HausVorteil AG Faces Financing Hurdles Despite Steady Demand

HausVorteil AG's recent performance report reveals ongoing challenges in securing financing, rather than a lack of demand. First-half sales were €0.8 million, falling short of the expected €1.5 million, largely due to a tough financing environment impacting acquisition and brokerage activities. Homeowner interest remained firm, but decisions on property purchases were delayed, not canceled. The majority of sales stemmed from ground-lease brokerage and some portfolio exits.

The company reported a first-half EBITDA of €-0.2 million, with controlled costs in personnel and operational expenses. Bank financing remains a hurdle, especially for partial-sale acquisitions, pending a legal framework resolution. The slow uptake of the 3.8% GenerationsKapital bond adds to the funding challenges.

Looking ahead, HausVorteil expects to enhance the full-sale business, where investors acquire entire properties with usufruct rights reserved for sellers. Portfolio exits may also support financial flexibility. Overall, funding constraints overshadow demand, necessitating patience for the investment case. The "BUY" recommendation holds, but with a reduced target price of €12.50.