Want to see DE:LEG full AI Analyst Report?
Top Page
LEG Immobilien
(XETRA:LEG)
Select Model
Select Model
Rating:67Neutral
Price Target:
€55.00
▲(6.69% Upside)
Action:Reiterated
Date:08/18/26
The score is primarily driven by strong valuation (very low P/E and a high dividend yield) and a broadly constructive earnings outlook with reaffirmed guidance. These positives are tempered by moderate financial risk from leverage and uneven cash-flow momentum, while technical indicators point to a weak downtrend despite nearing oversold conditions.
Positive Factors
Rental demand and recurring rent growth
Positive rent growth combined with very low vacancy supports durable recurring revenue. Strong tenant demand and limited meaningful new supply should help protect occupancy and sustain rental income over the next several months.
Negative Factors
Structurally high leverage
Debt remains high relative to equity, as is common for residential REITs, but it increases sensitivity to interest rates, property values and refinancing conditions. Weaker operating or valuation conditions could pressure credit metrics.
Read all positive and negative factors
Positive Factors
Negative Factors
Rental demand and recurring rent growth
Positive rent growth combined with very low vacancy supports durable recurring revenue. Strong tenant demand and limited meaningful new supply should help protect occupancy and sustain rental income over the next several months.
Read all positive factors
LEG Immobilien (LEG) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€3.87B
Dividend Yield5.83%
Average Volume (3M)178.45K
Price to Earnings (P/E)2.9
Beta (1Y)0.52
Revenue Growth0.54%
EPS Growth112.86%
CountryDE
Employees1,940
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Services
Share Statistics
EPS (TTM)17.12
Shares Outstanding76,848,470
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
€76.00Price Target Upside47.43% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)6.42
Revenue Forecast (FY)€960.48M
LEG Immobilien Business Overview & Revenue Model
Company Description
LEG Immobilien SE operates as a comprehensive real estate enterprise throughout Germany. Its activities span managing equity investments and providing a range of services, alongside expertise in property administration and site development. The co...
How the Company Makes Money
LEG primarily generates revenue from renting out residential properties. The core revenue stream is net cold rent (base rent) paid by tenants for apartments, supplemented by ancillary cost pass-throughs (operating and utility charges billed to ten...
LEG Immobilien Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
Overall the call communicates a predominantly positive operational and financial trajectory: management reconfirmed full-year guidance, delivered solid rent growth, low vacancy, disciplined deleveraging (LTV ~45.5%), a modest positive valuation and robust liquidity and financing arrangements. The primary negatives are H1 AFFO compression and higher interest costs driven by market-rate refinancing, subsidy phasing, and weak transaction markets slowing disposals — many of which management frames as timing or market-driven rather than structural. Given guidance confirmation, balance sheet progress, and operational resilience, positives outweigh the temporary and market-related headwinds.Positive Updates
Like-for-like Rent Growth
Like-for-like net cold rent grew 3.7% in H1 2026 (reported 3.4%), with 50 basis points attributable to cost rent adjustments; average rent per sqm rose to EUR 7.21.
Negative Updates
AFFO and FFO I Declines in H1
AFFO fell 12.7% YoY to EUR 110.5 million in H1; FFO I declined 4.4% to EUR 230.5 million — both affected by phasing (CapEx, subsidies) and higher financing costs in H1.
Read all updates
Q2-2026 Updates
Positive
Negative
Like-for-like Rent Growth
Like-for-like net cold rent grew 3.7% in H1 2026 (reported 3.4%), with 50 basis points attributable to cost rent adjustments; average rent per sqm rose to EUR 7.21.
Read all positive updates
Company Guidance
LEG reconfirmed its 2026 guidance: AFFO €220–240m and FFO I €475–495m with an adjusted EBITDA margin around 78% (H1: 77.8%; adjusted EBITDA €368.1m), and reiterated rent growth guidance toward ~3.8–4.0% (H1 like‑for‑like 3.7%; net cold rent H1 €473.4m), while reporting EPRA vacancy 2.3%, portfolio revaluation +0.7% (H1), and an LTV target of ~45% (H1 45.5% with a temporary Q3 uptick expected due to the dividend); liquidity remains >€450m (scrip retained €63.1m, 28.6% take‑up), H1 AFFO €110.5m (‑12.7% YoY) and FFO I €230.5m (‑4.4% YoY), H1 investments €202m (€18.19/sqm; full‑year target >€35/sqm) with CapEx €112.3m/€10.11sqm and maintenance €89.7m/€8.08sqm (cap ratio 56%), disposals YTD €78m (≈1,000 units; program up to 5,000 units), financing closed €450m (avg maturity 9.3y, avg rate 3.9%), new €750m RCF (5+1+1), average interest cost 1.82%, avg debt maturity 5.7y, interest cover 4.0x — management expects H2 to be meaningfully stronger (including ~€10m of subsidies) and confirmed guidance across all line items.LEG Immobilien Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.37B | 1.49B | 1.30B | 1.24B | 1.15B | 961.70M |
| Gross Profit | 534.20M | 556.30M | 621.40M | 579.70M | 412.10M | 521.60M |
| EBITDA | 1.13B | 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 | 20.93B | 21.16B | 19.59B | 19.30B | 21.36B | 20.55B |
| Cash, Cash Equivalents and Short-Term Investments | 463.60M | 756.50M | 305.80M | 277.50M | 360.50M | 673.60M |
| Total Debt | 9.63B | 10.16B | 9.72B | 9.38B | 9.46B | 8.89B |
| Total Liabilities | 12.05B | 12.40B | 12.19B | 11.82B | 12.28B | 11.60B |
| Stockholders Equity | 8.82B | 8.69B | 7.37B | 7.46B | 9.06B | 8.93B |
Cash Flow | ||||||
| Free Cash Flow | 448.40M | 443.40M | 417.70M | 432.40M | 311.10M | 342.40M |
| Operating Cash Flow | 465.20M | 462.40M | 436.50M | 447.90M | 389.00M | 353.70M |
| Investing Cash Flow | -121.70M | 232.90M | -604.20M | -421.50M | -1.06B | -2.75B |
| Financing Cash Flow | -513.50M | -245.70M | 197.10M | -111.10M | 356.40M | 2.74B |
LEG Immobilien Technical Analysis
Negative
51.55
Price Trends
53.07
Negative
54.29
Negative
57.05
Negative
Market Momentum
-0.66
Positive
36.44
Neutral
10.55
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:LEG, the sentiment is Negative. The current price of 51.55 is below the 20-day moving average (MA) of 52.04, below the 50-day MA of 53.07, and below the 200-day MA of 57.05, indicating a bearish trend. The MACD of -0.66 indicates Positive momentum. The RSI at 36.44 is Neutral, neither overbought nor oversold. The STOCH value of 10.55 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | €1.52B | 4.13 | 11.29% | 3.16% | 2.40% | -8.00% | |
67 Neutral | €3.87B | 2.92 | 14.93% | 5.66% | 0.54% | 112.86% | |
66 Neutral | €17.64B | 4.34 | 14.27% | 6.03% | -20.61% | 907.76% | |
66 Neutral | €223.45M | 2.03 | 11.69% | 0.53% | 48.31% | 125.34% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
45 Neutral | €6.11B | 20.65 | 5.16% | ― | -11.60% | ― | |
42 Neutral | €20.47M | -0.06 | -64.67% | ― | 58.52% | -142.49% |
* General Sector Average
DE:LEG
LEG Immobilien
50.05
-18.56
-27.05%
DE:VNA
Vonovia
19.99
-6.49
-24.52%
DE:GYC
Grand City Properties SA
9.24
-1.40
-13.14%
DE:VIH1
VIB Vermoegen AG
6.68
-1.04
-13.47%
DE:ADJ
ADLER Group
0.13
-0.08
-39.35%
DE:O5G
CPI PROPERTY GROUP S.A.
0.74
-0.08
-10.37%
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.