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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: 15.01.2024
Kursziel: 17.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald
Appealing risk/reward profile makes S IMMO a clear BUY
It seems like management shares this view, as the company announced yet
another share buy-back program after having already bought back shares
worth EUR 2.4m in Q4. In detail:
Last week, the management of S IMMO resolved another repurchase program of
up to 365,340 shares (c. 0.5% of share capital; EUR 5.1m given an avg. price
of EUR 14 per share). Shares are going to be bought back over the stock
exchange at a maximum 15% premium to the 10-day VWAP while the price must
not exceed EUR 15 per share. The program starts today and will run until
March 31st.
Although the scope of the program is rather small, it is a reasonable step
which points towards the undemanding valuation of the shares. In fact, S
IMMO is offering one of the most appealing risk/reward profile in the
industry:
- Loan-to-value: As of Q3'23 S IMMO is providing an LTV ratio of 38.1%
which compares to our peer group's average of > 40% (e.g.: Vonovia: 46.8%;
LEG: 46.8%; Aroundtown: 41.3%).
- Equity ratio: A similar picture emerges when looking at the equity ratio
which stood at 46.0% at S IMMO as of Q3'23 (e.g.: Vonovia: 32.8%; LEG:
40.4%; Aroundtown: 46.6%).
Furthermore, S IMMO continues to create shareholder value by scaling up its
engagement in the high yielding CEE region. Just recently the company
acquired another portfolio with a 6% yield (EUR 29m annual rental income) in
the Czech Republic. To fund the expansion in CEE, S IMMO continuously
disposes a significant portion of its residential portfolio in Germany.
While EUR 621m have been already sold here, another EUR 400m are still in the
pipeline (EUR 250m in Germany). The ongoing rebalancing of the portfolio (e.g
selling in Germany & buying in CEE) is seen to significantly increase
rental income (eNuW: +26% in '24e) and FFO (+16% in '24).
Despite best-in-class metrics and a strong YTD performance, S IMMO is yet
trading on an NTA-discount similar to the peer group (-43% as of Friday's
close price).
Stock hence remains a strong BUY with an unchanged PT of EUR 17.00 based on
NTA and DDM.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28659.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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-------------------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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