Original-Research: S Immo AG (von NuWays AG): BUY
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^ 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: Update Empfehlung: BUY seit: 15.01.2024 Kursziel: 17.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Appealing risk/reward profile makes S IMMO a clear BUY It seems like management shares this view, as the company announced yet another share buy-back program after having already bought back shares worth EUR 2.4m in Q4. In detail: Last week, the management of S IMMO resolved another repurchase program of up to 365,340 shares (c. 0.5% of share capital; EUR 5.1m given an avg. price of EUR 14 per share). Shares are going to be bought back over the stock exchange at a maximum 15% premium to the 10-day VWAP while the price must not exceed EUR 15 per share. The program starts today and will run until March 31st. Although the scope of the program is rather small, it is a reasonable step which points towards the undemanding valuation of the shares. In fact, S IMMO is offering one of the most appealing risk/reward profile in the industry: - Loan-to-value: As of Q3'23 S IMMO is providing an LTV ratio of 38.1% which compares to our peer group's average of > 40% (e.g.: Vonovia: 46.8%; LEG: 46.8%; Aroundtown: 41.3%). - Equity ratio: A similar picture emerges when looking at the equity ratio which stood at 46.0% at S IMMO as of Q3'23 (e.g.: Vonovia: 32.8%; LEG: 40.4%; Aroundtown: 46.6%). Furthermore, S IMMO continues to create shareholder value by scaling up its engagement in the high yielding CEE region. Just recently the company acquired another portfolio with a 6% yield (EUR 29m annual rental income) in the Czech Republic. To fund the expansion in CEE, S IMMO continuously disposes a significant portion of its residential portfolio in Germany. While EUR 621m have been already sold here, another EUR 400m are still in the pipeline (EUR 250m in Germany). The ongoing rebalancing of the portfolio (e.g selling in Germany & buying in CEE) is seen to significantly increase rental income (eNuW: +26% in '24e) and FFO (+16% in '24). Despite best-in-class metrics and a strong YTD performance, S IMMO is yet trading on an NTA-discount similar to the peer group (-43% as of Friday's close price). Stock hence remains a strong BUY 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/28659.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 ++++++++++
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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