GWB Immobilien AG - von GSC Research GmbH shares grading GSC Research GmbH GWB Immobilien AG Company: GWB Immobilien AG ISIN: DE000A0JKHG0 occasion of the Study: Half year figures 2009 Recommendation: Buy seit: 02.10.2009 Target price: 3.50 euros price target a timeframe of 12 months Last rating change: 06.07.2009 to Buy from Hold Analyst: Klaus Kränzle (CEFA) Further stabilization of the shop at six levels, the half-year figures were moving in line with our expectations. Here, the rental income cash flow had a stabilizing effect on the GWB. Moreover, it seems that the sale of jam dissolve slowly as the sale contract authenticated evidence for an object. Against this background, we reaffirm our conservative estimates, and here make any changes. Due to transfers of property between the balance sheet reserves and financial assets are in our view, the outcome indicators for an assessment of GWB share important than sales or total output. Given the unpredictable economic environment of GWB Immobilien AG, the highly cyclical business and of its far-reaching implications of any transfers in the balance, our projections are of course subject to great uncertainty. This uncertainty, however, we have incorporated in the form very carefully chosen parameters in our estimates unchanged. Still, real estate stocks on the stock exchange are valued very reserved. GWB offers immobilienaffinen investor, however, in our view an interesting combination of consumer and real estate story. We therefore recommend that the speculative investors, the stock portfolio addition to unchanged from a capital market for technical reasons slightly higher target price of 3.50 euros. The purchase recommendation, we keep them in this context.
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