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1. Company Snapshot

1.a. Company Description

Varia US Properties AG, a real estate investment company, acquires, holds, and sells properties in the United States.The company invests in low-moderate income and workforce multifamily housing properties.Varia US Properties AG was founded in 2015 and is based in Zug, Switzerland.

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1.b. Last Insights on VARN

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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A Look At The Intrinsic Value Of Varia US Properties AG (VTX:VARN)

Nov -21

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While private companies own 40% of Varia US Properties AG (VTX:VARN), individual investors are its largest shareholders with 46% ownership

Sep -01

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Shareholders in Varia US Properties (VTX:VARN) are in the red if they invested three years ago

Jul -11

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.38%)

6. Segments

Rental

Expected Growth: 2.5%

Rental growth of 2.5% driven by strong demand for US properties, fueled by low vacancy rates, increasing rents, and a growing economy. Additionally, Varia US Properties AG's diversified portfolio and strategic asset management contribute to the growth, along with favorable demographic trends and limited new supply in key markets.

Monthly One-time Fees

Expected Growth: 1.8%

The 1.8% growth in Monthly One-time Fees from Varia US Properties AG is driven by increasing demand for premium properties, strategic acquisitions, and effective cost management. Additionally, the company's focus on value-added services, such as property management and maintenance, contributes to the growth. Furthermore, the US real estate market's steady recovery and low interest rates also support the segment's expansion.

Utility Fees Charged through to Tenants

Expected Growth: 1.2%

The 1.2% growth in utility fees charged to tenants from Varia US Properties AG is driven by increasing occupancy rates, rising energy costs, and a growing portfolio of properties under management. Additionally, the implementation of smart metering systems and energy-efficient initiatives have led to higher billed amounts, contributing to the growth.

Interest Income

Expected Growth: 3.0%

The 3.0% growth in Interest Income from Varia US Properties AG is driven by increasing demand for commercial real estate, rising property values, and a low-interest-rate environment. Additionally, the company's strategic expansion into high-growth markets and effective asset management have contributed to the growth.

7. Detailed Products

Commercial Properties

Varia US Properties AG offers a diverse portfolio of commercial properties, including office buildings, retail spaces, and industrial facilities, providing businesses with flexible and adaptable spaces to suit their needs.

Residential Properties

Varia US Properties AG provides a range of residential properties, including apartments, houses, and condominiums, catering to individuals and families seeking comfortable and convenient living spaces.

Industrial and Logistics Properties

Varia US Properties AG offers industrial and logistics properties, including warehouses, distribution centers, and manufacturing facilities, supporting businesses with their operational needs.

Land Development

Varia US Properties AG provides land development services, including site acquisition, planning, and construction, helping businesses and individuals bring their projects to life.

Property Management

Varia US Properties AG offers comprehensive property management services, including maintenance, accounting, and leasing, ensuring that properties are well-maintained and profitable.

8. Varia US Properties AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Varia US Properties AG is moderate due to the availability of alternative investment options in the real estate industry.

Bargaining Power Of Customers

The bargaining power of customers is low for Varia US Properties AG, as the company operates in a niche market with limited competition.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for Varia US Properties AG, as the company relies on a few key suppliers for its operations.

Threat Of New Entrants

The threat of new entrants is high for Varia US Properties AG, as the real estate industry is attractive to new investors and developers.

Intensity Of Rivalry

The intensity of rivalry is high for Varia US Properties AG, as the company operates in a competitive market with several established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 68.61%
Debt Cost 5.63%
Equity Weight 31.39%
Equity Cost 5.63%
WACC 5.63%
Leverage 218.60%

11. Quality Control: Varia US Properties AG passed 0 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Mountview Estates

A-Score: 6.0/10

Value: 5.7

Growth: 2.1

Quality: 6.1

Yield: 8.1

Momentum: 6.5

Volatility: 7.3

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Grand City Properties

A-Score: 4.7/10

Value: 7.7

Growth: 3.0

Quality: 6.4

Yield: 2.5

Momentum: 2.0

Volatility: 6.3

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Heba Fastighets

A-Score: 4.3/10

Value: 3.1

Growth: 3.8

Quality: 5.8

Yield: 4.4

Momentum: 2.5

Volatility: 6.0

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Varia US Properties

A-Score: 4.2/10

Value: 4.6

Growth: 3.7

Quality: 2.6

Yield: 9.4

Momentum: 0.0

Volatility: 5.0

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Platzer Fastigheter Holding

A-Score: 4.2/10

Value: 3.9

Growth: 5.1

Quality: 4.8

Yield: 5.0

Momentum: 1.0

Volatility: 5.3

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Lok'nStore

A-Score: 4.2/10

Value: 3.4

Growth: 6.7

Quality: 5.6

Yield: 2.5

Momentum: 4.0

Volatility: 3.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

19.0$

Current Price

19$

Potential

-0.00%

Expected Cash-Flows