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Immofinanz AG is an Austria-based real estate company that invests in private and commercial properties. The Company's core activities are the rental and management of its portfolio as well as development projects and portfolio optimized sale. At the end of 2013, the Company had a portfolio of approximately 1,600 investment properties primarily in Austria, Germany, the Czech Republic, Slovakia, Hungary, Romania, Poland, and Russia. Its properties include apartments, hotels, offices, retail outlets, commercial parks and garages. Immofinanz AG was founded in 1990 and is headquartered in Vienna. The Company shares are listed on the Vienna and Warsaw Stock Exchanges

Finance

Immofinanz has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 16.5% a year during that time to total of EUR 148 mil in 2014, or 16.4% of sales. That’s compared to 46.2% average margin seen in last five years.

The company netted EUR -357 mil in 2014 implying ROE of -9.03% and ROCE of -4.48%. Again, the average figures were 1.57% and 0.773%, respectively when looking at the previous 5 years.

Immofinanz’s net debt amounted to EUR 3,742 mil at the end of 2014, or 1.01 of equity. When compared to EBITDA, net debt was 25.2x, up when compared to average of 12.2x seen in the last 5 years.

Valuation

Immofinanz stock traded at EUR 2.68 per share at the end of 2014 resulting in a market capitalization of USD 3,481 mil. Over the previous five years, stock price fell by 17.3% or -3.72% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 41.9x and price to earnings (PE) of -8.05x as of 2014.