of 1,326
million euro equivalent to 12.24€/share, which represents an 11% growth vs December 2015.
As a sign of confidence on the good outlook of the company’s results Hispania announced a dividend
of 40 million euro against 2016 results, of which 10 million euro were already paid and 17 million
euro are expected to be paid in November 2016. The final dividend payment on the back of 2016
results will be distributed after the 2017 AGM takes place.
Hispania has more than 10,500 keys throughout 36 hotels, which makes it the largest non-operator
hotel owner in Spain and the second if we include Spanish hotel operators. Its hotel portfolio is
concentrated in the best locations of the Canary and Balearic Islands as well as vacational areas in
coastal areas and main tourist cities. It is worth mentioning the excellent results of the island hotels,
which have shown increases in total RevPar of 21% in Canaries and 17% in the Balearic Islands
compared to the same period last year. During the same period occupancy levels have recorded
increases of 4% and 5% in the Canaries and Balearics respectively.
In offices, Hispania has more than 186,700 sqm throughout 27 buildings in Madrid and Barcelona.
These figures include the latest acquisition of a plot in Madrid where 2 buildings will be built with a
surface of 33,000sqm. Noteworthy is the rental increase of 7% since 2015 year end as a result of the
repositioning works within the different assets as well as Hispania’s active commercialization.
In the residential segment, Hispania has recorded an increase in rents of 11% during the first nine
months of the year thanks to the impact of the refurbishments done in Isla del Cielo (Barcelona) and
Sanchinarro (Madrid), which have reached increases of 71% and 31%, respectively compared to the
rents prior to such refurbishments. Furthermore Hispania has concluded selective flat sales in Isla del
Cielo registering equivalent annual returns above 20%.
Hispania expects its hotel portfolio to maintain its good performance for the remainder of the year,
as well as in its office and residential portfolio where refurbishments will continue to impact rents
and occupancy.
“The excellent results recorded in the third quarter and its favourable evolution against last year
show the good track-record of the Company in all the segments it operates, especially in the hotel
segment. These figures show the capacity of the management team to identify and execute
acquisitions with high revaluation potential which constitutes an important value creation for our
shareholders” says Concha Osácar, Board member of Hispania.
About Hispania
Hispania became listed on the Spanish Stock Exchange on the 14th of March of 2014 and as of today it has raised €1,083 million.
Hispania’s current portfolio includes more than 209,600 sqmin offices, more than750 dwellings and more than 10,400 keys.
Hispania’s goal is to capture investment opportunities in the Spanish Real Estate markets and creating a portfolio of high quality assets in the residential, hotel and offices sectors. Hispania is part of the FTSE EPRA / NAREIT Global Real Estate Index, Ibex Small Cap Index, GPR Index, Euronext IEIF REIT Europe Index and S&P Global Real Estate Index. In accordance with best corporate governance international practices, Hispania´s Board of Directors, chaired by Rafael Miranda, has a majority of independent Board Members. Hispania is externally managed by Azora Gestión S.G.I.I.C., S.A., which has granted it total exclusivity for all of its investment deal flow in Spain, except for student housing.
Dernière modification par Benjamin (13-11-2016 10:46:15)
