NuWays AG: S Immo AG | Rating: BUY
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: Q3 Preview
Empfehlung: BUY
seit: 20.11.2023
Kursziel: € 17,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald
Sound Q3 ahead as positive news prevail; chg.
S IMMO is seen to release a sound set of Q3 results on 29 November, as revenues are seen to increase 22% yoy to € 79.8m. Rental income looks set to grow 20% yoy to € 47.5m, which should be mainly driven by 2022 acquisitions and only a minor visible effect from the most recent acquisition of the Twin Towers in Vienna. Revenues from hotel operations are seen to have another strong performance with 30% yoy growth to € 19.0m, driven by seasonality as well as the absence of any CoV restrictions. While the company did not conduct an external revaluation of the portfolio in Q3, we expect minor negative valuation effects to the tune of € -8m resulting from property disposals (e.g. Adlerhof in Vienna was sold for € 48m).
Aside from the operating performance, S IMMO recently provided major newsflow:
Share buyback: In late Q3, management resolved on a share buyback program
of up to 736k shares at € 15 max. per share, equaling c. 1% of share
capital. A sensible move to create shareholder value, in our view, as the
stock is currently trading 48% below NTA despite industry leading metrics
(35% LTV, 5.5% NIY, 48% equity ratio). Still, in light of the low trading
volumes and strict buyback regulations
of the Vienna Stock Exchange, we do not expect the company to repurchase
the targeted volume as the program ends at YE. So far 107k shares have been
repurchased.
Wienerberg portfolio completed: In late October, S IMMO announced to acquire the remaining four objects of the Wienerberg portfolio (e.g. Twin Towers). The properties have a lettable area of 81k sqm and generate € 8.4m. Given the comparably high vacancy rates, we estimate a purchase price
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28341.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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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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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.
