Waalre (pta026/12.10.2021/12:00) - NAVSTONE SE, quoted in the m;access segment of the Munich stock exchange (ISIN NL0009538008 / WKN A1CUJD) reports about current developments in Q3, 2021.
Real Estate Portfolio Dublin
NAVSTONE is aiming to build up a real estate portfolio of approximately EUR 30mn and to achieve an attractive return for shareholders based on a buy-o-let strategy with stable cash flows and attractive dividends subsequently resulting in increased net asset value of the business. In the third quarter, NAVSTONE has made reservations to purchase three further properties in Dublin with a combined value of EUR 3.83mn. The closing of these transactions is expected to occur in the next months subject to successful due diligence. Through these transactions the total portfolio would increase to approximately EUR 8.6mn with annualized gross rental income of EUR 0.6mn respectively. Several further potential transactions are currently under investigation. The existing portfolio in Dublin was fully let as at the end of the third quarter.
Developments at "net digital AG"
NAVSTONE holds approximately 12% of the shares of net digital AG, a publicly quoted payment service provider. net digital AG has recently reported 6-months revenues of EUR 4.15mn with an EBITDA of EUR 0.43mn. Management has expressed that based on the successful first half of the year it is confident for the remainder of the year. Revenues for 2021 are expected to be in the upper single digit millions with profitability margins similar to the first half. net digital has also received a license as a payment institution (e-money license according to ZAG) from the German regulator (BaFin), which allows net digital to offer a wide range of payment related services (for example acquiring, transfer of funds, etc.). net digital expects significant additional growth based on the license.
In Q3, NAVSTONE has repurchased a further 214.806 own shares reducing the number of shares outstanding as of September 30, 2021 to 4.271.035 shares. Management aims to further reduce the difference between share price and NAV per share and to repurchase further shares if the opportunity arises on a case by case basis.
For the fiscal year 2021 NAVSTONE SE has paid his historically first ordinary dividend of EUR 0.10 per share on August 5, 2021. The objective of Management and Supervisory Board is to let shareholders participate in the success of the business and expects that the business model will allow an attractive dividend policy also in the future. From the fiscal year 2021 onwards it is planned to pay out the dividend in two tranches, a first interim tranche in Q4 and a final dividend at the time of Annual Shareholders Meeting for the respective financial year.
For 2021, Management and Supervisory Board have decided to pay out an interim dividend of EUR 0.05 on November 15, 2021 with a record day on November 11, 2021. The total dividend will be decided at the AGM for the financial year 2021.
NAVSTONE finalized the 3rd quarter of 2021 with a positive financial performance. The NAV per share was - despite the payment of a dividend of EUR 0.10 per share - increased to approximately EUR 3.75 per share as at the end of the quarter.
Management expects earnings for the full year 2021 to be between EUR 1.6 million and EUR 2.0 million.
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