Amundi cuts LEG Immobilien stake as LEG Immobilien stock sits 9.34 percent below target

Published on 10/02/2026 at 16:52 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

LEG Immobilien stock costs EUR 45.51 on October 2, 2026 after EUR 45.11. Amundi cut its stake from 5.04 percent to 4.80 percent, with a EUR 50.20 target.

Isometrische Grafik der Wertschöpfungskette vom Bau bis zur Wohnungsvermietung — LEG Immobilien SE (DE000LEG1110) durchläuft eine Wertschöpfungskette von Bau bis Vermietung, isometrisch dargestellt, Illustration mit AI erstellt.

LEG Immobilien (ISIN DE000LEG1110) was trading at EUR 45.51 at Lang & Schwarz on October 2, 2026 at 4:39 p.m. CEST, up 0.89 percent versus the prior close of EUR 45.11. On October 2, 2026, Aktiencheck reported that Amundi's voting stake in LEG Immobilien fell from 5.04 percent to 4.80 percent after a threshold change dated September 29, 2026. Separately, finanzen.net reported on September 7, 2026 that Goldman Sachs cut its target from EUR 64.50 to EUR 50.20 and kept a Neutral rating. The current euro price is 9.34 percent below that target.

First-half cash flow takes the hit

LEG's latest operating picture combines resilient rents with weaker cash generation. In its Q2 2026 earnings call, Yahoo Finance reported like-for-like rent growth of 3.70 percent in the first half of 2026 and adjusted EBITDA of EUR 368.1 million, up 2.30 percent year over year. The contrast is visible in adjusted funds from operations, which fell 12.70 percent to EUR 110.5 million from EUR 126.6 million in the first half of 2025.

The pressure came from higher investment spending and refinancing costs. Adjusted investments reached EUR 202 million in the first half of 2026, while the EBITDA margin was 77.80 percent, giving investors a clearer split between operational momentum and financing-related drag.

Guidance stays intact into November

Management confirmed full-year 2026 adjusted funds from operations guidance of EUR 220 million to EUR 240 million and FFO 1 guidance of EUR 475 million to EUR 495 million in the same earnings call. Loan-to-value stood at 45.50 percent in the first half of 2026, down from 47.60 percent a year earlier, while the company retained its target of approximately 45 percent.

Investing.com lists November 12, 2026 as the next earnings date. That report should show whether stronger second-half subsidies and lower investment spending can offset the first-half AFFO decline.

Stock remains below the target

The market picture is cautious rather than one-dimensional. LEG Immobilien stock was 36.48 percent below its EUR 71.65 52-week high on October 2, 2026, while the Lang & Schwarz quote stood only EUR 0.79 above the EUR 44.72 52-week low. The gap to Goldman Sachs' EUR 50.20 target therefore reflects both a 9.34 percent price distance and a 22.00 percent cut from the former EUR 64.50 target.

At Lang & Schwarz, LEG Immobilien was trading at EUR 45.51 on October 2, 2026 at 4:39 p.m. CEST, plus 0.89 percent versus the EUR 45.11 prior close from October 1, 2026. The further course of trading is shown by the continuously updated real-time quote of LEG Immobilien stock.