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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
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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