dpa-AFX Compact

Original-Research: S Immo AG (von NuWays AG): BUY

06.02.2024
um 09:02 Uhr

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Original-Research: S Immo AG - von NuWays AG

Einstufung von NuWays AG zu S Immo AG

Unternehmen: S Immo AG
ISIN: AT0000652250

Anlass der Studie: Update
Empfehlung: BUY
seit: 06.02.2024
Kursziel: 18.40
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald

Delisting indications getting stronger; chg. PT

On Friday, S IMMO announced that the company will part ways with board
member Herwig Teufelsdorfer with immediate effect. At the same time the
supervisory board decided to appoint Tomá Salajka to the board, who is
also member of the Board of Directors of CPI Property Group (CPI), S IMMOs
majority shareholder. This comes after the company already parted ways with
former board member Holger Schmidtmayr in June. Like Mr Teufelsdorfer, Mr
Schmidtmayer was replaced with a person closely associated with CPI: Radka
Döhring. After Ms Döhring acted as Finance Director at CPI from 2012-2014,
she was announced as member of the board at IMMOFINANZ just two months
after CPI gained voting rights majority at the company.

With this, Radovan Vitek, founder, and majority shareholder (90.3% of
voting rights) of CPI, is seemingly implementing full operating control
over S IMMO and IMMOFINANZ, after acquiring majority stakes (88.4% in SPI &
77% in IIA) in 2022. Mind you, S IMMO also has 4.44% treasury shares. The
cancellation of which would lift CPI above the 90% squeeze-out threshold.
Moreover, S IMMO is currently running the second consecutive quarterly
share buyback (0.25% of targeted 1% bought back in Q4), hence lowering the
number of shares CPI would have to acquire at a higher price in the event
of a squeeze out.

Although a delisting would be sensible at first glance, considering the
current dual listing on the Vienna Stock Exchange (S IMMO & IMMOFINANZ) as
well as facilitation with regards to related-party-transactions, the
following questions arise: When and why not so far? While the question of
when is difficult to answer, one possible answer to the question of why it
has not happened yet is that CPI would have to pay a significant premium to
the current share price given the NTA of EUR 25.16 as well as the EUR 19.50 per
share, which IMMOFINANZ paid to acquire a 50% S IMMO stake from CPI in Q4
'22. Given CPIs high leverage (>50% LTV) as well as the short attack by
hedgefond Muddy Waters it is hence uncertain if the company is currently
willing to pay an additional EUR 100m (eNuW) for the remaining S IMMO share.

Yet, this brings us to the crucial point: Despite best-in-class metrics,
the incipient recovery of the real estate market and the looming
squeeze-out possibility, shares are trading on an NTA-discount similar to
the peer group (-41% as of yesterday's close price), which we regard highly
unjustified. The stock hence remains a strong BUY with a new PT of EUR 18.40
based on NTA and DDM.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28821.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.

Kontakt für Rückfragen
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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-------------------übermittelt durch die EQS Group AG.-------------------

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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S IMMO AG

WKN 902388 ISIN AT0000652250