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Conwert Immobilien Invest SE is an Austria-based real estate company. The Company focuses on residential properties and apartment buildings in Germany, Austria and Central and Eastern Europe. It develops, lets and sells properties predominantly in fast growing metropolitan regions .Its core activity is development of older residential properties. The Company's business includes acquisitions, development and letting of residential and commercial properties, the sale of these properties and provision of property-related services for asset management, facility management, property insurance and property brokering. Conwert was founded in the year 2001 and listed on the Vienna Stock Exchange in 2002.

Finance

Conwert has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 1.15% a year during that time to total of EUR 183 mil in 2015, or 36.1% of sales. That’s compared to 23.3% average margin seen in last five years.

The company netted EUR 79.5 mil in 2015 implying ROE of 6.71% and ROCE of 3.10%. Again, the average figures were -1.32% and -0.614%, respectively when looking at the previous 5 years.

Conwert’s net debt amounted to EUR 1,411 mil at the end of 2015, or 1.12 of equity. When compared to EBITDA, net debt was 7.73x, down when compared to average of 13.8x seen in the last 5 years.

Valuation

Conwert stock traded at EUR 14.0 per share at the end of 2015 resulting in a market capitalization of USD 1,504 mil. Over the previous five years, stock price grew by 32.9% or 5.85% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 13.6x and price to earnings (PE) of 15.6x as of 2015.