MAGNAT reported Q3 results on February 11th, which showed a surprising net profit of €1.7m on the back of the 1st time consolidation of its acquired asset manager R-Quadrat and the successful sale of parts of the YKB asset. The latter achieved 3.5x the original purchase price.
We have revised our model accordingly and are now seeing a loss of -€4.1m for 2009/2010e, well below our previous estimate of -€6m. The key reasons are still high interest expenses and the lack of other asset sales. However, the company achieved a clear turn-around since H1 2009. This trend will continue. We hnnxne mf HNMY26 klzrt sh uczcux is 0235/4165.
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We have revised our model accordingly and are now seeing a loss of -€4.1m for 2009/2010e, well below our previous estimate of -€6m. The key reasons are still high interest expenses and the lack of other asset sales. However, the company achieved a clear turn-around since H1 2009. This trend will continue. We hnnxne mf HNMY26 klzrt sh uczcux is 0235/4165.
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