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SIRIUS REAL ESTATE LTDSIRIUS REAL ESTATE LTDSIRIUS REAL ESTATE LTD

SIRIUS REAL ESTATE LTD

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Our opinion on the current state of SIRIUS(SRE)Sirius (SRE) is a real estate investment trust (REIT), listed on the JSE and the London Stock Exchange (LSE), which specialises in office, manufacturing, and warehousing properties in Germany. The company owns 141 assets with a book value of about 2bn euros. Obviously, this is a well-managed and growing rand-hedge which was benefiting directly from the recovery of the German economy before COVID-19. The company has formed a joint venture (JV) with AXA Investment Managers in terms of which AXA will own 65% and Sirius will own 35%. The JV (called "Titanium") acquired 5 business parks from Sirius for 168m euros – which is a 19% premium to their book value. The JV will allow Sirius to double the value of its assets over the next two years. In its results for the six months to 30th September 2024 the company reported funds from operations up 14,5% and a loan-to-value (LTV) of 30,5%. Headline earnings per share (HEPS) fell 1,7%. The company said, "With nearly €300m of cash and a healthy net LTV ratio of 30.5%, we have significant sufficient firepower to act opportunistically and make earnings accretive acquisitions as they arise." In an update on the year to 31st March 2025 the company reported that the group like-for-like rent roll was up 6,3% and that it expected to announce a "...positive valuation movement" at year-end. Technically the share was falling and we recommended applying a trendline and waiting for a convincing upward break. That break came on 17th November 2022 at a price of 1622c and the share then moved up to 2396c before beginning what looks like a new downtrend. At current levels, it is on an earnings multiple of 14,02 – which makes it one of the most highly rated REITs on the JSE and therefore vulnerable. It is also, obviously, a rand hedge.
JSE:SRE
by PDSnetSA
Our opinion on the current state of SIRIUS(SRE)Sirius (SRE) is a real estate investment trust (REIT) listed on the JSE and the London Stock Exchange (LSE), focusing on office, manufacturing, and warehousing properties in Germany. The company owns 141 assets valued at approximately €2 billion, making it a significant player in the European property market. Before the COVID-19 pandemic, Sirius was benefiting from the recovery of the German economy, and it continues to exhibit strong management and growth as a rand-hedge investment. The company has formed a joint venture (JV) with AXA Investment Managers, where AXA holds a 65% stake, and Sirius retains 35%. The JV, named "Titanium," acquired five business parks from Sirius for €168 million, representing a 19% premium to their book value. This partnership is expected to help Sirius double its asset value over two years. In its results for the six months to 30th September 2024, Sirius reported a 14.5% increase in funds from operations and a loan-to-value (LTV) ratio of 30.5%. However, headline earnings per share (HEPS) declined by 1.7%. The company stated, "With nearly €300m of cash and a healthy net LTV ratio of 30.5%, we have significant sufficient firepower to act opportunistically and make earnings accretive acquisitions as they arise." From a technical perspective, Sirius had been in a downward trend until a convincing upward break occurred on 17th November 2022 at 1622c. The share subsequently rose to 2396c before appearing to enter a new downtrend. At current levels, Sirius trades on a price-to-earnings (P/E) multiple of 13.85, making it one of the most highly rated REITs on the JSE. While this valuation underscores investor confidence, it also renders the share potentially vulnerable to market corrections. As a rand hedge, Sirius offers diversification and exposure to the German property market, but investors should remain cautious of valuation levels and the broader economic environment.
JSE:SRE
by PDSnetSA
Our opinion on the current state of SIRIUS(SRE)Here is the text with paragraphs added: Sirius (SRE) is a real estate investment trust (REIT), listed on the JSE and the London Stock Exchange (LSE), which specialises in office, manufacturing, and warehousing properties in Germany. The company owns 141 assets with a book value of about 2 billion euros. Obviously, this is a well-managed and growing rand-hedge, which was benefiting directly from the recovery of the German economy before COVID-19. The company has formed a joint venture (JV) with AXA Investment Managers, in terms of which AXA will own 65% and Sirius will own 35%. The JV (called "Titanium") acquired 5 business parks from Sirius for 168 million euros - which is a 19% premium to their book value. The JV will allow Sirius to double the value of its assets over the next two years. In its results for the year to 31st March 2024, the company reported funds from operations up 7.9% and headline earnings per share (HEPS) up 6.6%. The company said, "Cash at bank of €214.5m, providing capacity for further acquisitions and investment (2023: €99.2m) • 33.9% net LTV (March 2023: 41.6%) and Net Debt to EBITDA of 5.6x." In a trading update for the 6 months to 30th September 2024, the company reported a 14.9% increase in the rental roll, including acquisitions, and the raising of €180 million. The company said, "The Group's balance sheet remains strong with free cash reserves of approximately €297 million as at 30 September 2024 and no significant debt maturities until June 2026." Technically, the share has been falling, and we recommended applying a trendline and waiting for a convincing upward break. That break came on 17th November 2022 at a price of 1622c, and the share then moved up to 2396c before beginning what looks like a new downtrend. At current levels, it is on an earnings multiple of 14.68 - which makes it one of the most highly rated REITs on the JSE and therefore vulnerable. It is also, obviously, a rand hedge. On 7th April 2024, the company announced that it had made acquisitions in Germany and the UK for over 100 million euros.
JSE:SRE
by PDSnetSA
Our opinion on the current state of SIRIUS(SRE)Sirius (SRE) is a real estate investment trust (REIT), listed on the JSE and the London Stock Exchange (LSE), which specializes in office, manufacturing, and warehousing properties in Germany. The company owns 141 assets with a book value of about 2 billion euros. Obviously, this is a well-managed and growing rand-hedge which was benefiting directly from the recovery of the German economy before COVID-19. The company has formed a joint venture (JV) with AXA Investment Managers in terms of which AXA will own 65% and Sirius will own 35%. The JV (called "Titanium") acquired 5 business parks from Sirius for 168 million euros - which is a 19% premium to their book value. The JV will allow Sirius to double the value of its assets over the next two years. In its results for the year to 31st March 2024, the company reported funds from operations up 7.9% and headline earnings per share (HEPS) up 6.6%. The company said, "Cash at bank of €214.5m, providing capacity for further acquisitions and investment (2023: €99.2m) • 33.9% net LTV (March 2023: 41.6%) and Net Debt to EBITDA of 5.6x." Technically, the share has been falling and we recommended applying a trendline and waiting for a convincing upward break. That break came on 17th November 2022 at a price of 1622c and the share has so far moved up to 2346c. We expect it to continue to perform well. At current levels, it is on an earnings multiple of 16.33 - which makes it one of the most highly rated REITs on the JSE. It is also, obviously, a great rand hedge. On 7th April 2024, the company announced that it had made acquisitions in Germany and the UK for over 100 million euros.
JSE:SRE
by PDSnetSA
Our opinion on the current state of SIRIUS(SRE)Sirius Real Estate (SRE) is a notable player in the real estate investment trust (REIT) sector, with a significant presence on both the Johannesburg Stock Exchange (JSE) and the London Stock Exchange (LSE). Specializing in office, manufacturing, and warehousing properties in Germany, Sirius manages a portfolio of 141 assets valued at approximately 2 billion euros. This positioning has made it an effective rand-hedge, particularly as it benefited from the German economic recovery prior to the COVID-19 pandemic. An essential development for Sirius has been its joint venture (JV) with AXA Investment Managers. Named "Titanium," the JV saw AXA taking a majority stake of 65%, leaving Sirius with a 35% share. This partnership enhanced Sirius's asset base significantly by acquiring five business parks from Sirius for 168 million euros, a transaction representing a 19% premium on their book value. This strategic move is set to potentially double Sirius's asset value within the next two years, illustrating a proactive approach to growth and investment return. For the six-month period ending 30th September 2023, Sirius reported a 9.3% increase in funds from operations and a 7% increase in rent roll in Germany, alongside a 9% increase in the UK. The company also noted a loan-to-value (LTV) ratio of 40.8%, maintaining strong leverage metrics. Management highlighted the continued demand for its high-quality, affordable properties, which has supported consistent rental growth—projecting a tenth consecutive year of greater than 5% like-for-like rent roll increases. More recent financial updates for the year ending 31st March 2024 reflect a rental roll increase of 8.2% and an impressive cash collection rate of 98%. These figures underscore the strength of Sirius’s operations and its effective management of assets. Additionally, the company reported substantial free cash reserves of approximately 220 million euros as of the end of March 2024, further highlighting its financial health. From a technical analysis perspective, after a period of decline, Sirius's shares demonstrated a significant turnaround with a breakout on 17th November 2022 when the stock price rose from 1622c. This upward trajectory continued, with the share price reaching 2260c. This performance suggests a positive market sentiment and a strong outlook for the company, supported by an earnings multiple of 14.52, which ranks it among the highest-valued REITs on the JSE. In a further display of its aggressive expansion strategy, on 7th April 2024, Sirius announced acquisitions in Germany and the UK worth over 100 million euros. These acquisitions are likely to contribute to the company's growth trajectory and reinforce its position as a robust investment, especially for those seeking exposure to real estate markets outside of South Africa. The ongoing success of Sirius reflects its strategic initiatives and operational efficiency, making it a compelling option for investors looking for growth and stability in the REIT sector.
JSE:SRE
by PDSnetSA
Our opinion on the current state of SRESirius (SRE) is a real estate investment trust (REIT), listed on the JSE and the London Stock Exchange (LSE), specializing in office, manufacturing, and warehousing properties in Germany. The company boasts ownership of 141 assets, valuing approximately 2bn euros. Evidently, Sirius represents a well-managed and expanding rand-hedge, which had been benefiting from the German economy's revival pre-COVID-19. In an ambitious move, the company has entered a joint venture (JV) with AXA Investment Managers. According to the JV agreement, AXA will hold a 65% stake, whereas Sirius will retain 35%. Named "Titanium," the JV has already marked its inception by acquiring 5 business parks from Sirius at 168m euros, showcasing a 19% premium on their book value. This strategic partnership is poised to double Sirius's asset value within the ensuing two years. For the semi-annual period ending on 30th September 2023, Sirius reported a noteworthy performance. The company's funds from operations witnessed a 9.3% increase, with the rent roll experiencing a growth of 7% in Germany and 9% in the UK. Such financial health is further evidenced by its loan-to-value (LTV) ratio standing at 40.8%. The company's strategy and product quality have been pivotal, as reflected in their statement. Sirius highlighted the strong occupier demand for its high-quality, affordable offerings, which has been a cornerstone for rental growth. This dynamic positions the company on a trajectory to achieve its tenth consecutive year of over 5% like-for-like rent roll increases. Despite these positives, the technical analysis of Sirius's share price indicated a downward trend, advising investors to observe for an upward breakout as a buy signal. This awaited breakout occurred on 17th November 2022, when the share price surged from 1622c to 2025c. Analysts remain optimistic about Sirius's continued upward trajectory. Currently, Sirius is trading at an earnings multiple of 14.59, rendering it one of the most highly valued REITs on the JSE and a formidable rand hedge. While there is an expectation of its solid long-term investment potential, a cautionary stance is advised due to the possibility of further short-term declines. On 7th April 2024, Sirius announced its latest strategic moves with acquisitions in Germany and the UK worth over 100m euros, signaling ongoing expansion and reinforcing its market position.
JSE:SRE
by PDSnetSA
Our opinion on the current state of SRESirius (SRE) is a real estate investment trust (REIT), listed on the JSE and the London Stock Exchange (LSE), which specialises in office, manufacturing, and warehousing properties in Germany. The company owns 141 assets with a book value of about 2bn euros. Obviously, this is a well-managed and growing rand-hedge which was benefiting directly from the recovery of the German economy before COVID-19. The company has formed a joint venture (JV) with AXA Investment Managers in terms of which AXA will own 65% and Sirius will own 35%. The JV (called "Titanium") acquired 5 business parks from Sirius for 168m euros - which is a 19% premium to their book value. The JV will allow Sirius to double the value of its assets over the next two years. In its results for the six months to 30th September 2023 the company reported funds from operations up 9,3% and a rent roll up 7% in Germany and 9% in the UK. The company has a loan-to-value (LTV) of 40,8%. The company said, "...occupier demand for our high quality affordable products underpinning rental growth and keeping us on track to deliver our tenth consecutive year of greater than 5% like-for-like rent roll increases". Technically the share has been falling and we recommended applying a trendline and waiting for a convincing upward break. That break came on 17th November 2022 at a price of 1622c and the share has so far moved up to 2025c. We expect it to continue to perform well. At current levels, it is on an earnings multiple of 15,02 - which makes it one of the most highly rated REIT's on the JSE. It is also, obviously, a great rand hedge. We expect that it will prove to be a solid long-term investment in the years to come, but right now we think it may still fall further.
JSE:SRE
by PDSnetSA
Our opinion on the current state of SRESirius (SRE) is a real estate investment trust (REIT), listed on the JSE and the London Stock Exchange (LSE), which specialises in office, manufacturing, and warehousing properties in Germany. The company owns 141 assets with a book value of about 2bn euros. Obviously, this is a well-managed and growing rand-hedge which was benefiting directly from the recovery of the German economy before COVID-19. The company has formed a joint venture (JV) with AXA Investment Managers in terms of which AXA will own 65% and Sirius will own 35%. The JV (called "Titanium") acquired 5 business parks from Sirius for 168m euros - which is a 19% premium to their book value. The JV will allow Sirius to double the value of its assets over the next two years. In its results for the year to 31st March 2023 the company reported funds from operations up 36,9% and a loan-to-value (LTV) of 41,6%. The company said, "This is now the ninth consecutive year of like-for-like rental growth in excess of 5% in the year. This strong operational performance enabled us to deliver a significant increase to the annual dividend, which rose 29%, and to surpass our €100 million FFO ambition, with a 37% increase over the prior year to €102.1 million". In a trading update for the six months to 30th September 2023 the company reported a 7.7% increase in like for like rent roll. Technically the share has been falling and we recommended applying a trendline and waiting for a convincing upward break. That break came on 17th November 2022 at a price of 1622c and the share has so far moved up to 2000c. We expect it to continue to perform well. At current levels, it is on an earnings multiple of 14,83 - which makes it one of the most highly rated REIT's on the JSE. It is also, obviously, a great rand hedge. We expect that it will prove to be a solid long-term investment in the years to come, but right now we think it may still fall further.
JSE:SRE
by PDSnetSA
Sirius Real Estate Seriously Going up to R28.19Ascending Triangle has formed on the weekly. The price has been heading on higher lows. The demand has been picking up. And now we have had a breach above the neckline (resistance). All signs pointing up. 7>21>200 RSI>50 Target R28.19 ABOUT THE COMPANY Sirius Real Estate is not a South African company, but rather a leading operator of branded business parks providing conventional space and flexible workspace in Germany. Sirius Real Estate was established in 2007. The company is listed on the main market of the London Stock Exchange and the Johannesburg Stock Exchange, so South African investors can directly invest in it. Sirius operates throughout Germany, targeting the market of small- and medium-sized enterprises (SMEs) within the German workspace sector. The company offers a range of flexible workspace solutions, including office, storage, manufacturing and logistics spaces. Sirius operates more than 60 business parks across Germany. The company implements a "buy, manage, sell" strategy to grow and maintain its portfolio. Sirius follows an owner-operator business model which allows it to maintain and manage properties directly. The company is known for acquiring underutilized properties and turning them into profitable business parks. Sirius also provides additional services such as property management, asset management, and project management. The company's clients range from large, international companies to local, small businesses. Sirius has a strong commitment to sustainability, implementing various measures to reduce energy consumption and CO2 emissions in its business parks. The company's main source of income is from rental income and service charges from tenants.
JSE:SRELong
by Timonrosso
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