Original-Research: S Immo AG (von NuWays AG): Hold
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Original-Research: S Immo AG - from NuWays AG
30.08.2024 / 09:02 CET/CEST
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Classification of NuWays AG to S Immo AG
Company Name: S Immo AG
ISIN: AT0000652250
Reason for the research: Update
Recommendation: Hold
from: 30.08.2024
Target price: EUR 24.00
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
Q2 in the books - SO & delisting expected for H2; chg.
Topic: S IMMO released its H1 results on Wednesday evening, showing strong
top line growth as well as improved operating profitability.
Q2 sales increased by 15% yoy to EUR 186m (eNuW: EUR 181m), which was mainly
driven by increased rental income of EUR 112m (+19.2% yoy) following several
major acquisitions in Austria and the Czech Republic. Moreover, the hotel
segment grew revenues by 7.7% yoy to EUR 33.8m.
Against this backdrop, FFO I increased by 47% yoy to EUR 1.04 per share, also
implying an FFO margin improvement of 9pp driven by operating leverage on
the G&A level. The EPRA NTA remained stable at EUR 24.86 per share.
Disposal program on track. In H1, S IMMO continued the disposal of its
properties in Germany. The company aims to leave the German market entirely
in order to invest the freed funds into higher yielding properties in the
CEE region. As of H1, the company reduced its portfolio in Germany to EUR
300m, which compares to EUR 1.25bn 18 months ago. During this time, the
average gross initial yield of the total portfolio increased by 1.1pp to
6.9%, which should serve as a proof of concept for the shift in strategy.
Management aims for a disposal of the remaining properties in due course
(eNuW: until H1 '25e).
Squeeze-out and delisting looming. S IMMO announced that the Extraordinary
General Meeting to resolve the squeeze-out is expected to take place in
autumn, likely in October/November. Before this, The cash settlement will be
determined on the basis of an external expert opinion. Afterward, the
resolution must be entered into the commercial register, whereupon a
two-months period for the cash settlement begins. At the same time, the
Vienna Stock Exchange is seen to initiate the delisting of the shares, which
we expect to happen already in the course of Q4.
Hence, the stock remains a HOLD. Yet, we increase our PT to EUR 24 (old: EUR 19)
in light of the looming squeeze-out. The new PT is orientated to the current
BV/ps of EUR 23.63 and the NTA/ps of EUR 24.86.
You can download the research here: http://www.more-ir.de/d/30673.pdf
For additional information visit our website: www.nuways-ag.com/research
Contact for questions:
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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1978159 30.08.2024 CET/CEST
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