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LEG Immobilien SE Unsponsored ADR
(OTC:LGMMY)
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Rating:61Neutral
Price Target:
$14.00
Action:N/A
Date:09/24/26
The score is held back primarily by weak technicals (broad downtrend and negative momentum) and mixed financial quality (earnings volatility and cash flow trailing reported profits). These are partly offset by attractive valuation (low P/E and high yield) and a constructive earnings call with reaffirmed guidance, strong rent/vacancy trends, and progress toward the ~45% LTV target.
Positive Factors
Rent growth and low vacancy
Rent growth combined with very low vacancy indicates resilient tenant demand and limited unused capacity across the portfolio. This supports recurring rental income, helps protect occupancy economics, and provides a durable base for continued organic revenue growth over the next several quarters.
Negative Factors
Higher refinancing costs
Higher refinancing rates are a durable headwind because they increase recurring interest expense as existing debt matures and is replaced. Unless rental growth and efficiency gains offset the reset, funding costs can reduce AFFO, constrain distributions, and slow balance-sheet improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Rent growth and low vacancy
Rent growth combined with very low vacancy indicates resilient tenant demand and limited unused capacity across the portfolio. This supports recurring rental income, helps protect occupancy economics, and provides a durable base for continued organic revenue growth over the next several quarters.
Read all positive factors
LEG Immobilien SE Unsponsored ADR (LGMMY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.03B
Dividend Yield6.43%
Average Volume (3M)0.00
Price to Earnings (P/E)2.7
Beta (1Y)0.36
Revenue Growth7.82%
EPS Growth128.09%
CountryUS
Employees1,789
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Services
Share Statistics
EPS (TTM)4.29
Shares Outstanding307,393,900
10 Day Avg. Volume0
30 Day Avg. Volume0
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.62
Price to Sales (P/S)3.76
P/FCF Ratio12.62
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
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
LEG Immobilien SE Unsponsored ADR Business Overview & Revenue Model
Company Description
Operating primarily through its subsidiaries, LEG Immobilien SE functions as a fully integrated real estate enterprise within Germany. Its broad range of services includes the oversight of equity investments, comprehensive property management, and...
How the Company Makes Money
LEG Immobilien SE primarily makes money by renting out residential apartments in its portfolio and collecting recurring rental income from tenants. The core revenue stream is contractual rent payments (base rent and, where applicable, ancillary re...
LEG Immobilien SE Unsponsored ADR Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
Overall the call conveyed a constructive operational and financial picture: rent growth, very low vacancy, positive revaluations and clear progress on deleveraging underpin confidence. Management reiterated full-year guidance for AFFO and FFO I and highlighted strong liquidity and financing measures. The main negatives were H1 earnings declines (AFFO/FFO) driven by phasing, higher interest costs, elevated investments and a weak transaction market that is delaying disposals; share-price discount and market volatility also constrain immediate capital return options. On balance the positives (confirmed guidance, margin resilience, near-target LTV, liquidity and validated energy-saving innovations) outweigh the headwinds, though execution risk on disposals and macro uncertainty remain important watch items.Positive Updates
Stable Rent Growth and Strong Rent Per Square Metre
Like-for-like rent growth of 3.7% in H1 2026 (net cold rent €473.4m) with average rent at €7.21/sqm; 50 basis points of the growth came from cost rent adjustments and further increases expected in H2 to approach the 3.8%–4.0% target range.
Negative Updates
AFFO and FFO Declines in H1
AFFO fell 12.7% YoY to €110.5m in H1; FFO I declined 4.4% to €230.5m. Management attributes this largely to phasing (CapEx, lower subsidies in H1) and higher refinancing costs but the near-term cash generation was weaker vs prior year.
Read all updates
Q2-2026 Updates
Positive
Negative
Stable Rent Growth and Strong Rent Per Square Metre
Like-for-like rent growth of 3.7% in H1 2026 (net cold rent €473.4m) with average rent at €7.21/sqm; 50 basis points of the growth came from cost rent adjustments and further increases expected in H2 to approach the 3.8%–4.0% target range.
Read all positive updates
Company Guidance
LEG reconfirmed 2026 guidance: AFFO €220–240m and FFO I €475–495m with an adjusted EBITDA margin around 78%; H1 results show like‑for‑like rent growth 3.7% (avg rent €7.21/sqm; net cold rent €473.4m), EPRA vacancy 2.3%, adjusted EBITDA €368.1m, AFFO €110.5m and FFO I €230.5m; portfolio valuation +0.7% (~€135m) and LTV 45.5% (target ≈45% with a temporary Q3 uptick from the dividend). H1 investments were €202m (€18.19/sqm) — CapEx €112.3m (€10.11/sqm), maintenance €89.7m (€8.08/sqm), cap ratio 56% — and ~€10m of subsidies are expected in H2. Financing metrics: average interest cost 1.82%, interest cover 4.0x, avg debt maturity 5.7 years, liquidity >€450m, H1 refinancings €450m at 3.9% (avg) and a new €750m RCF (5+1+1). Management reiterated a disciplined disposal program (YTD disposals ~€42m; signed/closed sales >1,000 units, proceeds ~€78m) and said capital will be allocated after reaching the ~45% LTV target (organic growth, selective M&A, distributions or buybacks).LEG Immobilien SE Unsponsored ADR Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
56
Neutral
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.39B | 1.43B | 1.30B | 1.24B | 1.15B | 961.70M |
| Gross Profit | 567.51M | 534.34M | 621.40M | 579.70M | 412.10M | 521.60M |
| EBITDA | 1.13B | 1.27B | 341.10M | -1.80B | 965.40M | 2.28B |
| Net Income | 1.29B | 1.40B | 66.00M | -1.57B | 234.00M | 1.72B |
Balance Sheet | ||||||
| Total Assets | 20.93B | 21.15B | 19.59B | 19.30B | 21.36B | 20.60B |
| Cash, Cash Equivalents and Short-Term Investments | 463.41M | 756.18M | 305.80M | 277.50M | 360.50M | 673.60M |
| Total Debt | 9.63B | 10.15B | 9.72B | 9.38B | 9.46B | 8.89B |
| Total Liabilities | 12.05B | 12.40B | 12.19B | 11.82B | 12.28B | 11.64B |
| Stockholders Equity | 8.82B | 8.69B | 7.37B | 7.46B | 9.06B | 8.93B |
Cash Flow | ||||||
| Free Cash Flow | 446.85M | 425.90M | 417.70M | 432.40M | 311.10M | 342.40M |
| Operating Cash Flow | 463.56M | 444.15M | 436.50M | 447.90M | 389.00M | 353.70M |
| Investing Cash Flow | -116.20M | 223.71M | -604.20M | -421.50M | -1.06B | -2.75B |
| Financing Cash Flow | -534.22M | -236.00M | 197.10M | -111.10M | 356.40M | 2.74B |
LEG Immobilien SE Unsponsored ADR Technical Analysis
Negative
―
Price Trends
14.28
Negative
14.95
Negative
16.20
Negative
Market Momentum
-0.41
Positive
35.06
Neutral
27.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LGMMY, the sentiment is Negative. The current price of undefined is equal to the 20-day moving average (MA) of 13.47, equal to the 50-day MA of 14.28, and equal to the 200-day MA of 16.20, indicating a bearish trend. The MACD of -0.41 indicates Positive momentum. The RSI at 35.06 is Neutral, neither overbought nor oversold. The STOCH value of 27.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LGMMY.
LEG Immobilien SE Unsponsored ADR Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $587.71M | 15.83 | 8.69% | 9.96% | -15.21% | -0.30% | |
61 Neutral | $4.03B | 2.68 | 14.93% | 6.43% | 7.82% | 128.09% | |
57 Neutral | $404.32M | 3,926.42 | 0.02% | 19.44% | 2.47% | -98.22% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | $103.66M | 7.02 | 5.29% | ― | -8.12% | ― | |
50 Neutral | $268.61M | 31.43 | 1.36% | ― | 6.77% | ― | |
48 Neutral | $387.63M | 47.86 | 0.95% | ― | 5.33% | 22.04% |
* General Sector Average
LGMMY
LEG Immobilien SE Unsponsored ADR
12.64
-6.40
-33.63%
ARL
American Realty Investors
16.72
0.76
4.76%
FRPH
FRP Holdings
20.49
-3.59
-14.91%
TCI
Transcontinental Realty Investors
44.64
-1.22
-2.66%
RMR
The RMR Group
18.06
4.02
28.67%
STHO
Star Holdings
8.62
0.44
5.38%
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.