Grand City Properties SA Real Estate â Residential Clear principles
Transcription
Grand City Properties SA Real Estate â Residential Clear principles
Grand City Properties SA Real Estate – Residential Clear principles remain unchanged ● Portfolio: We gained a positive impression from our roadshow with Grand City Properties (GCP) to Scandinavia, where the CEO and COO gave an update on operations and acquisitions. The portfolio has now risen to ~52,000 units, with ~9,000 apartments acquired from November to March, demonstrating stronger growth than in the same period last year (~5,000 units). We regard it as favourable that most of the new units are in the company’s existing regions, such as North Rhine-Westphalia, Dresden/Leipzig, and the northern parts of Hamburg and Bremen. GCP also stressed that its underlying expectation of reaching a rental yield of 9% following improvement of the assets should be attainable. Currently, the average fair value of GCP’s portfolio is €740/sqm, reflecting a multiple on in-place rents of 13.5x, or 11.8x assuming full occupancy levels. ● Operations: It was interesting to receive more details on the progress of portfolio improvement. This involves everything from painting corridors and entrances, and optimising rent collection to specific modernisations (eg bathroom or kitchen) to bring vacant flats back to the market. GCP also strives to ensure that tenants can easily reach local caretakers/property managers, which leads to higher tenant loyalty. We think that its track record of continuous portfolio improvement over several years is strong proof that, in residential real estate, it pays to internalise most of the property and asset management functions. By doing so, GCP can obtain a detailed insight of its assets and react quickly to upgrade the portfolio. Nevertheless, management also made it very clear that improving a portfolio is a long-term process, typically taking five to six years. ● Assumptions: We have adjusted our earnings forecasts only marginally but have lowered our assumptions for the cost of capital, incorporating in particular the improved financial profile following the rating upgrades and the further debt diversification. This is not new, but we think GCP no longer deserves the risk premiums that we initially applied in this regard compared to its larger peers. This leads our new price target of €18.50. We would not overestimate the impact of GCP joining the EPRA Global Real Estate Index as of 23 March. The inclusion of GCP and Adler Real Estate will bring the number of German property stocks on the index to 12, and the marginal effect is positive. Arguably, the stock has had a good run and has consistently been among the top performers in our universe. However, in our view this also reflects its positive operational momentum. We expect this to remain high and its financial profile to improve further. We regard current valuation levels, with an earnings yield of ~5.0% on funds for operations (FFO) for FY 2015, as reasonable. This justifies our Buy rating. Y/E 31.12., EUR m 2012 2013 2014E 2015E 2016E Total revenues Net rents EBIT (inc revaluation net) EBIT (excl revaluation) Net profit (reported) Funds From Operations (FFO) EPS reported FFO per share DPS NAV per share NNAV per share EV/EBITDA FFO yield P/FFO Dividend yield P/NAV per share P/NNAV per share Net gearing Loan-to-value (LTV) Implied yield 39 24 122 29 82 11 1.98 0.28 0.00 4.89 7.71 11.7 8.1% 12.4 0.0% -30% -42% 105% 23% 7.1% 96 66 321 84 246 38 3.24 0.50 0.00 6.65 7.45 15.6 7.5% 13.4 0.0% -10% -10% 76% 39% 5.0% 147 137 257 119 176 67 1.49 0.56 0.19 8.03 11.33 24.6 3.4% 29.1 1.2% 83% 45% 115% 47% 4.7% 184 169 205 143 139 96 1.17 0.81 0.24 9.05 12.32 21.2 5.0% 20.2 1.4% 64% 33% 110% 47% 5.6% 223 205 243 177 159 115 1.34 0.97 0.30 10.24 13.52 19.1 5.9% 16.9 1.8% 46% 21% 128% 50% 6.1% Source: Company data, Berenberg Kai Klose, CIIA Analyst +44 20 3207 7888 [email protected] Tina Kladnik Analyst +44 20 3465 2716 [email protected] 17 March 2015 BUY Current price Price target EUR 16.41 EUR 18.50 16/03/2015 Luxembourg Stock Exchange Close Market cap (EUR m) Reuters GYC.F Bloomberg GYC GR 1,944 Changes made in this note Rating: Buy (no change) Price target: EUR 18.50 (15.50) Estimates changes Rents EBIT FFO 2014 2015E 2016E old ∆ % old ∆ % old ∆ % 142.43 -3.5 167.08 1.2 204.68 116.07 2.5 142.35 0.2 178.19 -0.9 0.63 -11.2 0.81 0.2 0.98 -1.3 Source: Berenberg estimates Share data Shares outstanding (m) Enterprise value (EUR m) Daily trading volume 119 2,931 140,000 Grand City Properties SA Real Estate – Residential BUY Investment thesis 17 March 2015 ● Grand City Properties has a strong track record of improving portfolio quality by increasing occupancy levels and rents. Current price Price target ● Improving balance sheet ratios have been reflected in a rating upgrade from BB- to BBB- in a remarkably short period of time. EUR 16.41 EUR 18.50 1,944 2,931 ● The company is now also rated by Moody's with an issuer rating of Baa2 and a stable outlook. 140,000 ● Our valuation is based on return on net asset value and a dividend discount model. 16/03/2015 Luxembourg Stock Exchange Close Market cap (EUR m) EV (EUR m) Trading volume Free float 62.0% Non-institutional shareholders Share performance Edolaxia Ltd* 34% Valuemonth Holdings* 4% Zanelo Trading Ltd* 1% (*investment vehicles owned company's founder) High 52 weeks Low 52 weeks by EUR 16.41 EUR 7.65 the Business description Performance relative to Grand City is focused on German residential properties and currently owns around 43,000 apartments. Its strategy centres on upgrading undermanaged or distressed properties by raising occupancy and rental levels. SXXP MDAX 1mth 5.3% 3mth 16.6% 12mth 78.8% 3.7% 9.4% 73.6% Profit and loss summary EURm Net rental income Total revenues Revaluation result Total operating expense EBITDA Adjusted EBITDA Financial result EBT Net profit Funds from operations FFO/share Year-end shares DPS Cash flow summary 2012 2013 2014E 2015E 2016E 17 39 94 3 122 29 -13 109 82 11 0.28 42 0.00 59 96 237 5 321 84 1 323 246 38 0.50 115 0.00 118 147 138 9 257 119 -7 249 176 67 0.56 119 0.19 138 184 62 10 205 143 -5 200 139 96 0.81 119 0.24 170 223 67 11 243 177 -12 231 159 115 0.97 119 0.30 Growth and margins Rental growth Adj. EBITDA growth FFO growth Adj. EBITDA margin Adj. EBIT margin FFO margin Kai Klose, CIIA Analyst +44 20 3207 7888 [email protected] FFO CF operating activities Payments (acquisitions) Income (asset disposals) Change in debt position Dividend paid Capital measures 2012 2013 2014E 2015E 2016E 11 32 52 13 80 0 18 38 36 311 0 -26 0 202 67 75 412 19 245 0 0 96 97 474 26 289 22 0 115 72 395 30 189 27 0 Key ratios 2012 2013 2014E 2015E 2016E 39.7% 115.1% 157.8% 73.8% 73.8% 67.4% 246.9% 195.4% 233.4% 87.4% 87.4% 64.8% 100.0% 41.3% 74.8% 80.8% 80.8% 56.7% 17.1% 19.9% 44.4% 77.5% 77.5% 69.9% 23.3% 23.8% 19.2% 79.3% 79.3% 67.6% 2012 2013 2014E 2015E 2016E 12.4 -30% -42% 8.1% 0.0% 11.7 13.4 -10% -10% 7.5% 0.0% 15.6 29.1 83% 45% 3.4% 1.2% 24.6 20.2 64% 33% 5.0% 1.4% 21.2 16.9 46% 21% 5.9% 1.8% 19.1 Valuation metrics P / FFO P / NAV P / NNAV FFO yield Dividend yield EV / adj. EBITDA EURm 2012 Net debt Net debt/equity LTV Net gearing Interest cover Dividend cover Payout ratio Return on NAV 2013 2014E 2015E 2016E 193 1.5 23% 105% 2.7 0.0 6.2% 535 0.9 39% 76% 6.1 0.0 5.4% 986 1.3 47% 115% 3.4 3.0 0.3 7.8% 1,075 1.2 47% 110% 5.4 3.4 0.3 9.8% 1,431 1.3 50% 128% 5.2 3.3 0.3 10.3% Key risks to our investment thesis Tina Kladnik Analyst +44 20 3465 2716 [email protected] ● Rising demand for residential portfolios ● There is some reputation risk as its portfolios were previously undermanaged and suffer from a poor image Grand City Properties SA Real Estate – Residential Financials Profit and loss account Year-end December(EUR m) Net rents Direct property expenses Net operating income Earnings from property disposals Earnings from project developments Earnings from other property activities Other operating income Total revenues Revaluation result from investment properties (net) Total income Administrative expenses Personnel expenses Other operating expenses Total operating expenses EBITDA EBITDA excl revaluation result (net) Depreciation EBITA EBITA excl revaluation result (net) Amortisation of goodwill Amortisation of intangible assets Impairment charges EBIT (incl revaluation result net) EBIT excl revaluation result Interest income Interest expenses Depreciation of financial investment Investment income Financial result Earnings before taxes (incl revaluation result) Earnings before taxes (excl revaluation result) Total taxes Net income from continuing operations (incl revaluation result) Net income from continuing operations (excl revaluation result) Income from discontinued operations (net of tax) Extraordinary items (net of tax) Cumulative effect of accounting changes (net of tax) Net income (incl revaluation result net) Net income (excl revaluation result net) Minority interest Net income (net of minority interest, incl revaluation result) Net income (net of minority interest, excl revaluation result) Funds from operations (FFO) Source: Company data, Berenberg estimates 2012 2013 2014E 2015E 2016E 24 7 17 6 0 0 9 39 94 133 2 1 0 3 122 29 0 122 29 0 0 0 122 29 0 7 6 0 -13 109 16 16 93 -1 0 0 0 93 -1 11 82 -12 11 66 7 59 30 0 0 1 96 237 333 3 2 0 5 321 84 0 321 84 0 0 0 321 84 0 6 -8 0 1 323 86 36 286 49 0 0 0 286 49 40 246 10 38 137 20 118 8 0 0 2 147 138 285 5 4 0 9 257 119 0 257 119 0 0 0 257 119 0 15 -8 0 -7 249 112 35 215 77 0 0 0 215 77 38 176 38 67 169 31 138 12 0 0 3 184 62 246 6 5 0 10 205 143 0 205 143 0 0 0 205 143 0 13 -8 0 -5 200 138 31 169 107 0 0 0 169 107 30 139 77 96 205 35 170 15 0 0 3 223 67 289 6 5 0 11 243 177 0 243 177 0 0 0 243 177 0 20 -8 0 -12 231 165 38 193 127 0 0 0 193 127 35 159 92 115 3 Grand City Properties SA Real Estate – Residential Balance sheet Year-end December (EUR m) Intangible assets Investment properties Development assets Property, plant and equipment Financial assets Other non-current assets Deferred tax assets FIXED ASSETS Properties held for sale Inventories Accounts receivable Accounts receivable and other assets Liquid assets CURRENT ASSETS TOTAL ASSETS Subscribed capital Surplus capital Additional paid-in capital Net profit/loss SHAREHOLDERS' EQUITY MINORITY INTEREST PROVISIONS AND ACCRUED LIABILITIES short-term liabilities to banks Bonds (long-term) long-term liabilities to banks other interest-bearing liabilities InterestInterest-bearing liabilities Accounts payable Current liabilities Deferred income Deferred taxes LIABILITIES TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Source: Company data, Berenberg estimates 2012 2013 2014E 2015E 2016E 0 407 0 0 6 23 2 437 11 5 21 21 81 118 555 6 14 13 151 184 19 7 6 96 172 0 274 22 42 0 29 345 555 0 1,368 0 4 13 15 2 1,402 20 34 62 62 133 249 1,651 12 14 305 374 705 63 21 12 195 462 0 668 92 114 0 80 862 1,651 0 2,081 0 7 15 8 5 2,117 6 34 119 119 148 307 2,424 12 14 305 528 858 93 71 10 616 508 0 1,134 140 163 0 104 1,401 2,424 0 2,293 0 7 15 9 6 2,330 6 34 123 123 60 223 2,552 12 14 305 648 979 94 72 11 616 508 0 1,135 142 166 0 106 1,407 2,552 0 2,834 0 7 15 10 6 2,872 6 34 123 123 16 178 3,050 12 14 305 786 1,117 96 74 12 616 818 0 1,446 185 209 0 109 1,764 3,050 4 Grand City Properties SA Real Estate – Residential Cash flow statement EUR m Funds from operations Other recurrent / nonnon -recurrent items Increase/decrease in working capital Cash flow from operating activities Capex Payments for acquisitions Financial investments Income from asset disposals Cash flow from investing activities Increase/decrease in debt position Dividends paid Purchase of own shares Capital measures Others Cash flow from financing activities Cash flow from operating activities Cash flow after maintenance capex Cash flow before financing Increase/decrease in liquid assets Source: Company data, Berenberg estimates 2012 2013 2014E 2015E 2016E 11 0 -20 32 4 52 0 13 -43 80 0 0 18 0 99 32 11 -11 88 38 0 2 36 14 311 0 0 -324 -26 0 0 202 0 176 36 38 -288 -112 67 0 -9 75 21 412 0 19 -414 245 0 0 0 0 245 75 67 -339 -94 96 0 -1 97 23 474 0 26 -471 289 22 0 0 0 267 97 96 -396 -107 115 0 43 72 28 395 0 30 -394 189 27 0 0 0 161 72 115 -349 -160 5 Grand City Properties SA Real Estate – Residential Ratios Ratios Return on equity Net profit / Y/E equity Recurring net profit / Y/E equity Net profit / avg. equity Recurring net profit / avg. equity Security Net debt Debt / equity Net gearing Interest cover EBITDA / interest paid Dividend payout ratio Dividend cover Loan-to-value (LTV) Return on net asset value Liquidity Current ratio Acid test ratio Source: Company data, Berenberg estimates 2012 2013 2014E 2015E 2016E -6.3% 6.2% -6.3% 6.2% 1.4% 5.4% 1.4% 5.4% 4.5% 7.8% 4.5% 7.8% 7.8% 9.8% 7.8% 9.8% 8.3% 10.3% 8.3% 10.3% 193 149% 105% 2.7 2.7 0% 23% 6.2% 535 95% 76% 6.1 6.1 0% 39% 5.4% 986 132% 115% 3.4 3.4 34% 3.0 47% 7.8% 1075 116% 110% 5.4 5.4 29% 3.4 47% 9.8% 1431 129% 128% 5.2 5.2 30% 3.3 50% 10.3% 1.5 1.5 1.2 1.0 1.1 1.0 0.8 0.7 0.5 0.4 6 Grand City Properties SA Real Estate – Residential Please note that the use of this research report is subject to the conditions and restrictions set forth in the “General investment investmentstment -related disclosures” and the “Legal disclaimer” at the end of this document. For analyst certification and remarks regarding regarding foreign investors and countrycountry-specific disclosures, please refer to the respective paragraph at the end of this document. Disclosures in respect of section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) Company Grand City Properties SA (1) (2) (3) (4) (5) Disclosures 5 Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as “the Bank”) and/or its affiliate(s) was Lead Manager or CoLead Manager over the previous 12 months of a public offering of this company. The Bank acts as Designated Sponsor for this company. Over the previous 12 months, the Bank and/or its affiliate(s) has effected an agreement with this company for investment banking services or received compensation or a promise to pay from this company for investment banking services. The Bank and/or its affiliate(s) holds 5% or more of the share capital of this company. The Bank holds a trading position in shares of this company. Historical price target and rating changes for Grand City Properties SA in the last 12 months (full coverage) Date 19 March 14 02 June 14 08 September 14 08 December 14 05 February 15 17 March 15 Price target - EUR 10.00 11.50 12.50 14.50 15.50 18.50 Rating Buy Buy Buy Buy Buy Buy Initiation of coverage 07 November 13 Berenberg Equity Research ratings distribution and in proportion to investment banking services, as of 1 October 2014 2014 Buy Sell Hold 46.82 % 14.78 % 38.40 % 69.23 % 3.85 % 26.92 % Valuation basis/rating key The recommendations for companies analysed by Berenberg’s Equity Research department are made on an absolute basis for which the following three-step rating key is applicable: Buy: Sustainable upside potential of more than 15% to the current share price within 12 months; Sell: Sustainable downside potential of more than 15% to the current share price within 12 months; Hold: Upside/downside potential regarding the current share price limited; no immediate catalyst visible. NB: During periods of high market, sector, or stock volatility, or in special situations, the recommendation system criteria may be breached temporarily. Competent supervisory authority Bundesanstalt für Finanzdienstleistungsaufsicht -BaFin- (Federal Financial Supervisory Authority), Graurheindorfer Straße 108, 53117 Bonn and Marie-Curie-Str. 24-28, 60439 Frankfurt am Main, Germany. General investmentinvestment - related disclosures Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as “the Bank”) has made every effort to carefully research all information contained in this financial analysis. The information on which the financial analysis is based has been obtained from sources which we believe to be reliable such as, for example, Thomson Reuters, Bloomberg and the relevant specialised press as well as the company which is the subject of this financial analysis. 7 Grand City Properties SA Real Estate – Residential Only that part of the research note is made available to the issuer (who is the subject of this analysis) which is necessary to properly reconcile with the facts. Should this result in considerable changes a reference is made in the research note. Opinions expressed in this financial analysis are our current opinions as of the issuing date indicated on this document. The companies analysed by the Bank are divided into two groups: those under “full coverage” (regular updates provided); and those under “screening coverage” (updates provided as and when required at irregular intervals). The functional job title of the person/s responsible for the recommendations contained in this report is “Equity Research Analyst” unless otherwise stated on the cover. The following internet link provides further remarks on our financial analyses: http://www.berenberg.de/research.html?&L=1&no_cache=1 http://www.berenberg.de/research.html?&L=1&no_cache=1 Legal disclaimer This document has been prepared by Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as “the Bank”). This document does not claim completeness regarding all the information on the stocks, stock markets or developments referred to in it. On no account should the document be regarded as a substitute for the recipient procuring information for himself/herself or exercising his/her own judgements. The document has been produced for information purposes for institutional clients or market professionals. Private customers, into whose possession this document comes, should discuss possible investment decisions with their customer service officer as differing views and opinions may exist with regard to the stocks referred to in this document. This document is not a solicitation or an offer to buy or sell the mentioned stock. The document may include certain descriptions, statements, estimates, and conclusions underlining potential market and company development. These reflect assumptions, which may turn out to be incorrect. The Bank and/or its employees accept no liability whatsoever for any direct or consequential loss or damages of any kind arising out of the use of this document or any part of its content. The Bank and/or its employees may hold, buy or sell positions in any securities mentioned in this document, derivatives thereon or related financial products. The Bank and/or its employees may underwrite issues for any securities mentioned in this document, derivatives thereon or related financial products or seek to perform capital market or underwriting services. Analyst certification I, Kai Klose, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and all of the subject securities or issuers discussed herein. In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction performed by the Bank or its affiliates. I, Tina Kladnik, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and all of the subject securities or issuers discussed herein. In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction performed by the Bank or its affiliates. Remarks regarding foreign investors The preparation of this document is subject to regulation by German law. The distribution of this document in other jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. United Kingdom This document is meant exclusively for institutional investors and market professionals, but not for private customers. It is not for distribution to or the use of private investors or private customers. United States of America This document has been prepared exclusively by the Bank. Although Berenberg Capital Markets LLC, an affiliate of the Bank and registered US broker-dealer, distributes this document to certain customers, Berenberg Capital Markets LLC does not provide input into its contents, nor does this document constitute research of Berenberg Capital Markets LLC. In addition, this document is meant exclusively for institutional investors and market professionals, but not for private customers. It is not for distribution to or the use of private investors or private customers. This document is classified as objective for the purposes of FINRA rules. Please contact Berenberg Capital Markets LLC (+1 617 292 8200) if you require additional information. 8 Grand City Properties SA Real Estate – Residential ThirdThird-party research disclosures Company Grand City Properties SA (1) (2) (3) (4) (5) Disclosures no disclosures Berenberg Capital Markets LLC owned 1% or more of the outstanding shares of any class of the subject company by the end of the prior month.* Over the previous 12 months, Berenberg Capital Markets LLC has managed or co-managed any public offering for the subject company.* Berenberg Capital Markets LLC is making a market in the subject securities at the time of the report. Berenberg Capital Markets LLC received compensation for investment banking services in the past 12 months, or expects to receive such compensation in the next 3 months.* There is another potential conflict of interest of the analyst or Berenberg Capital Markets LLC, of which the analyst knows or has reason to know at the time of publication of this research report. * For disclosures regarding affiliates of Berenberg Capital Markets LLC please refer to the ‘Disclosures in respect of section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG)’ section above. Copyright The Bank reserves all the rights in this document. No part of the document or its content may be rewritten, copied, photocopied or duplicated in any form by any means or redistributed without the Bank’s prior written consent. © May 2013 Joh. Berenberg, Gossler & Co. KG 9 Contacts – Investment Banking www.berenberg.com e-mail: [email protected] / e-mail US: [email protected] EQUITY RESEARCH RESEARCH AEROSPACE & DEFENCE Andrew Gollan +44 20 3207 7891 Tom O'Donnell +44 20 3465 2668 AUTOMOTIVES Adam Hull Paul Kratz +44 20 3465 2749 +44 20 3465 2678 BANKS Nick Anderson Adam Barrass James Chappell Andrew Lowe Eoin Mullany Eleni Papoula +44 20 3207 7838 +44 20 3207 7923 +44 20 3207 7844 +44 20 3465 2743 +44 20 3207 7854 +44 20 3465 2741 BEVERAGES Javier Gonzalez Lastra Adam Mizrahi +44 20 3465 2719 +44 20 3465 2653 BUSINESS SERVICES, LEISURE & TRANSPORT Najet El Kassir +44 20 3207 7836 Stuart Gordon +44 20 3207 7858 Simon Mezzanotte +44 20 3207 7917 Yousuf Mohamed +44 20 3465 2672 Matthew O'Keeffe +44 20 3207 7895 Josh Puddle +44 20 3207 7881 CAPITAL GOODS Alex Deane Rui Dias Stephan Klepp Sebastian Kuenne Kai Mueller Horace Tam +44 20 3465 2730 +44 20 3207 7823 +44 20 3207 7819 +44 20 3207 7856 +44 20 3465 2681 +44 20 3465 2726 Internet www.berenberg.com CHEMICALS John Klein Evgenia Molotova Jaideep Pandya +44 20 3207 7930 +44 20 3465 2664 +44 20 3207 7890 CONSTRUCTION Lush Mahendrarajah Chris Moore Robert Muir Michael Watts +44 20 3207 7896 +44 20 3465 2737 +44 20 3207 7860 +44 20 3207 7928 DIVERSIFIED FINANCIALS Pras Jeyanandhan +44 20 3207 7899 FOOD MANUFACTURING Fintan Ryan +44 20 3465 2748 James Targett +44 20 3207 7873 FOOD RETAIL Estelle Weingrod GENERAL RETAIL Michelle Wilson HEALTHCARE Scott Bardo Alistair Campbell Graham Doyle Klara Fernandes Tom Jones Louise Pearson Laura Sutcliffe HOUSEHOLD & PERSONAL CARE Ana Caludi Muldoon +44 20 3207 7841 Bassel Choughari +44 20 3465 2675 James Targett +44 20 3207 7873 INSURANCE Peter Eliot Matthew Preston Sami Taipalus +44 20 3207 7880 +44 20 3207 7913 +44 20 3207 7866 LUXURY GOODS Bassel Choughari Zuzanna Pusz +44 20 3465 2675 +44 20 3207 7812 MEDIA Robert Berg Laura Janssens Jessica Pok Sarah Simon +44 20 3465 2680 +44 20 3465 2639 +44 20 3207 7907 +44 20 3207 7830 +44 20 3207 7931 +44 20 3465 2663 +44 20 3207 7869 +44 20 3207 7876 +44 20 3465 2634 +44 20 3465 2718 +44 20 3207 7877 +44 20 3465 2747 +44 20 3465 2669 MID CAP GENERAL Robert Chantry Gunnar Cohrs Sam England Benjamin May Virginia Nordback Anna Patrice Simona Sarli Stanislaus von Thurn und Taxis +44 20 3207 7861 +44 20 3207 7894 +44 20 3465 2687 +44 20 3465 2667 +44 20 3465 2693 +44 20 3207 7863 +44 20 3207 7834 +44 20 3465 2631 EQUITY SALES OIL & GAS Asad Farid Jaideep Pandya +44 20 3207 7932 +44 20 3207 7890 REAL ESTATE Tina Kladnik Kai Klose +44 20 3465 2716 +44 20 3207 7888 TECHNOLOGY Adnaan Ahmad Rebecca Alvey Gergios Kertsos Daud Khan Gal Munda Tammy Qiu +44 20 3207 7851 +44 20 3207 7910 +44 20 3465 2715 +44 20 3465 2638 +44 20 3465 2746 +44 20 3465 2673 TELECOMMUNICATIONS Wassil El Hebil +44 20 3207 7862 Usman Ghazi +44 20 3207 7824 Siyi He +44 20 3465 2697 Paul Marsch +44 20 3207 7857 Barry Zeitoune +44 20 3207 7859 TOBACCO Erik Bloomquist +44 20 3207 7870 UTILITIES Andrew Fisher Mehul Mahatma Lawson Steele +44 20 3207 7937 +44 20 3465 2698 +44 20 3207 7887 ECONOMICS Holger Schmieding Christian Schulz Robert Wood +44 20 3207 7889 +44 20 3207 7878 +44 20 3207 7822 E-mail: [email protected] SPECIALIST SALES BANKS & DIVERSIFIED FINANCIALS Iro Papadopoulou +44 20 3207 7924 CONSUMER Rupert Trotter +44 20 3207 7815 HEALTHCARE Frazer Hall +44 20 3207 7875 INDUSTRIALS Chris Armstrong +44 20 3207 7809 INSURANCE Trevor Moss +44 20 3207 7893 MEDIA & TELECOMMUNICATIONS Julia Thannheiser +44 20 3465 2676 MATERIALS Jina Zachrisson +44 20 3207 7879 TECHNOLOGY Jean Beaubois +44 20 3207 7835 SALES (cont.) LONDON John von BerenbergConsbruch Matthew Chawner Fabian De Smet Toby Flaux Karl Hancock Sean Heath David Hogg James Matthews David Mortlock Richard Payman George Smibert Anita Surana Paul Walker SALES BENELUX Miel Bakker Alexander Wace PARIS Alex Chevassus Dalila Farigoule Clémence La ClavièrePeyraud FRANKFURT Michael Brauburger Nina Buechs André Grosskurth Joerg Wenzel E-mail: [email protected] +44 20 3207 7808 +44 20 3465 2670 +49 69 91 30 90 741 +49 69 91 30 90 735 +49 69 91 30 90 734 +49 69 91 30 90 743 SCANDINAVIA Marco Weiss +44 20 3207 7805 +44 20 3207 7847 +44 20 3207 7810 +44 20 3465 2745 +44 20 3207 7803 +44 20 3465 2742 +44 20 3465 2628 +44 20 3207 7807 +44 20 3207 7850 +44 20 3207 7825 +44 20 3207 7911 +44 20 3207 7855 +44 20 3465 2632 +33 1 5844 9512 +33 1 5844 9510 +33 1 5844 9521 +49 40 350 60 719 SALES (cont.) ZURICH Andrea Ferrari Stephan Hofer Carsten Kinder Gianni Lavigna Jamie Nettleton Benjamin Stillfried SALES TRADING HAMBURG Sebastian Grünberg Alexander Heinz Marc Hosthausen Gregor Labahn Patrick Schepelmann Lars Schwartau Marvin Schweden Tim Storm Philipp Wiechmann +41 44 283 2020 +41 44 283 2029 +41 44 283 2024 +41 44 283 2038 +41 44 283 2026 +41 44 283 2033 +49 40 350 60 763 +49 40 350 60 359 +49 40 350 60 761 +49 40 350 60 571 +49 40 350 60 559 +49 40 350 60 450 +49 40 350 60 576 +49 40 350 60 415 +49 40 350 60 346 LONDON Mike Berry Stewart Cook Chris McKeand Simon Messman Paul Somers +44 20 3465 2755 +44 20 3465 2752 +44 20 3207 7938 +44 20 3465 2754 +44 20 3465 2753 Zubin Hubner Jessica London Emily Mouret Peter Nichols Kieran O'Sullivan Jonathan Saxon Bob Spillane +1 646 445 5572 +1 646 445 7218 +1 415 802 2525 +1 646 445 7204 +1 617 292 8292 +1 646 445 7202 +1 646 445 5574 US SALES BERENBERG CAPITAL MARKETS LLC Member FINRA & SIPC ELECTRONIC TRADING Matthias Führer +49 40 350 60 597 Julian Winter +49 40 350 60 463 SOVEREIGN WEALTH FUNDS Max von Doetinchem +44 20 3207 7826 CRM Edwina Lucas Ellen Parker Greg Swallow +44 20 3207 7908 +44 20 3465 2684 +44 20 3207 7833 INVESTOR ACCESS Jennie Jiricny +44 20 3207 7886 EVENTS Charlotte Kilby Natalie Meech Charlotte Reeves Sarah Weyman Hannah Whitehead +44 20 3207 7832 +44 20 3207 7831 +44 20 3465 2671 +44 20 3207 7801 +44 20 3207 7922 E-mail: [email protected] Colin Andrade Burr Clark Julie Doherty Scott Duxbury Kelleigh Faldi Shawna Giust Tristan Hedley +1 646 445 7214 +1 617 292 8282 +1 617 292 8228 +1 646 445 5573 +1 617 292 8288 +1 646 445 7216 +1 646 445 5566 CRM Laura Cooper +1 646 445 7201 INVESTOR ACCESS Olivia Lee +1 646 445 7212 10