27.03.2024 S Immo  AT0000652250

Original-Research: S Immo (von NuWays AG): Kaufen


 

Original-Research: S Immo - from NuWays AG

Classification of NuWays AG to S Immo

Company Name: S Immo
ISIN: AT0000652250

Reason for the research: Update
Recommendation: Kaufen
from: 27.03.2024
Target price: EUR 19.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald

FY ’23 showing strong rental growth - Strategy update // chg.

S IMMO released FY ’23 figures, showing strong operational results as well as a lower-than-expected devaluation of the real estate portfolio.

FY rental income came in at € 203m (eNuW: € 193m; eCons: € 191m), up 30% yoy thanks to acquisitions to the tune of € 1bn, mainly in Austria and the Czech Republic as well as an improved l-f-l rental level of the portfolio. Importantly, revenues from hotel operations increased by 24% yoy to € 70m (eNuW: € 65m; eCons: € 64m), thus significantly exceeding pre-pandemic levels (2019: € 59m). Overall revenues (incl. service charges) increased by 29% yoy to € 336m (eNuW: € 321m; eCons: € 323m).

Against this backdrop, FFO grew by 52% yoy to € 99.7m (eNuW: € 101m, eCons: € 84m), mainly driven by the improved top-line as well as operating leverage on the G&A level. Yet, despite the strong operations, the result from property valuations again came in negative at € -109m, which was however below market expectations (eNuW: € -148m, eCons: € -134m). Moreover, when taking a closer look at the regional split, one can see that especially the German portfolio saw a strong devaluation (€ -118m) while the CEE portfolio even gained value (€ 37m), although part of this was due to purchase price adjustments. Nonetheless, this once more supports management’s decision to shift the strategic focus towards the higher yielding Eastern European office market.

In fact, S IMMO recently published a strategy update, stating that the whole German portfolio is now included in the disposal program, which initially only included the German residential portfolio. On top of this, the company aims to gradually streamline the portfolio, focusing on the divestment of small and medium-sized office properties with limited development potential, possibly leading to a market exit in Croatia (€ 75m BV) and Slovakia (€ 150m BV). While management did not put a number on the disposal programs, we estimate it to comprise properties worth c. € 750m (incl. Zagrebtower), which are set to be disposed within the next three years (eNuW). The freed funds are seen to be merely invested into office and retail properties in Austria and the Czech Republic. Here the company, recently signed an LOI acquire an office and retail portfolio in the Czech Republic from parent company CPI (€ 495m BV).

Based on continued strong operations and metrics as well as the possibility of a delisting offer looming, S IMMO remains a BUY with a new PT of € 19.00 (old: € 18.40) based on NTA and DDM.

You can download the research here:
http://www.more-ir.de/d/29267.pdf
For additional information visit our website www.nuways-ag.com/research.

Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: [email protected]
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.



Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 191,42 192,44 210,43 173,92 196,86 260,49 336,46
EBITDA1,2 89,56 83,09 87,04 71,13 81,30 106,06 142,63
EBITDA-Marge3 46,79 43,18 41,36 40,90 41,30 40,72
EBIT1,4 208,15 243,24 271,44 100,96 270,34 17,98 24,09
EBIT-Marge5 108,74 126,40 128,99 58,05 137,33 6,90 7,16
Jahresüberschuss1 133,47 204,15 213,31 56,91 230,56 18,93 -41,40
Netto-Marge6 69,73 106,09 101,37 32,72 117,12 7,27 -12,31
Cashflow1,7 77,30 75,41 78,35 55,40 68,97 63,91 153,80
Ergebnis je Aktie8 1,97 3,08 3,21 0,79 3,24 0,39 -0,46
Dividende8 0,40 0,40 0,70 0,50 0,65 0,00 0,40
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Ernst & Young

INVESTOR-INFORMATIONEN
©boersengefluester.de
S IMMO
WKN Kurs in € Einschätzung Börsenwert in Mio. €
902388 18,050 Halten 1.328,64
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
13,08 12,67 1,03 10,55
KBV KCV KUV EV/EBITDA
0,81 8,64 3,95 21,17
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,00 0,00 0,00 03.05.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
27.05.2024 28.08.2024 28.11.2024 25.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
8,87% 28,77% 44,40% 44,40%
    
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