Original-Research: S Immo AG - from NuWays AG Classification of NuWays AG to S Immo AG Company Name: S Immo AG ISIN: AT0000652250 Reason for the research: Update Recommendation: Halten from: 28.05.2024 Target price: EUR 19.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald Squeeze-out process initiated / Change to HOLD On Friday, the supervisory board of IMMOFINANZ AG approved the commencement of preparations for a squeeze-out of S IMMO, where all shares held by minority shareholders are going to be transferred to IMMOFINANZ against appropriate cash compensation.
28.05.2024 - 09:02:33Original-Research: S Immo AG (von NuWays AG): Halten
Original-Research: S Immo AG - from NuWays AG Classification of NuWays AG to S Immo AG Company Name: S Immo AG ISIN: AT0000652250 Reason for the research: Update Recommendation: Halten from: 28.05.2024 Target price: EUR 19.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Philipp Sennewald Squeeze-out process initiated / Change to HOLD On Friday, the supervisory board of IMMOFINANZ AG approved the commencement of preparations for a squeeze-out of S IMMO, where all shares held by minority shareholders are going to be transferred to IMMOFINANZ against appropriate cash compensation. Together with its parent company CPI and including the treasury shares of S IMMO, IMMOFINANZ currently holds 92.54% of the share capital. The cash compensation for the remaining shares will be determined based on a valuation report to be obtained. In a shareholder meeting, which is expected to take place in autumn '24, IMMOFINANZ will then submit the squeeze-out for approval. While we already anticipated this to happen (see update from 02/24), but were not certain about the timing of the process, now only the amount of the cash settlement needs to be determined. As this will be based on an external valuation, it still remains subject to a certain degree of uncertainty. We hence keep our PT unchanged at EUR 19 but change our recommendation to HOLD. However, given a BV of EUR 23.66 per share and an NTA of EUR 25.17 per share, our PT should be positioned at the lower end of the anticipated range. Besides that, the company yesterday also released solid Q1 figures, showing a strong increase in both rental income (+23% yoy to EUR 58.4m) and FFO (+29% to EUR 32.3m). The strong improvement of the key metrics can be mainly attributed to the acquisition of large portfolios in Eastern Europe, while simultaneously disposing lower yielding properties in Germany. Overall, the strong development of the operational business should provide further confidence for investors regarding the upcoming squeeze-out process. You can download the research here: http://www.more-ir.de/d/29919.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
