28.03.2024 DEMIRE  DE000A0XFSF0

Original-Research: DEMIRE (von NuWays AG): Halten


Original-Research: DEMIRE - from NuWays AG

Classification of NuWays AG to DEMIRE

Company Name: DEMIRE

Reason for the research: Update
Recommendation: Halten
from: 28.03.2024
Target price: EUR 1.20
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald

Mgmt confirms negotiations regarding bond restructuring

Topic: DEMIRE released an ad-hoc, stating that the company has entered negotiations with a group of bondholders (Ad hoc Group), which is said to hold “well over 50%' of the outstanding nominal amount, regarding the restructuring of its unsecured corporate bond. Mind you, the corporate bond is due on 15 October 2024 and has an outstanding nominal amount of € 499m (€ 600m at issue date). The company also gave indications as to which points a possible restructuring agreement could contain. In detail:

(1) Extension of the term until 31 December 2027 at an increased coupon as well as additional compensation payments. While the company did not specify on possible conditions, we estimate total annual costs of 6.5% to be in line with the market, which would result in additional financial expenses of c. € 23m given the current nominal amount.

(2) Mandatory repayments of the bond from the net sales proceeds of future asset disposals. Considering a net-secured LTV of 12.5%, assets held for sale to the tune of € 160m (as of 9M excl. LogPark), a 20% BV discount and the net cash inflow from the LogPark sale (eNuW: € 65-70m) this figure could amount to c. € 180m in 2024 alone.

(3) Obligation to waive dividends or other distributions to shareholders during the extended term of the bond.

(4) Additional collateralization of the bond in favor of the bondholders, likely via the company’s portfolio of unencumbered assets.

In addition, the company stated that one member of the Ad hoc Group intends to dispose a position to the tune of c. 20% of the outstanding nominal amount or c. € 100m. The company further stated that it considers submitting a bid to acquire the corresponding position. Considering this to be a highly distressed situation for the seller, DEMIRE would possibly be able to acquire the position below market levels (64% as of yesterday's close).

Yet, as all the above is still subject to approval of the Ad hoc Group as well as an external economic feasibility analysis, we keep our forecast model unchanged for the time being.

Given the prevailing uncertainty regarding the investment case, we reiterate HOLD with a € 1.20 PT.

You can download the research here:
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 73,72 73,71 81,80 87,51 82,33 81,08 79,00
EBITDA1,2 87,54 129,18 155,97 34,88 105,92 -62,65 0,00
EBITDA-Marge3 118,75 175,25 190,67 39,86 128,65 -77,27
EBIT1,4 84,60 127,07 155,17 27,65 101,87 -72,93 0,00
EBIT-Marge5 114,76 172,39 189,69 31,60 123,73 -89,95 0,00
Jahresüberschuss1 19,43 69,05 79,74 9,17 61,59 -71,50 0,00
Netto-Marge6 26,36 93,68 97,48 10,48 74,81 -88,18 0,00
Cashflow1,7 35,81 38,86 45,84 -24,10 65,22 48,00 34,00
Ergebnis je Aktie8 0,22 0,85 0,70 0,08 0,55 -0,62 -0,55
Dividende8 0,00 0,00 0,54 0,62 0,31 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - 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: PricewaterhouseCoopers

WKN Kurs in € Einschätzung Börsenwert in Mio. €
A0XFSF 1,210 Halten 130,41
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
24,20 8,91 2,67 5,00
0,35 2,72 1,61 -14,40
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
0,00 0,00 0,00 04.07.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
28.05.2024 29.08.2024 09.11.2023 27.05.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
39,08% 10,70% 14,15% -32,02%
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu DEMIRE  ISIN: DE000A0XFSF0 können Sie bei EQS abrufen

Immobilien (Gewerbe) , A0XFSF , DMRE , XETR:DMRE