The second fund in the history of open-ended funds, were the Degi Europe (WKN: 980 780) in late October after more than 38-year existence of its solution is known, after two years previously been frozen due to a low liquidity ratio was Degi and no shares took back its investors more. The fund is now up to 30 September 2013 completely settled, which means that all property that is located in the Fund are sold and semi-annual distributions of sales and other revenues to the investors, not as would pass sold property to the custodian bank, which, however, given the slow recovery of the Real estate market in Europe is rather unlikely. Interestingly, this fact when one considers that the Degi Europe is listed on several stock exchanges, with the highest sales take place at the Hamburg Stock Exchange. News costs a fraction of the Hamburg Stock Exchange 35 € (13/12/2010, 13 clock).
The question now is how high the (internal) value of a share is and whether an investor is possible from the liquidation of the fund to benefit. As of 10/31/2010 (letzterhältliche data) were 11 direct and 7 held indirectly (through real estate companies) property in the portfolio of Degi Europe, all valued at the date 30.09.2010, or, in two cases, even a more current assessment , which correspond to the stated opinions probably quite well the actual value. The Fund's net assets stood at 1.266 billion 10/31/2010 Euro and the current Net Asset Value (NAV) of a share is € 48.47 (as of 13/12/2010), which represents a premium of just 38.5% to the current price on the Hamburg Stock Exchange. The current liquidity ratio of Degi Europe is just over 35% and the first dividend refers to the investors in January instead . Assuming that about 30% of the NAV at that time be distributed to investors, investors will receive about € 14.54 per share, reflecting both the Fund's net assets and paid on the stock price, similar to a dividend payout and The following ex-dividend quotation to just reduce that amount. This distribution ist bereits mit Liquidität unterlegt und somit weitgehend "sicher". Interessant ist, wieviel Prozent des verbleibenden Nettofondsvermögens durch den Verkauf der Immobilien erlöst werden können und wann diese Beträge an die Anteilseigner zurückfließen. Der Einfachheit halber werde ich im Folgenden davon ausgehen, dass bis zum 30. September 2013 jeweils jährlich ein Drittel des nach der ersten Ausschüttung im Januar verbleibenden NAV an die Anleger ausgeschüttet wird. Unter diesen Voraussetzungen käme man unter verschiedenen Annahmen des erlösbaren Immobilienwertes zu den folgenden Ausschüttungen und jährlichen Vorsteuerrenditen (Internal Rate of Return - IRR) nach der initialen Ausschüttung im Januar 2011:
- NAV: € 48.47
- share price on the Hamburg Stock Exchange (13/12/2010): 35 €
- Estimated Distribution January 2011 (30%): € 14.54
- NAV is reduced to € 33.93
- share price reduced to € 20.46
- 100% recovery rate: 11.31 € per year, annual rate of return (to September 2013): 30.28%
- 90% recovery rate: 10,18 € per year, annual rate of return (to September 2013): 23.05%
- 80% recovery rate: 9,05 € per year, annual rate of return (to September 2013): 15.60%
- 70% recovery rate: 7.92 € per year, annual rate of return (to September 2013): 7.87%
increase these returns are, the faster the remaining real estate assets is paid or the greater the previous dividend amounts are reduced and vice versa. Under the above simplifying assumptions would be investors, the Degi Europe buys at the current rate of 35 € and after the first distribution in January 2011 then by the above estimated amount of the distribution reduced stock price, buys himself a profit of only 70% of the Property value eine stark positive Rendite erwirtschaften, da allerdings alle Immobilien im Portfolio des Degi Europa recht zeitnah bewertet wurden, ist ein Abschlag von 30% auf den aktuellen Wertansatz selbst nach Verkaufsnebenkosten, wie Vorfälligkeitsentschädigungen, Transaktionskosten etc., eher unwahrscheinlich, zumal weiterhin für nicht verkaufte Objekte Mieten fließen werden und der Verkauf der letzten fünf Objekte jeweils zu Preisen über dem letztgeschätzten Wert (dreimal) bzw. Beträgen über 90% (zweimal) dieses Wertes stattfanden.
Insgesamt sieht es also aus, als wäre der Degi Europa zu einem Preis von 35 € an der Börse Hamburg ein Value Pick, allerdings the risks are not just small and everyone must decide for yourself whether he is willing to enter into this.
Regards
Nilz
(This post represents only my opinion and is no recommendation of any kind)
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