Intershop "Looking for growth in a tight market" (Neutral) Operto

研报英文原文证据摘录

Intershop "Looking for growth in a tight market" (Neutral) Operto

Intershop UBS Research

Changes to estimates

We slightly lower our top-line estimates by 4% on average. For FY26 we continue to

expect growing rental income, although we note that this will likely rely on further

acquisitions, and accordingly we would expect most of the rental growth to be back-

end-loaded to H2 26. We see this year's acquisition of the Valley in Kemptthal as the

biggest driver, adding an ERV of CHF7.5m. However, we see this a partially offset by: i)

disposals of four investment properties in FY25, geared to H2 25, which makes FY25

rental income overstated, and ii) additional disposal of Belp this year, with an ERV of

around CHF 2.9m, as well as a smaller property in Rüti. While the Belp property had in

the past been a driver of vacancy rate, we believe the sell-down could prove to be

attractive, given rising risk appetite amid significant amounts of recently raised capital

across real estate funds.

We slightly cut our assumptions on operational expenses, following the simplification of

the group structure. On interest expenses, we pencil in slightly rising costs for FY 26E,

driven by the refinancing of an attractively priced bond with an interest rate of only

0.3%, which had been refinanced with an interest rate of 1.217%. However, in FY27

expensive mortgages at an average rate of 2.6% are to be refinanced, which we assume

to be bringing interest cost for the following years down. We would also expect to start

seeing a rising LTV, driven by the acquisition of the Valley, bringing our FY26E net LTV up

to 29% from 25% in FY25.

Figure 1: Estimate changes

Estima te cha nges

Source: UBS estimates

Intershop reports H1 26 results on 26 August. We expect rental income of CHF43m,