Accentro - comment

The profit warning from Accentro is no surprise to us. We have been sceptical about the ability to execute condo sales in the current environment. At the very least, we think whole building sales are needed. We expect that Accentro will need further restructuring in the next 12 months. German real estate is in a trough, so we accept that things will improve. However, the lack of transparency at Accentro means we prefer to concentrate our efforts on Adler, DIC Asset and possibly Aroundtown. 

The preliminary data for H1 has revenue down 60% to €36m; and EBIT down from €9m to (€9m). Accentro sees little chance of significant progress in H2 and has withdrawn guidance. The FY23 guidance of €100m – €120m, looked very ambitious to us (and everyone), and we were right. We had expected H123 results as early as tomorrow (based on prior years). We have contacted IR for a firm date.

https://investors.accentro.de/en/news/ad-hoc/accentro-real-estate-ag-unable-to-meet-forecast-for-financial-year-2023