Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Noratis AG is a German company specializing in the acquisition, development, and management of residential real estate properties. As a key player in the real estate sector, Noratis primarily focuses on investing in underdeveloped housing estates, which they then enhance through comprehensive redevelopment strategies. The company's business model centers on increasing the value of these properties through targeted renovations, thereby transforming them into attractive living spaces and solid investment opportunities. This strategy not only improves the quality of housing in various communities but also contributes to urban revitalization efforts. Noratis AG’s operations significantly impact the residential real estate market, with a focus on sustainability and long-term value creation. Its projects cater to a diverse range of tenants, including families and young professionals, who benefit from improved living conditions in their communities. On a broader scale, Noratis’s activities help stabilize and boost the housing market by addressing neglected properties, thus playing a vital role in meeting the demand for affordable housing across Germany.
The business is unprofitable at the operating level (-24.52% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 10.7%, still solid. Margins contracted 31.3pp, which offsets some of the top-line progress.
ROIC dropped from 0.68% to -2.97%, capital efficiency is deteriorating. Net debt of €344M represents 9.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
€67M
▲ +10.7% YoY
Net Income (TTM)
-€28M
▼ -158.4% YoY
Op. Margin
-24.52%
▼ -31.3pp YoY
ROIC
-2.97%
▼ -3.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€35M
▲ +51.5% YoY
Op. Cash Flow (TTM)
€35M
▲ +51.4% YoY
Net Debt
€344M
Cash & Equiv.
€8M
3Y CAGR: -3.1%
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