19.04.2024 DEMIRE AG  DE000A0XFSF0

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


 

Original-Research: DEMIRE AG - from NuWays AG

Classification of NuWays AG to DEMIRE AG

Company Name: DEMIRE AG
ISIN: DE000A0XFSF0

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

Annual report postponed due to prolonged bond negotiations

Yesterday, DEMIRE announced the postponement of the publication of the 2023 annual report due to the ongoing negotiations with the bondholders regarding the restructuring of the company’s corporate bond. The company recently confirmed the restructuring negotiations, which likely include an extension as well as an increased coupon (see our last update). The bond’s current maturity is on October 15th 2024 (€ 499m outstanding nominal amount). The publication of the annual report was originally scheduled for 25 April. Now, management aims to provide the capital market with the audited figures in the course of May.

In this context, the company also published preliminary FY ’23 figures. FY rental income looks set to decline by 3.2% yoy to € 78.5m (eNuW: € 79.4m), mainly due to property sales throughout the year, which overcompensated for CPI linked organic rent increases. Accordingly, FFO is seen to come in at € 36.7m, down 12.0% yoy. The sharper decline compared to rental income can be mainly explained by increased FFO-relevant income taxes.

With this, the company reached its guidance regarding rental income (€ 78-80m) as well as FFO (€ 35-37m). Mind you, the company increased the guidance twice during the year following lower than expected property disposals.

The preliminary FY ’23 EBIT came in at € -187.9m, which compares to € -72.9m in the previous year. The steep decline is mainly explained by the devaluation of the property portfolio as well as the recognition of provisions for some properties. In total, the portfolio was impaired by 13.2% on a like-for-like basis.

On a different note, the supervisory board of DEMIRE recently appointed a new CEO, as Mr. Frank Nickel succeeds Mr. Alexander Goepfert. Nickel, who joined DEMIRE in September 2023 as a Senior Advisor, provides extensive industry experience, including positions as CEO of CA Immo as well as CEO Germany of Cushman & Wakefield.

The stock remains a HOLD with an unchanged PT of € 1.20 given the prevailing uncertainty.

You can download the research here:
http://www.more-ir.de/d/29467.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: [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

INVESTOR-INFORMATIONEN
©boersengefluester.de
DEMIRE
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 2,54 5,00
KBV KCV KUV EV/EBITDA
0,35 2,72 1,61 -14,40
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
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
44,91% 9,60% 14,15% -37,95%
    
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Immobilien (Gewerbe) , A0XFSF , DMRE , XETR:DMRE