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    Simon Stippig

    Senior Analyst at Warburg Research

    Simon Stippig is a Senior Analyst at Warburg Research GmbH, specializing in real estate and listed property companies within the European market. He covers major companies such as TAG Immobilien, UBM Development, and PNE AG, frequently issuing investment recommendations and price targets, including several recent 'buy' ratings based on company performance and acquisition activity. Stippig joined Warburg Research in November 2019 after working as an Analyst & Portfolio Manager at Clearance Capital, and he has since established a reputation for in-depth sector analysis, though public quantitative rankings or returns are not available. While his professional credentials do not explicitly reference FINRA registration or specific securities licenses, his career progression and coverage record reflect strong research expertise in the real estate and banking sectors.

    Simon Stippig's questions to TAGYY leadership

    Simon Stippig's questions to TAGYY leadership • Q1 2025

    Question

    Asked about the sustainability of Polish rental growth, sales price increases versus cost expectations in the development business, the investment strategy for the company's cash holdings, and the reason for the increased vacancy in the German commercial portfolio.

    Answer

    The executive confirmed the current Polish rental growth is in line with guidance and expects a 3-5% medium-term growth rate. He stated that development margins remain healthy at over 30% as sales prices have outpaced construction costs. The company's cash is held in flexible short-term deposits. The increase in German commercial vacancy was attributed to the small size of the portfolio and is not seen as a negative trend.

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    Simon Stippig's questions to TAGYY leadership • Q3 2024

    Question

    Asked a series of detailed questions about the 2025 FFO bridge, portfolio yield expectations, the rationale for retaining cash given the Polish business is self-funding, capital allocation priorities including share buybacks, and specifics on the Polish build-to-hold business, including unit growth and rental trends in Lódz.

    Answer

    The executive clarified that the FFO bridge reflects past disposals, not new ones. While the trend for valuations is positive, no concrete guidance was given. The conservative dividend payout is for sustainability and future opportunities, not due to rising costs. The capital allocation priority is Poland, then opportunistic German deals, with share buybacks not currently on the agenda. The 2025 Polish rental growth is driven by ~400 new units (phased through the year) and organic growth, and the negative rent in Lódz was an isolated, short-term event.

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