LEG Immobilien AG

Leg Immobilien is a real estate company engaged in the management of its residential property portfolio as well as the acquisition of housing portfolios. As of Dec 31 2013, Co.'s portfolio comprised 94,311 residential units, 1,031 commercial units and 22,903 garages and parking spaces. These assets are distributed across around 160 locations, most of which are in North Rhine-Westphalia, Germany.
  • TickerLEG111
  • ISINDE000LEG1110
  • SectorReal Estate Investment & Services
  • CountryGermany

Analysts

ING
Research Department

Benelux Morning Notes

Agfa-Gevaert: partial sale of Agfa Healthcare confirmed and EBIT beat. Deutsche Wohnen: No news is good news. German Resi: Berlin Mietspiegel 5% up, but ‘political noise' risk as well. Merlin Properties: Very strong 1Q19 organic growth. SBM Offshore: 1Q19 preview - Turnkey gets more in shape. Vonovia: Completes €744m capital increase

1 director bought

A director at Leg Immobilien Ag bought 500 shares at 107.220EUR and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of bo...

ING
Research Department

Benelux Morning Notes

Ageas: 1Q19F preview– China turns from headwind to tailwind. ArcelorMittal: 1Q19 EBITDA in line, cashflow strong. BAM: Headline looks weak, underlying less so. Bekaert: Feedback from analyst meeting. EVS: Poor start to the year, guidance maintained. GBL: The end of an era. LEG Immobilien: Confirms strong valuation momentum

Expert Corporate Governance Service (ECGS)

LEG Immobilien - AGM 29 May 2019

General: With around 134,000 rental properties and approximately 360,000 residents, LEG Immobilien is one of Germany’s leading listed housing companies. The Company has eight branch offices in North Rhine-Westphalia, providing personal local contact. In financial year 2018, LEG Immobilien generated rental and lease income of around EUR 767m. As of 31 December 2018, BlackRock Inc. and MFS each held between 5% and 10% of the Company's shares. On 10 March 2019, LEG Immobilien announced that CEO Thomas Hegel will resign from the Management Board at the end of the AGM 2019 after 13 years of servi...

ING
Jaap Kuin ...
  • Jason Ball, CFA

LEG Immobilien/New CEO takes over accelerating story/BUY

Management's decision to appoint Lars von Lackum as CEO and Dr. Volker Wiegel as COO largely reflects LEG's ongoing focus on operational efficiency from the top down given both men's track record in business process optimization, in our view. “Everything” is on the table in terms of the strategic review, including LEG's regional focus, but parsing comments it seems that a significant change in asset rotation strategy is unlikely. Given comments on NRW market pricing, we think the regional diversification strategy could get more focus going forward. Moreover, if ECB policy pushes resi NAV premi...

LEG Immobilien AG: Update to Discussion of Key Credit Factors

CORPORATES CREDIT OPINION 31 May 2017 Update RATINGS LEG Immobilien AG Domicile Dusseldorf, Germany Long Term Rating Baa1 Type LT Issuer Rating - Dom Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Ramzi Kattan 44-20-7772-1090 VP-Senior Analyst [email protected]

Moody's assigns a short-term P-2 rating to LEG Immobilien AG

Rating Action: Moody's assigns a short-term P-2 rating to LEG Immobilien AG. Global Credit Research- 22 May 2017. London, 22 May 2017-- Moody's Investors Service has today assigned a first-time Prime-2 short-term issuer rating to LEG Immobilien AG, a German residential real estate company.

Moody's assigns a Baa1 rating to LEG's proposed EUR500 million senior unsecured notes

London, 16 January 2017-- Moody's Investors Service has today assigned a Baa1 rating to the proposed EUR500 million senior unsecured notes issuance by LEG Immobilien AG, a German residential real estate company. LEG's Baa1 long-term issuer rating and stable outlook are unchanged. "The proposed EUR500 million notes issuance is credit positive as the proceeds will mainly refinance secured debt leading to a doubling of the unencumbered assets ratio to 20%," says Ramzi Kattan, a...

ING
Research Department

Benelux Morning Notes

Agfa-Gevaert: partial sale of Agfa Healthcare confirmed and EBIT beat. Deutsche Wohnen: No news is good news. German Resi: Berlin Mietspiegel 5% up, but ‘political noise' risk as well. Merlin Properties: Very strong 1Q19 organic growth. SBM Offshore: 1Q19 preview - Turnkey gets more in shape. Vonovia: Completes €744m capital increase

ING
Research Department

Benelux Morning Notes

Ageas: 1Q19F preview– China turns from headwind to tailwind. ArcelorMittal: 1Q19 EBITDA in line, cashflow strong. BAM: Headline looks weak, underlying less so. Bekaert: Feedback from analyst meeting. EVS: Poor start to the year, guidance maintained. GBL: The end of an era. LEG Immobilien: Confirms strong valuation momentum

ING
Jaap Kuin ...
  • Jason Ball, CFA

LEG Immobilien/New CEO takes over accelerating story/BUY

Management's decision to appoint Lars von Lackum as CEO and Dr. Volker Wiegel as COO largely reflects LEG's ongoing focus on operational efficiency from the top down given both men's track record in business process optimization, in our view. “Everything” is on the table in terms of the strategic review, including LEG's regional focus, but parsing comments it seems that a significant change in asset rotation strategy is unlikely. Given comments on NRW market pricing, we think the regional diversification strategy could get more focus going forward. Moreover, if ECB policy pushes resi NAV premi...

ING
Research Department

Benelux Morning Notes

LEG Immobilien: New CEO takes over, accelerating story. Staffing sector: French staffing market data: trend shows signs of improvement. Staffing sector: US February Temp data stable in trend; jobs report in sharp contrast

ING
Research Department

Benelux Morning Notes

ADO Properties: More refinancing activity Ascencio: Flat results, weak organic growth a.s.r.: Loyalis – organic capital accretion >9% Basic-Fit: New membership structure - the maths D'Ieteren: Febiac November figures German Resi: On the €2 modernisation cap and valuation Unilever: What a Horlicks of a deal

1 director bought

A director at Leg Immobilien Ag bought 500 shares at 107.220EUR and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of bo...

LEG IMMOBILIEN AG loses on its star level and is downgraded to Slightly Positive

The independent financial analyst theScreener just slightly lowered the general evaluation of LEG IMMOBILIEN AG (DE), active in the Real Estate Holding & Development industry. The title has lost a star(s) at the fundamental level and now shows 3 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date February 15, 2019, the closing price was EUR 101.00 and its potential was estimated at EUR 108...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

LEG Immobilien - AGM 29 May 2019

General: With around 134,000 rental properties and approximately 360,000 residents, LEG Immobilien is one of Germany’s leading listed housing companies. The Company has eight branch offices in North Rhine-Westphalia, providing personal local contact. In financial year 2018, LEG Immobilien generated rental and lease income of around EUR 767m. As of 31 December 2018, BlackRock Inc. and MFS each held between 5% and 10% of the Company's shares. On 10 March 2019, LEG Immobilien announced that CEO Thomas Hegel will resign from the Management Board at the end of the AGM 2019 after 13 years of servi...

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