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Original-Research: S Immo AG - from NuWays AG
29.11.2024 / 09:05 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of 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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Classification of NuWays AG to S Immo AG
Company Name: S Immo AG
ISIN: AT0000652250
Reason for the research: Update
Recommendation: Sell
from: 29.11.2024
Target price: EUR 22.05
Last rating change:
Analyst: Philipp Sennewald
Operations on track but delisting ahead
Yesterday, S IMMO released its Q3 results, showing continued strong
operations on the back of recent portfolio transactions. Yet, the company
also recently announced that 2024 was the last year of S IMMO's shares
trading on the Vienna Stock Exchange. In detail:
Rental income in Q3 increased 38.7% yoy to EUR 55.8m, which was mainly driven
by several major acquisitions in Austria and the Czech Republic. Moreover,
the hotel segment grew revenues by 5.6% yoy to EUR 19.5m, proving a
sustainable recovery of the hotel business at S IMMO following Covid.
Yet, FFO I slightly decreased by 2% yoy to EUR 24.6m, driven by higher
operating expenses for the real estate and hotel portfolio as well as
increased other OpEx, which is also attributable to an increased acquisition
activity compared to the same period last year. On a normalized level, FFO
should have slightly increased. The EPRA NTA slightly increased compared to
H1 to EUR 25.31 per share.
Squeeze-out scheduled. On Tuesday, S IMMO sent out a corporate news, stating
that the entry of the squeeze-out in the Commercial Court of Vienna is
expected for December 3. The squeeze-out will then take effect upon entity,
meaning that all shares held by the minority shareholders will be
transferred to the main shareholder, IMMOFINANZ AG. From this point on, it
will no longer be possible to trade S IMMO AG shares on the stock exchange.
The last day of trading in S IMMO AG shares on the Vienna Stock Exchange is
therefore expected to be December 2.
According to the resolution of the AGM, affected shareholders will receive a
cash compensation to the tune of EUR 22.05 per share. The settlement will be
paid with a value date of December 11. Against this backdrop, we again
advise remaining shareholders to sell their shares, especially at current
levels above the cash settlement amount, and reiterate our PT of EUR 22.05 on
this basis.
+++ Coverage discontinued +++
You can download the research here: http://www.more-ir.de/d/31441.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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2040825 29.11.2024 CET/CEST
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