olivLaw · European equity research
CA Immo CAI.VI
Austria · Wiener Börse · ISIN AT0000641352 · Vertical: Listed companies from Austria
CA Immo is an Austrian property company focused mainly on premium office buildings in Germany, with holdings and developments across Central and Eastern Europe. Amid a selective market and stabilised interest rates, the company returned to profit, with a return on equity of 7.2% in 2025.
At the close of 05 Nov 2026, CA Immo (CAI.VI) stock was 21.50 EUR (+0.47% on the day), with market capitalisation 2.1 bn EUR, P/E 11.1 on diluted EPS of 1.93 EUR over the last 12 months, dividend yield 4.65%, beta 0.51, 52-week range 20.80–27.70 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.1
- neutral
- Bollinger (20, 2)
- 20.63 – 21.77
- in the upper half of the band · %B 0.76 · band width 5.4%
- SMA 50 / 200
- 22.03 / 24.01
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.20 / -0.28
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.8% | −0.6% | −1.2 pp | — |
| 3 months | −11.5% | −4.2% | −7.4 pp | — |
| 6 months | −20.2% | +4.3% | −24.6 pp | — |
| Year to date | −4.5% | +7.5% | −12.0 pp | — |
| 1 year | −10.4% | +9.9% | −20.3 pp | +5.4% |
| 3 years | −34.2% | +49.8% | −84.0 pp | +8.1% |
| 5 years | −44.8% | +42.8% | −87.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 11.7, median 11.7, max 11.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -224.5 m | -66.3 m | 184.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -2.28 | -0.68 | 1.93 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 544.9 m EUR
- Financial debt
- 2.0 bn EUR
- Net debt
- 1.4 bn EUR
- Equity
- 2.6 bn EUR
- Total assets
- 5.5 bn EUR
- Debt / equity
- 0.77x
- Current ratio
- 2.51x
- ROE
- 7.2%
- ROA
- 3.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -217.6 m | -9.5 m | 171.6 m | esef· 07 Apr 2026verified |
| Interest expense | 54.5 m | 55.1 m | 59.4 m | esef· 07 Apr 2026verified |
| Pre-tax income | -298.7 m | -76.1 m | 123.7 m | esef· 07 Apr 2026verified |
| Income tax | -62.8 m | -9.8 m | -60.7 m | esef· 07 Apr 2026verified |
| Net income | -224.5 m | -66.3 m | 184.4 m | esef· 07 Apr 2026verified |
| Diluted EPS | -2.28 | -0.68 | 1.93 | esef· 07 Apr 2026verified |
| Dividend per share | 3.54 | 0.80 | 1.00 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 663.5 m | 647.0 m | 544.9 m | esef· 07 Apr 2026verified |
| Receivables | 105.2 m | 112.5 m | 59.3 m | esef· 07 Apr 2026verified |
| Inventories | 18.4 m | 4.0 m | — | esef· 03 Dec 2025verified |
| Current assets | 961.5 m | 1.2 bn | 1.1 bn | esef· 07 Apr 2026verified |
| Total assets | 6.2 bn | 6.0 bn | 5.5 bn | esef· 07 Apr 2026verified |
| Long-term debt | 2.3 bn | 2.4 bn | 2.0 bn | esef· 07 Apr 2026verified |
| Current liabilities | 559.6 m | 493.1 m | 419.3 m | esef· 07 Apr 2026verified |
| Equity | 2.7 bn | 2.6 bn | 2.6 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 98.4 m | 97.5 m | 95.5 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 239.3 m | 124.1 m | 208.0 m | esef· 07 Apr 2026verified |
| Investing cash flow | 252.9 m | -83.1 m | 330.6 m | esef· 07 Apr 2026verified |
| Financing cash flow | -574.1 m | -66.3 m | -632.9 m | esef· 07 Apr 2026verified |
| Dividends paid | 348.5 m | 78.2 m | 95.8 m | esef· 07 Apr 2026verified |
| Share repurchases | 52.5 m | 10.9 m | 80.6 m | esef· 07 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 bn EUR
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.60 – 42.89 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E22.56 – 42.89 (Mid 32.89)25 companies used · median multiple 17.0x · quartiles 11.7x – 22.2x1AST.VI, ACAG.VI, AMAG.VI, ANDR.VI, BMAG.VI, CPI.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, ROS.VI, SBO.VI, STR.VI, SWUT.VI, TKA.VI, VER.VI, VOE.VI, WIE.VI
- Dividend discount (DDM)13.60 – 18.55 (Mid 15.69)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.5% | 18 (vs peers) | 28% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.9x | 21 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 11.1x | 78 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 8.6% | 100 (on a fixed band) | 17% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet53/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial18/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial78/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CA Immobilien Anlagen Aktiengesellschaft (CAI.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 7.2%.
The estimated value range is 18.08–30.72 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 24.29 EUR, the price of 21.50 EUR leaves a potential of 13.0% (value / price − 1) and a margin of safety of 11.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.5x
- P/E (TTM): 11.1x
- Shareholder yield (distributions): 8.6%
What contradicts it
- ROIC: 3.5%
- Interest coverage: 2.9x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for CAI.VI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
CA Immo is an Austrian property company focused mainly on premium office buildings in Germany, with holdings and developments across Central and Eastern Europe. Amid a selective market and stabilised interest rates, the company returned to profit, with a return on equity of 7.2% in 2025 1.
SWOT
Strengths
- Premium office portfolio in central locations with high letting levels and rising rents.
- Solid financing structure, with most financing fixed or hedged through derivatives.
- Local presence in several countries with integrated property management.
Weaknesses
- Dependence on the German market, where a large part of portfolio value is concentrated.
- Execution risk in development projects, where costs and timing can deviate.
- Liquidity constraints at some subsidiaries and capital calls in joint projects.
Opportunities
- Low supply of new offices could raise the value of quality properties in central areas.
- Lower rates or financing costs could make transactions and favourable revaluations easier.
- Decarbonisation of buildings and sustainability certifications could support tenant demand.
Threats
- Higher interest rates or a financing squeeze could weigh on property values and debt costs.
- Geopolitical and trade risks could slow demand and investment in Europe.
- Tax changes, including in Germany, could affect the tax burden and provisions.
Risks
- Development riskhigh
Projects may exceed budget or timing because of labour shortages, supply chain limits or weather. The company also flags the risk of vacancy after completion.
- Interest rate riskmedium
Most financing is fixed or hedged, but higher rates could affect future costs and portfolio market values.
- Liquidity riskmedium
Access to liquidity may be limited at some subsidiaries, and planned sales could be delayed or achieved below expectations.
- Tax riskmedium
The complexity of German tax rules and reliance on tax authority interpretations could create additional charges.
- Climate and transition risklow
Energy-related emissions depend on external decisions, such as district heating decarbonisation and availability of green power, and decarbonisation targets could be hard to meet.
Investment thesis
What would need to be true (bull case)
- If vacancy stays low and premium rents keep rising, income and portfolio value could support the proposed dividend.
- Limited supply of new offices could strengthen the position of quality buildings in city centres.
- Stabilised interest rates could reduce financing costs and revive market transactions.
What would break the thesis
- If construction and financing costs stay high, margins on development projects could be squeezed.
- Dependence on the German market and premium offices could leave the company exposed to a sector shock.
- If hybrid working permanently reduces office demand, rental yields could decline.
What to watch
- Trend in vacancy rate and lease termsQ1 2027
- Execution of the Karlsgärten and Danube House projects2026
- Outcome of the shareholder vote on the 0.90 EUR dividendAGM 2026
- Progress of the share buyback programme and asset disposalsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
CA Immo owns and manages a portfolio of commercial properties, especially office buildings in central locations of Central and Eastern European capitals. Its activities combine leasing, property management, development projects and the sale of assets considered non-strategic 1. The stated aim is high portfolio profitability through lower vacancy and efficiency gains 1.
The letting ratio of the existing portfolio was about 95% in 2025, compared with about 93% at the end of 2024, and the vacancy rate fell to about 5% 1. The weighted average unexpired lease term was 4.8 years at 31 December 2025 1.
The company also pursues a capital strategy: dividend distribution based on earnings, a share buyback programme and a financial structure kept in the investment grade category 1.
Segments
Investment property portfolio
The main segment consists of office and commercial properties in the existing portfolio, with a market value of about 3.9 bn EUR in 2025 1. Germany accounts for most of it, and Berlin and Munich are central to the consolidation strategy 1.
Development projects
Development activity includes projects such as Upbeat, Anna-Lindh-Haus and Karlsgärten, and the ONE project in Frankfurt was almost fully let in 2025 1. The company also weighs cost and timing risks, which have risen in recent years 1.
Disposals of non-strategic assets
Sales of properties that no longer meet criteria on location, specification or yield are an important part of the strategy, and proceeds are returned to shareholders through dividends 1.
Market context
The European commercial property market is gradually recovering, but transactions remain selective and investors are more cautious. Premium office buildings in central German city locations have proved relatively resilient, with rents still rising, while new construction has slowed because of higher costs 1.
Central banks kept rates relatively stable after the 2025 cuts, and financing costs could become more favourable if this stability holds 1. Higher defence and infrastructure spending in several European states could support demand for commercial space 1.
Trends
- More stable financing coststailwind
Stabilised interest rates and financing conditions that could improve might revive transactions and revaluations of property assets 1.
- Shortage of premium officestailwind
Lower new construction due to high costs could limit supply of quality offices, favouring established providers in sought-after locations 1.
- High construction costsheadwind
Construction costs rose over five years and further increases are expected for 2026 and 2027, which could compress margins on new projects 1.
- Flexible workingmixed
Hybrid working models may influence office demand, with different effects depending on building quality and location 1.
Competitive position
CA Immo competes with other listed and unlisted property companies in Central Europe for tenants and quality assets. Its stated advantage is local presence, with its own branches in each market 1.
Competition is most intense in premium offices in Berlin and Munich, where the company aims to build critical mass. The consulted sources do not give a detailed list of competitors 1.
- Vienna-listed property companies
Direct competitors in the Austrian and Central European market, no US ticker identified in the sources.
- German property developers
Competition for premium office projects in major German cities.
- Pan-European property funds
Investors competing for office assets and portfolio acquisitions.
- Local operators in Poland and the Czech Republic
Competitors in regional markets where the company holds commercial assets.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202403 Dec 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / CA Immo · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.