Original-Research: DEMIRE AG (von NuWays AG): HOLD
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Original-Research: DEMIRE AG - von NuWays AG
Einstufung von NuWays AG zu DEMIRE AG
Unternehmen: DEMIRE AG
ISIN: DE000A0XFSF0
Anlass der Studie: Update
Empfehlung: HOLD
seit: 16.01.2024
Kursziel: 1.20
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald
LogPark finally sold + letting success to start crucial 2024
After the disposal of the LogPark in Leipzig to CommerzReal initially fell
through in July 2023, DEMIRE has now found a new buyer, namely HIH Invest
Real Estate. We estimate the purchase price, which was not disclosed, to be
in the range of EUR 100-105m, hence being some 15% below the volume of the
collapsed CommerzReal deal. As the property is encumbered with c. EUR 35m
(eNuW) debt, the company will receive a net cash inflow of EUR 65-70m.
On top of this, DEMIRE has signed leases for c. 28k sqm with a total
annualized rental income of EUR 3.4m at the end of 2023: (1) In Eschborn, the
lease agreement with the Institute for Federal Real Estate for the
buildings entire rental space of c. 18.9k sqm was extended for a period of
five years. (2) The district of Breisgau-Hochschwarzwald expanded its
rental space in Freiburg by 4.7k sqm (eNuW: EUR 0.7m additional annual rental
income) in addition to a lease extension for c. 4.4k sqm. Both contracts
run for eleven years.
Especially with the sale of the LogPark, DEMIRE is shoring up liquidity,
which is urgently needed in light of the 2024 refinancing wall. As a quick
reminder, the company has to refinance bank loans with a volume of EUR 170m
as well as the corporate bond (EUR 499 due in 10/24).
While the bank loans are seen to be prolonged at adjusted rates (eNuW: 4-5%
vs current avg rate of 1.52% = c. EUR 5m extra cost p.a.), the refinancing of
the bond, on the other hand, is somewhat more complicated. However, the
company managed to bring a sufficient share of the bondholders (eNuW; >75%
of bond volume) to the table to discuss possible refinancing options. While
no solution has been presented yet, we expect news flow in that regard
towards the end of Q1 at the latest. In our view, a prolongation of the
bond at either an increased coupon (currently 1.875%) or at a higher
nominal value appear as the most likely options.
Although uncertainty remains high, the cash inflow from the disposal as
well as an easing interest rate environment following declining swap rates,
the tide has turned a bit towards DEMIRE's favor again, in our view.
Still, as visibility continues to be low regarding the outcome of the
refinancing process, we reiterate our HOLD recommendation with an unchanged
PT of EUR 1.20 based on NAV and DDM.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28675.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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