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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: Q3 Preview Empfehlung: BUY seit: 20.11.2023 Kursziel: EUR 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 EUR 79.8m. Rental income looks set to grow 20% yoy to EUR 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 EUR 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 EUR -8m resulting from property disposals (e.g. Adlerhof in Vienna was sold for EUR 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 EUR 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 EUR 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 ++++++++++ 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. ++++++++++

-------------------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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Quelle: dpa-Afx