Executive Summary 4
Investing in property stocks: more than just a “macro call”! 4
Key Figures 6
Key numbers and ratios 6
Key valuation ratios and multiples 7
Oppenheim valuation toolbox for property stocks 8
Introduction 8
Cost of equity and the beta factor in real estate 9
Funds from Operations (FFO) 12
Oppenheim NNAV Valuation Approach 13
Price to NAV – What discount (or premium)? 13
Oppenheim Economic Profit Model for Real Estate Stocks 16
Boom, bust, boom? Property stocks revisited! Real estate rebound? Not imminent! 18
Key Driver 18
Where are all those deals? 19
Swiss real estate transaction market 20
What happened to privatisation? 21
Swiss residential market 22
… and what happened to REITs in Germany? 23
Why there is no Swiss REIT and why there will be no Swiss REIT in the mid-term 26
Company Overview 27
AIG Intern. Real Estate 28
Allreal 30
Alstria Office REIT 32
Babis Vovos 34
Colonia Real Estate 36
Deutsche Euroshop 38
Deutsche Wohnen 40
DIC Asset 42
Franconofurt 44
GAGFAH 46
Hahn Group 48
Intershop 50
IVG 52
Mobimo 54
PATRIZIA Immobilien 56
PSP Swiss Property 58
Swiss Prime Site 60
Vivacon 62
Warteck Invest 64
Züblin 66