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ADLER Group
(XETRA:ADJ)
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Rating:43Neutral
Price Target:
€0.10
▼(-9.09% Downside)
Action:Reiterated
Date:08/28/26
The score is held down primarily by weak financial performance—ongoing losses, persistent negative cash flow, and exceptionally high leverage with a thin equity cushion. Technicals add pressure with the stock trading below major moving averages and negative MACD. Valuation provides limited support because the negative P/E reflects losses and no dividend yield is available.
Positive Factors
Recurring rental model
Recurring rental income from a German residential portfolio gives ADLER a lease-based core revenue stream. This operating model can provide continuity across periods and is less dependent on property disposals, while property-management activities may add supporting income where recognized.
Negative Factors
Extremely high leverage
Extremely high leverage leaves ADLER with limited balance-sheet flexibility and amplifies refinancing and valuation risk through a real estate cycle. The small equity base provides only a thin buffer against property-value declines, losses, or higher financing requirements.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring rental model
Recurring rental income from a German residential portfolio gives ADLER a lease-based core revenue stream. This operating model can provide continuity across periods and is less dependent on property disposals, while property-management activities may add supporting income where recognized.
Read all positive factors
ADLER Group (ADJ) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€15.92M
Dividend Yield2.01%
Average Volume (3M)76.66K
Price to Earnings (P/E)―
Beta (1Y)0.91
Revenue Growth54.52%
EPS Growth-122.93%
CountryDE
Employees318
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)-1.54
Shares Outstanding151,626,110
10 Day Avg. Volume157,938
30 Day Avg. Volume76,656
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.24
Price to Sales (P/S)0.10
P/FCF Ratio-0.24
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
ADLER Group Business Overview & Revenue Model
Company Description
Operating within Germany's property market, Adler Group S.A. focuses on residential real estate. Its activities are organized into two primary divisions: residential property management and the privatization of assets. The firm undertakes a compre...
How the Company Makes Money
ADLER Group’s earnings are primarily generated from its residential real estate operations. The core revenue stream is recurring rental income from tenants across its apartment portfolio (i.e., lease-based rent collected over time). In addition, t...
ADLER Group Earnings Call Summary
Earnings Call Date:Apr 01, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Nov 26, 2026
Earnings Call Sentiment Positive
The call showed clear operational momentum in the Berlin yielding portfolio — steady disposals, successful partial deleveraging, positive like‑for‑like revaluations (+0.6% H2, +1% for 2025), solid rental growth (3.6% LFL), low vacancy (1.3%) and active liquidity/debt management (bond repaid, loan extended). However, the development business remains a drag (adjusted EBITDA negative, development valuations down -6.5% H2), the group still carries high absolute debt (EUR 3.7bn) and LTV increased to 76.3%, and there is ongoing financing and regulatory uncertainty. Overall, operational and strategic positives outweigh the challenges but key risks remain concentrated in the development segment and leverage profile.Positive Updates
Progress on Asset Disposals and Proceeds Returned
Closed multiple development transactions (UpperNord Tower closed Dec '25, Quartier Kaiserlei closed Jan '26, Benrather Garten closed Mar '26; Holsten Quartier signed Oct '25 with first closing >80% of purchase price received). Proceeds used to reduce the first-lien new money facility and the company will return net proceeds of approximately EUR 125 million to investors and banks. Sold non-strategic Berlin assets for EUR 33 million and 6 condominium units for EUR 2 million. Disposal holdback basket remains almost fully filled at EUR 245 million.
Negative Updates
Development Segment Losses and Negative Revaluations
Development segment did not contribute positive earnings, leaving group adjusted EBITDA negative. Development assets saw a like‑for‑like valuation decline of -6.5% in H2 '25, reducing GAV by ~EUR 36 million versus Q3 '25.
Read all updates
Q4-2025 Updates
Positive
Negative
Progress on Asset Disposals and Proceeds Returned
Closed multiple development transactions (UpperNord Tower closed Dec '25, Quartier Kaiserlei closed Jan '26, Benrather Garten closed Mar '26; Holsten Quartier signed Oct '25 with first closing >80% of purchase price received). Proceeds used to reduce the first-lien new money facility and the company will return net proceeds of approximately EUR 125 million to investors and banks. Sold non-strategic Berlin assets for EUR 33 million and 6 condominium units for EUR 2 million. Disposal holdback basket remains almost fully filled at EUR 245 million.
Read all positive updates
Company Guidance
Guidance for 2026: Adler expects net rental income of EUR 124–129 million, underpinned by continued rental growth with management confident of like‑for‑like rental growth north of 3% at year‑end 2026 (after 3.6% in 2025), average rent of EUR 8.61/sqm/month (Dec‑25) and a very low vacancy of ~1.3%; group GAV was ~EUR 4.0 billion (yielding portfolio EUR 3.5bn, development ~EUR 0.5bn), LTV stood at 76.3%, total nominal interest‑bearing debt was EUR 3.7bn with a weighted average cost of debt of 7% and average debt maturity ~3.4 years (97% of debt maturing in 2028+), there are no bond maturities until 2028 providing strategic flexibility, and management will continue disposals (disposal holdback basket ~EUR 245m almost full; 49 remaining non‑Berlin units) to reduce the first‑lien facility and return net proceeds (Karl cited ~EUR 125m, Thorsten referenced ~EUR 110m) while addressing remaining 2026 bank maturities.ADLER Group Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
12
Very Negative
Cash Flow
16
Very Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 548.50M | 316.96M | 392.19M | 445.08M | 734.47M | 1.14B |
| Gross Profit | 57.80M | -115.44M | 69.29M | 2.19M | 734.68M | 11.77M |
| EBITDA | -4.13M | -290.62M | 1.18B | -1.65B | -1.62B | -1.04B |
| Net Income | -232.89M | -486.62M | 873.60M | -1.66B | -1.56B | -1.18B |
Balance Sheet | ||||||
| Total Assets | 4.45B | 4.90B | 6.89B | 7.72B | 9.71B | 13.04B |
| Cash, Cash Equivalents and Short-Term Investments | 182.70M | 244.01M | 246.99M | 377.42M | 424.25M | 650.00M |
| Total Debt | 4.10B | 4.17B | 3.56B | 6.08B | 5.99B | 7.02B |
| Total Liabilities | 4.47B | 4.76B | 5.32B | 7.67B | 7.80B | 9.34B |
| Stockholders Equity | 28.19M | 124.61M | 1.33B | -228.86M | 1.42B | 2.99B |
Cash Flow | ||||||
| Free Cash Flow | -84.74M | -124.78M | -170.50M | -125.91M | -139.44M | -280.19M |
| Operating Cash Flow | -82.56M | -119.56M | -168.51M | -123.56M | -138.22M | -276.24M |
| Investing Cash Flow | 253.28M | 405.02M | 34.21M | 154.57M | 1.53B | 1.13B |
| Financing Cash Flow | -259.20M | -392.26M | 30.10M | -205.52M | -1.37B | -677.76M |
ADLER Group Technical Analysis
Negative
0.11
Price Trends
0.14
Negative
0.15
Negative
0.17
Negative
Market Momentum
>-0.01
Positive
42.12
Neutral
21.03
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:ADJ, the sentiment is Negative. The current price of 0.11 is below the 20-day moving average (MA) of 0.13, below the 50-day MA of 0.14, and below the 200-day MA of 0.17, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 42.12 is Neutral, neither overbought nor oversold. The STOCH value of 21.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:ADJ.
ADLER Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | €1.50B | 4.04 | 11.29% | 3.31% | 2.40% | -8.00% | |
67 Neutral | €3.60B | 2.76 | 14.93% | 6.18% | 0.54% | 112.86% | |
66 Neutral | €15.23B | 3.94 | 14.27% | 6.90% | -20.61% | 907.76% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | €104.63M | 8.35 | 8.47% | 3.30% | -34.11% | -42.27% | |
44 Neutral | €6.11B | 38.62 | 2.34% | ― | -8.37% | ― | |
43 Neutral | €15.92M | -0.07 | -82.03% | 2.01% | 54.52% | -122.93% |
* Real Estate Sector Average
DE:ADJ
ADLER Group
0.10
-0.10
-48.51%
DE:LEG
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DE:VNA
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DE:GYC
Grand City Properties SA
9.05
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DE:O5G
CPI PROPERTY GROUP S.A.
0.73
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-10.98%
DE:FC9
FCR Immobilien AG
10.60
-0.35
-3.16%
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.