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: Update
Empfehlung: BUY
seit: 15.01.2024
Kursziel: 17.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald
Appealing risk/reward profile makes S IMMO a clear BUY
It seems like management shares this view, as the company announced yet
another share buy-back program after having already bought back shares
worth € 2.4m in Q4. In detail:
Last week, the management of S IMMO resolved another repurchase program of
up to 365,340 shares (c. 0.5% of share capital; € 5.1m given an avg. price
of € 14 per share). Shares are going to be bought back over the stock
exchange at a maximum 15% premium to the 10-day VWAP while the price must
not exceed € 15 per share. The program starts today and will run until
March 31st.
Although the scope of the program is rather small, it is a reasonable step
which points towards the undemanding valuation of the shares. In fact, S
IMMO is offering one of the most appealing risk/reward profile in the
industry:
- Loan-to-value: As of Q3’23 S IMMO is providing an LTV ratio of 38.1%
which compares to our peer group’s average of > 40% (e.g.: Vonovia: 46.8%;
LEG: 46.8%; Aroundtown: 41.3%).
- Equity ratio: A similar picture emerges when looking at the equity ratio
which stood at 46.0% at S IMMO as of Q3’23 (e.g.: Vonovia: 32.8%; LEG:
40.4%; Aroundtown: 46.6%).
Furthermore, S IMMO continues to create shareholder value by scaling up its
engagement in the high yielding CEE region. Just recently the company
acquired another portfolio with a 6% yield (€ 29m annual rental income) in
the Czech Republic. To fund the expansion in CEE, S IMMO continuously
disposes a significant portion of its residential portfolio in Germany.
While € 621m have been already sold here, another € 400m are still in the
pipeline (€ 250m in Germany). The ongoing rebalancing of the portfolio (e.g
selling in Germany & buying in CEE) is seen to significantly increase
rental income (eNuW: +26% in ‘24e) and FFO (+16% in ’24).
Despite best-in-class metrics and a strong YTD performance, S IMMO is yet
trading on an NTA-discount similar to the peer group (-43% as of Friday’s
close price).
Stock hence remains a strong BUY with an unchanged PT of € 17.00 based on
NTA and DDM.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28659.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.
