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Original-Research: DEMIRE AG - von NuWays AG

Einstufung von NuWays AG zu DEMIRE AG

Unternehmen: DEMIRE AG
ISIN: DE000A0XFSF0

Anlass der Studie: Q3 Review
Empfehlung: HOLD
seit: 10.11.2023
Kursziel: EUR 1,20
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald

Solid Q3 but no refinancing solution yet; chg.

Yesterday, DEMIRE released a solid set of Q3 results, showing a slightly
reduced rental income and FFO. Q3 rental income decreased 7% yoy to EUR 19m
(eNuW: EUR 19m) as index related rent increases (c. 50% of the portfolio's
rents increased since 01/23) could not fully compensate for a decreased
asset base and the increased vacancy rate of 12.6% (vs 9.5% at FY22)
following the departures of Barmer in Dusseldorf and Galeria Karstadt
Kaufhof in Celle during the quarter. Q3 FFO decreased by 21% yoy to EUR 8.6m
(eNuW: EUR 9.1m) due to increased current income tax expenses resulting from,
among other, partially used up losses carried forward in some SPVs.

On this basis, management confirmed the FY guidance of EUR 74.5-76.5m sales
and EUR 33-35m FFO. However, given rental income of EUR 59.9m after 9M and
annualized contractual rents of EUR 77.1m, we do expect the company to
"outperform" its top-line guidance, as we remain conservative regarding
further disposals in the course of Q4. Still, the FFO guidance looks fair
and should be reached by the company (eNuW: EUR 34m).

Besides the release, management was not able to provide an update on the
refinancing of the 2024 maturities. However, the company stated that the
dialogue with the holders of the corporate bond (EUR 499m due in 10/24) has
been intensified in recent weeks to create a solution for the refinancing,
which can be seen as a positive sign. Although we do not take part in
speculations, the most likely option seems to be a prolongation at either
an increased coupon or at a higher nominal value. In addition to the bond,
there is also EUR 170m in bank debt maturing next year. Here, the company is
also in advanced talks with banks and made a confident impression on the
progress.

In order to be well positioned to cope with the refinancing wall and to
shore up liquidity, management remained confident on the disposal of the
LogPark (eNuW: closing in H1'24e) as well as several smaller properties (EUR
20-40m). Overall, the company signed LOIs for EUR 266m worth of properties,
which are currently held for sale.

In light of the continued high uncertainty coupled with de facto no
visibility on the outcome of the refinancing process, we remain on the
sidelines and reiterate our HOLD recommendation with a new PT of EUR 1.20
(old: EUR 1.80) based on NAV and DDM.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28217.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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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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-------------------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