By: Wexboy
Thks, Steve! Yes, the complete sector analysis has been a long time coming, but has proved v worthwhile – helped persuade me to (reluctantly) sell Deutsche Wohnen, and to find KWG which wasn’t...
View ArticleBy: Stemis
I must be missing something but why do you multiply the rent per sqm by 12 before you divide by valuation per sqm to get rental yield?
View ArticleBy: Wexboy
German convention is to quote rent in terms of EUR X.XX per sqm per month. See here also: http://wexboy.wordpress.com/2012/10/30/german-residential-property-part-iii/
View ArticleBy: Martin
Really well written. From an asset perspective your write-up series is very consistent. I am not sure whether it is prudent to omit bottomlines completely. What about earnings, FFO, etc.? You have the...
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By: Wexboy
Ta, mate! Gd pts – funny, I included some v relevant comments, then axed them (for brevity – OK, tht’s a joke ). Since KWG ticked the box fr me, the only sentence tht remained was: ‘Finally, cash-flow...
View ArticleBy: Stemis
FFO is basically profit before tax (excluding movement in valuation of properties and negative goodwill released to P&L). The 9 month figures for KWG show Eur 2.0m so possibly beat Eur 2.4m...
View ArticleBy: Wexboy
Agreed. Hamburg’s on my list of cities to visit, seems to have its own unique feel/culture. Coincidentally, just started to read a Le Carre novel...
View ArticleBy: Weekly links « valueandopportunity
[...] like two German residential property stocks especially KWG kommunale [...]
View ArticleBy: Wexboy – A Birthday Post! « Wexboy
[...] Last Post: German Residential Property V – A Buy! [...]
View ArticleBy: Wexboy
KWG Kommunale Wohnen (BIW:GR) +2.5% since this post, while peers are down (0.8)% on a mkt cap wghted basis. KWG share price EUR 5.20-5.25 resistance zone looks broken. Stake now raised to 5.0%
View ArticleBy: feuerball
I looked at BIW from a cash flow and it looks like they are only about breakeven, so not much profits thef. The earnings came from property re-evalution ( 8.2MEuro) and other income, which I think is...
View ArticleBy: Wexboy
Take a look at the rest of the series – I think I commented on all of the above: I don’t think there’s anything misleading about KWG’s P&L. Well, I should say, versus most property P&Ls! – I...
View ArticleBy: Mape
Wexboy: As you have a big holding in Sirius Real Estate, at the recent AGM, the directors representing Weiss and Laxey failed to get reelected. What is your reading of this situation?
View ArticleBy: Wexboy
Well, actually Weiss lost 1 dir – IIRC, they also originally nominated Rolf Elgeti who remains on the board (I don’t believe he has any agreement/contract with them though – he’s simply a...
View ArticleBy: Hitting The Century (IX – Property) « Wexboy
[...] will overlap. I should obviously point you to my series on German Residential Property, Post I to Post V – it offers an in-depth look at my allocation & stock selection approach to Property....
View ArticleBy: Xmas Trimmings, etc. « Wexboy
[...] KWG Kommunale Wohnen (BIW:GR) EUR 6.282: In my recent write-up, I predicted a EUR 100 mio market cap might prove a tipping point for KWG – in terms of a step-change in investor interest &...
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