LEG Immobilien (DE:LEG)
XETRA:LEG
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LEG Immobilien
(XETRA:LEG)
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Rating:61Neutral
Price Target:
€60.00
▼(-4.00% Downside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by a mixed financial profile: strong cash flow and improving leverage, offset by highly volatile reported profitability and only modest debt coverage. Technicals are a meaningful drag with the stock below key moving averages and negative MACD. Valuation is supportive with a moderate P/E and an attractive dividend yield, and the latest earnings call tone/guidance is broadly positive but acknowledges refinancing, transaction-market, and valuation/LTV execution risks.
Positive Factors
Stable cash generation
LEG's strong, recurring operating cash flow and TTM free cash flow (~€460m) underpin durable internal funding for maintenance, modernization and dividends. Consistent FCF near reported earnings increases financial flexibility to fund capex, reduce leverage, and withstand cycles without immediate refinancing pressure.
Negative Factors
Volatile reported profitability
Earnings have been materially driven by valuation and one‑off items, producing wide year‑to‑year swings. That reduces predictability of reported profit and complicates forward guidance, making durability of return metrics and investor reliance on net income less certain versus cash‑based measures like AFFO/FFO.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable cash generation
LEG's strong, recurring operating cash flow and TTM free cash flow (~€460m) underpin durable internal funding for maintenance, modernization and dividends. Consistent FCF near reported earnings increases financial flexibility to fund capex, reduce leverage, and withstand cycles without immediate refinancing pressure.
Read all positive factors
LEG Immobilien (LEG) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€4.37B
Dividend Yield4.45%
Average Volume (3M)178.45K
Price to Earnings (P/E)13.6
Beta (1Y)0.42
Revenue Growth2.65%
EPS Growth408.35%
CountryDE
Employees1,920
SectorGeneral
Sector StrengthN/A
IndustryREIT - Residential
Share Statistics
EPS (TTM)17.15
Shares Outstanding75,570,800
10 Day Avg. Volume167,519
30 Day Avg. Volume178,450
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.54
Price to Sales (P/S)3.13
P/FCF Ratio10.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€82.37Price Target Upside31.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)6.37
Revenue Forecast (FY)€964.47M
LEG Immobilien Business Overview & Revenue Model
Company Description
LEG Immobilien AG, together with its subsidiaries, operates as an integrated property company in Germany. The company engages in the performance of services and management of equity investments; property management and location development; perfor...
How the Company Makes Money
LEG primarily makes money from rental operations: it earns recurring income from residential tenants through contract rents, plus ancillary recoverable service charges (e.g., operating and heating-related costs that are billed to tenants where per...
LEG Immobilien Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call emphasized operational strength: steady like‑for‑like rent growth, margin expansion, strong cash generation, ample liquidity and disciplined balance‑sheet management. The company reconfirmed 2026 guidance and articulated clear mid‑term growth levers. Key challenges are a softer transaction market, higher refinancing costs on new issuance, timing/phasing effects on AFFO, and valuation/maturity timing risks that could make the 45% LTV target more difficult. Overall, positives around cash resilience, margin expansion and liquidity materially outweigh near‑term execution and market uncertainties.Positive Updates
On track for 2026 targets; guidance reconfirmed
Management reiterates full-year guidance: AFFO EUR 220–240m, FFO I EUR 475–495m and adjusted EBITDA margin ~78%. Q1 performance described as fully on track.
Negative Updates
AFFO slightly below prior year quarter
Q1 AFFO is slightly below last year’s quarter; management attributes this to timing/phasing (more linear CapEx in 2026 vs Q1‑heavy 2025) and a modest step‑up in cash interest, not a structural earnings issue.
Read all updates
Q1-2026 Updates
Positive
Negative
On track for 2026 targets; guidance reconfirmed
Management reiterates full-year guidance: AFFO EUR 220–240m, FFO I EUR 475–495m and adjusted EBITDA margin ~78%. Q1 performance described as fully on track.
Read all positive updates
Company Guidance
LEG fully reconfirmed 2026 guidance with AFFO of EUR 220–240m and FFO I of EUR 475–495m, an adjusted EBITDA margin around 78% and like‑for‑like rent growth steering into a 3.8–4.0% corridor (Q1 LFL 3.7%, net cold rent +3.3%); Q1 AFFO was EUR 58.6m, operating cash flow rose 14.5% YoY and adjusted EBITDA margin in Q1 was 77.4%. Balance‑sheet and financing metrics highlighted: LTV 46.2% (target ~45%), liquidity ~EUR 508m, hedging ratio ~98%, interest coverage 4.2x, average debt cost 1.8%, average maturity 5.8 years, 2026 maturities ~EUR 233m fully covered and next material bond EUR 500m in Nov‑2027. Other guidance/operational metrics: Q1 investments EUR 98m (EUR 8.82/sqm) with full‑year >EUR 35/sqm expected, vacancy 2.4%, disposal program up to 5,000 units (YTD ~1,000 units, EUR 74m proceeds), H1 valuation flat to +1%, and medium‑term AFFO growth ~5% (contributors: ~1ppt rent from subsidized units in 2028, ~EUR 20m Green Ventures by 2028, ~EUR 10m digital/AI by 2030); a scrip dividend (c.38% take‑up) would retain ~EUR 85m and lower LTV ~40bps.LEG Immobilien Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.36B | 1.49B | 1.30B | 1.24B | 1.15B | 961.70M |
| Gross Profit | 566.40M | 556.30M | 621.40M | 579.70M | 412.10M | 521.60M |
| EBITDA | 1.17B | 1.32B | 341.10M | -1.80B | 509.10M | 376.00M |
| Net Income | 1.29B | 1.46B | 66.00M | -1.57B | 234.00M | 1.72B |
Balance Sheet | ||||||
| Total Assets | 20.81B | 21.16B | 19.59B | 19.30B | 21.36B | 20.55B |
| Cash, Cash Equivalents and Short-Term Investments | 457.60M | 756.50M | 305.80M | 277.50M | 360.50M | 673.60M |
| Total Debt | 9.75B | 10.16B | 9.72B | 9.38B | 9.46B | 8.89B |
| Total Liabilities | 11.97B | 12.40B | 12.19B | 11.82B | 12.28B | 11.60B |
| Stockholders Equity | 8.78B | 8.69B | 7.37B | 7.46B | 9.06B | 8.93B |
Cash Flow | ||||||
| Free Cash Flow | 460.10M | 443.40M | 417.70M | 432.40M | 311.10M | 342.40M |
| Operating Cash Flow | 478.40M | 462.40M | 436.50M | 447.90M | 389.00M | 353.70M |
| Investing Cash Flow | -19.30M | 232.90M | -604.20M | -421.50M | -1.06B | -2.75B |
| Financing Cash Flow | -478.80M | -245.70M | 197.10M | -111.10M | 356.40M | 2.74B |
LEG Immobilien Technical Analysis
Positive
62.50
Price Trends
58.66
Positive
61.41
Negative
64.08
Negative
Market Momentum
-0.50
Negative
51.55
Neutral
72.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:LEG, the sentiment is Positive. The current price of 62.5 is above the 20-day moving average (MA) of 58.35, above the 50-day MA of 58.66, and below the 200-day MA of 64.08, indicating a neutral trend. The MACD of -0.50 indicates Negative momentum. The RSI at 51.55 is Neutral, neither overbought nor oversold. The STOCH value of 72.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:LEG.
LEG Immobilien Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | €1.64B | 10.07 | 11.65% | ― | 0.72% | 89.13% | |
67 Neutral | €263.78M | 4.16 | 4.43% | 0.39% | 48.31% | 125.34% | |
61 Neutral | €4.37B | 13.55 | 15.43% | 4.45% | 2.65% | 408.35% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | €17.92B | 21.72 | 13.06% | 5.08% | -20.27% | ― | |
49 Neutral | €6.11B | 23.97 | 4.04% | ― | -11.42% | ― | |
44 Neutral | €24.72M | -0.37 | -62.13% | ― | 1.18% | -155.70% |
* General Sector Average
DE:LEG
LEG Immobilien
58.95
-13.71
-18.87%
DE:VNA
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21.56
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DE:GYC
Grand City Properties SA
9.79
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-11.48%
DE:VIH1
VIB Vermoegen AG
7.78
0.46
6.30%
DE:ADJ
ADLER Group
0.17
-0.10
-36.74%
DE:O5G
CPI PROPERTY GROUP S.A.
0.73
-0.11
-13.10%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.