In This Article:
-
Property Portfolio Value: CHF2 billion.
-
Rental Income: CHF84 million as of the end of January.
-
Net Profit (Excluding Revaluation): CHF157 million.
-
Revaluation Gain: CHF105 million.
-
Dividend Increase: CHF2.6 per share.
-
Funds from Operations (FFO): CHF46 million.
-
Net Asset Value (NAV) per Share (Excluding Deferred Tax): CHF117.
-
Loan-to-Value (LTV) Ratio: 27.6%.
-
Equity Ratio: 64%.
-
Total Assets: CHF2.1 billion.
-
Net Profit: Almost CHF250 million.
-
Gain from Sale of Service Business: CHF122 million.
-
Gross Rental Income (January 1, 2025): CHF78.4 million.
-
Residential Rent Potential: 14%.
-
Commercial Rent Potential: 12%.
-
Average Gross Yield: 4.2%.
-
Vacancy Rate: Below 2%.
-
Equity Generated for Shareholders: CHF310 million.
Release Date: March 19, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Investis Holding SA (XSWX:IREN) successfully expanded its property portfolio, acquiring properties worth over CHF370 million in 2024.
-
The company reported a significant revaluation gain of CHF105 million, reflecting the quality of its portfolio.
-
Investis Holding SA increased its dividend to CHF2.6, demonstrating confidence in its financial stability.
-
The company maintains a conservative loan-to-value (LTV) ratio of 27.6%, indicating strong financial health.
-
Investis Holding SA's net profit, excluding revaluation, rose to CHF157 million, showcasing robust operational performance.
Negative Points
-
The vacancy rate increased slightly to 1.9%, which is higher than the previous year's all-time low.
-
The company faces challenges in the construction sector, with a shortage of land and complex authorization procedures hindering new developments.
-
Investis Holding SA's shares are trading at a discount to NAV, contrasting with the premium seen in other Swiss residential real estate investments.
-
The commercial segment of the portfolio grew to 19%, which may not align with the company's primary focus on residential properties.
-
The company anticipates a decrease in vacancy rates but acknowledges uncertainty in achieving the previous year's low levels.
Q & A Highlights
Q: Can you discuss the long-term strategy for the property mix, particularly the share of commercial use in the portfolio? A: Stephane Bonvin, CEO, stated that while the increase in commercial properties was opportunistic, the goal is to maintain approximately 80% residential and 20% commercial. The focus remains on residential properties, but opportunities to transform office buildings into residential will be considered.