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 Review Empfehlung: BUY seit: 30.11.2023 Kursziel: EUR 17,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Strong Q3 and another acquisition; chg.
30.11.2023 - 09:02:41Original-Research: S Immo AG (von NuWays AG): 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 Review Empfehlung: BUY seit: 30.11.2023 Kursziel: EUR 17,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Strong Q3 and another acquisition; chg. Yesterday, S IMMO released a strong set of Q3 results, showing continued top-line growth as well as significantly improved operating profitability. Moreover, the company announced the acquisition of another portfolio in the CEE region. Q3 total revenues increased 24% yoy to EUR 81.1m (eNuW: EUR 79.8m) which was mainly driven by last year's acquisitions in the CEE region, resulting in a rental income increase of 24% yoy to EUR 49.0m (eNuW: EUR 47.5m). Notably, Q3 revenues from hotel operations continued to recover post Covid, as segment sales increased 26% yoy to EUR 18.5m (eNuW: EUR 19.0m) while the segment's operating margin significantly improved by 8.9pp yoy to 29.9%. Against this backdrop, FFO was up 34% yoy to EUR 25.1m, which was however below our estimate of EUR 28.3m. The gap is mainly explained by negative FX effects to the tune of EUR 2.9m. The still overproportionate FFO increase is based on reduced property operating as well as SG&A expenses. While the operating business remains on a strong level, the company provided further positive newsflow with another major CEE acquisition. As flagged in our recent preview note, the company signed an LOI for a Czech portfolio. Meanwhile, the deal for the 11 properties, which comprise a lettable area of 138k sqm, has been signed. The portfolio is currently valued at EUR 481m an generated rental income of c. EUR 29m. With this, S IMMO acquired properties with a total annual rental income of c. EUR 50m YTD. The new acquisitions are seen to be mainly financed with the proceeds from the current disposal program in Germany. While properties worth EUR 621m have already been sold, EUR 400m are still in the disposal pipeline (eNuW: EUR 250m of which in Germany). As a quick reminder, yields in CEE are on average 3-4pp higher compared to German residential. Hence, the rebalancing of the portfolio (e.g. selling German properties & buying CEE properties) should substantially increase annual rental income, thus creating significant shareholder value. We confirm our BUY recommendation with an unchanged PT of EUR 17.00 based on NTA and DDM. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28431.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.
