Sirius Real Estate: Presentation


Main owner of business parks, industrial complexes and suburban offices in Germany and the United Kingdom


Neckartenzlingen – Germany

Sep 2022

Half-year results

Leading owner and operator

business parks, industrial complexes and suburban offices in Germany and the UK with a total of 450 employees

Fully integrated operation

platforms with employees at over 140 locations in Germany and the UK

Market capitalisation what’s more 1 billion (£900m)

UK REIT status *

1.5X covered dividend


Listed on major markets


value of assets owned and managed


Index of estates and FTSE/JSE SA

across Germany and the UK

Index of listed goods

(€2.1bn owned)

993m total debt (net LTV 41.0%)

Sep 2022

Half-year results

*Applies to UK businesses only

Economy spread over several large autonomous markets

Frankfurt, Berlin, Munich, Hamburg, Düsseldorf, Cologne and Stuttgart

High replacement costs

German light industrial buildings are built to relatively high standards and replacement costs often reach 200% of capital value of secondary stock

Well-diversified economy

Machinery, automotive, chemicals, medicine, energy, environment, consumption and service

High investment levels

Germany and German real estate in particular have historically attracted high levels of investment and remain resilient despite uncertain market conditions

The “Mittelstand”

The SME market represents more than 50% of the German economy in terms of employment and production; Demand from SMEs remains strong


  • As Europe’s largest economy, Germany recorded annual growth of just under 2% in H1 with a similar figure of
    vs 1.8% forecast for full year and forecast over 2.0% in 2023
  • The German relief program announced the end of
    September is worth up to €200.0billion to tackle soaring energy costs (Germany’s defensive shield)

Sep 2022

Half-year results

Conflict and public services Russia/Ukraine (Germany)

  • According to the German Federal Network Agency responsible for the coordination of gas supply throughout Germany, the events on the Nord Stream 1 and 2 gas pipelines do not affect the gas supply in Germany. No gas has been delivered via Nord Stream 1 since early September and Nord Stream 2 has never been commissioned. German gas reserves now exceed 99.55%* full to capacity and gas continues to be supplied from a range of different sources other than Nord Stream.
  • As previously explained, Sirius has secured gas supply to most of its customers at fixed tariffs in 2020, these fixed tariff agreements do not expire until the end of December 2023. Unless the German government passes Germany to the emergency level with regard to gas supply, we have no reason to believe that there will be any significant changes to our
    fixed price contracts or the supply of gas in general.
  • In September 2022, the German government announced a relief plan worth up to €200 billion

to fight against soaring energy prices in Germany (gas price curb) as well as additional measures to support companies in difficulty.

Sep 2022

Half-year results

* According to the management report of the German Federal Grid Agency of November 11, 2022

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Sirius Real Estate Limited published this content on November 21, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on November 21, 2022 07:38:08 UTC.

Public now 2022


Analyst Recommendations for SIRIUS REAL ESTATE LIMITED

Sales 2023 171M
2023 net income 127M
132 million
110 million
Net debt 2023 849M
879 million
738 million
PER 2023 ratio 8.70x
2023 return 5.50%
Capitalization 1,104 million
1,144 million
960 million
EV / Sales 2023 11.4x
EV / Sales 2024 11.0x
# of employees 297
Floating 96.6%


Duration :

Period :

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SIRIUS REAL ESTATE LIMITED Technical Analysis Trends

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Tendencies Bullish Bearish Bearish

Evolution of the income statement


To buy

Medium consensus TO BUY
Number of analysts 4
Last closing price €0.94
Average target price €1.28
Average Spread / Target 36.1%