LEG Immobilien SE
🇩🇪 LEG.XETRA · Frankfurt · DE000LEG1110
Real Estate
EUR 57.80 price at analysis
Scores
Key Metrics
Powered by EODHDP/E (TTM)
3.4
P/E (Price-to-Earnings)Shows how much investors pay for each $1 of profit. We display the TTM P/E (Trailing Twelve Months) which uses actual earnings from the last 4 quarters. This is more reliable than Forward P/E which uses analyst estimates.
Calculation: 57.80 ÷ 17.20 = 3.4
TTM period through: 2025-12-31
Forward P/E (estimated): 9.0
Based on analyst estimates
Reference: Provider P/E (Trailing): 3.4
Yield (Fwd)
4.67%
Dividend YieldThe Forward yield (Fwd) shows the next announced annual dividend / current price — what you'd earn going forward. The Trailing yield (TTM) in the tooltip shows dividends actually paid in the last 12 months. Forward is shown as primary because it reflects the company's current commitment to shareholders.
Trailing Yield (TTM): 5.06%
Net Debt/EBITDA (TTM)
7.1x
Latest quarter: 20.2x
Net Debt / EBITDAA leverage ratio showing how many years of EBITDA (earnings before interest, taxes, depreciation, and amortization) it would take to repay net debt. EBITDA approximates operating cash generation. Lower ratios (e.g., <3x) are generally safer; higher (e.g., >5x) may indicate more financial risk.
TTM through: 2025-12-31
Latest quarter (2025-12-31): 20.2x
The quarterly value can spike when quarterly EBITDA is very low (e.g., one-time charges).
Quick guide: <2x manageable, >4x can be risky (sector-dependent).
Payout (Fwd)
15.7%
Payout RatioDividends as a percentage of earnings. The Forward payout (Fwd) uses the announced dividend divided by actual past earnings (TTM) — it tells you if the company can afford what it promised. Very high payouts can be risky, especially if profits fall.
Announced dividend / actual earnings (TTM)
Payout (TTM): 8.6%
Cash Flow Payout (TTM): 27.0%
FCF Coverage (TTM): 3.56x
ROE
18.1%
ROE (Return on Equity)A profitability measure: how much profit is generated from shareholders’ equity. Higher isn’t always better if it comes from high debt.
EV/EBITDA
10.4x
EV/EBITDAA valuation ratio that compares total business value (including debt) to EBITDA. Lower can mean cheaper, but context matters.
Summary
LEG Immobilien SE is a leading German residential real estate provider offering highly resilient, inflation-linked operational cash flows. The recent headline losses are entirely driven by temporary, non-cash property devaluations, masking strong underlying rent growth and excellent cash flow generation. Trading at a significant discount to book value (0.5x P/B) with a secure 5.06% yield, it is worth considering for new positions at current levels, offering an attractive combination of value and income.
Sector Context
LEG Immobilien SE is a leading German residential real estate company that owns and manages tens of thousands of apartments, providing essential housing. For dividend investors, residential real estate offers highly resilient, inflation-linked cash flows, though the sector naturally carries higher debt loads that require careful management during high-interest-rate cycles.
Temporary Opportunity Identified
Significant non-cash property devaluations driven by higher interest rates and a cyclical downturn in the German real estate market, obscuring strong underlying operational performance and rent growth.
📊 Strategy Analysis
- • Trading at an exceptionally low Price-to-Book ratio of 0.50 and TTM P/E of 3.36, reflecting temporary non-cash property devaluations rather than operational decline.
- • The 5.06% TTM dividend yield is exceptionally well-covered by free cash flow (3.56x coverage) with a conservative cash flow payout ratio of 26.97%.
- • Operational fundamentals remain robust despite headline losses, demonstrated by strong full-year like-for-like rent growth of 4.0%.
- • Management has effectively executed long-term deleveraging, reducing Net Debt/EBITDA significantly from historic highs to strengthen the balance sheet.
⚠ What to Watch
- • Net Debt/EBITDA remains elevated at 7.11x, exposing the company to higher refinancing costs in a prolonged high-interest-rate environment.
- • The broader German real estate transaction market continues to face cyclical pressure, which could trigger further non-cash portfolio devaluations.
- • The recent 18.7% dividend reduction demonstrates management's prioritization of cash retention over absolute payout consistency during a sector downturn.
📊 Historical Trends (10 Years)
Powered by EODHDThese charts show how key metrics have evolved over the past decade, helping you identify if the company is improving or deteriorating.
Debt Evolution (Net Debt / EBITDA)
Lower values are better. A declining trend indicates the company is reducing its debt (deleveraging).
Revenue & Earnings Growth
Consistent growth in revenueRevenue
The money a company brings in from selling its products or services. It’s the top line before costs. (blue) and earningsEarnings (Profit)
What’s left after expenses. Positive earnings mean the business made a profit; negative means a loss. (green) indicates a healthy business. Look for upward trends and recoveries after temporary dips.
Dividend Sustainability (FCF vs Dividends Paid)
Free cash flowFree Cash Flow
Cash left after the company pays for running the business and maintaining it. Often used to fund dividends, pay debt, or buy back shares. (FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., blue) should cover dividends paidDividends Paid
Cash the company paid out to shareholders. It’s not guaranteed and can change over time. (green). If dividends consistently exceed FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., the dividend may be at risk.
Analysis date: 2026-04-04
Disclaimer: This information is for educational purposes only. Not financial advice.