NuWays AG: S Immo AG | Rating: Sell

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 € 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 € 19.5m, proving a sustainable recovery of the hotel business at S IMMO following Covid.

Yet, FFO I slightly decreased by 2% yoy to € 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 € 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 € 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 € 22.05 on this basis.

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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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