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Original-Research: S Immo AG - from NuWays AG
Classification of NuWays AG to S Immo AG
Company Name: S Immo AG
ISIN: AT0000652250
Reason for the research: Update
Recommendation: Halten
from: 28.05.2024
Target price: EUR 19.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
Squeeze-out process initiated / Change to HOLD
On Friday, the supervisory board of IMMOFINANZ AG approved the commencement
of preparations for a squeeze-out of S IMMO, where all shares held by
minority shareholders are going to be transferred to IMMOFINANZ against
appropriate cash compensation.
Together with its parent company CPI and including the treasury shares of S
IMMO, IMMOFINANZ currently holds 92.54% of the share capital. The cash
compensation for the remaining shares will be determined based on a
valuation report to be obtained. In a shareholder meeting, which is
expected to take place in autumn '24, IMMOFINANZ will then submit the
squeeze-out for approval.
While we already anticipated this to happen (see update from 02/24), but
were not certain about the timing of the process, now only the amount of
the cash settlement needs to be determined. As this will be based on an
external valuation, it still remains subject to a certain degree of
uncertainty. We hence keep our PT unchanged at EUR 19 but change our
recommendation to HOLD. However, given a BV of EUR 23.66 per share and an NTA
of EUR 25.17 per share, our PT should be positioned at the lower end of the
anticipated range.
Besides that, the company yesterday also released solid Q1 figures, showing
a strong increase in both rental income (+23% yoy to EUR 58.4m) and FFO (+29%
to EUR 32.3m). The strong improvement of the key metrics can be mainly
attributed to the acquisition of large portfolios in Eastern Europe, while
simultaneously disposing lower yielding properties in Germany. Overall, the
strong development of the operational business should provide further
confidence for investors regarding the upcoming squeeze-out process.
You can download the research here:
http://www.more-ir.de/d/29919.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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-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
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