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: [e-mail]
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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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. ++++++++++

übermittelt durch die EQS Group AG.

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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Die S IMMO Aktie wird zum Zeitpunkt der Veröffentlichung der Nachricht mit einem Plus von +1,55 % und einem Kurs von 14,38EUR auf Tradegate (12. Januar 2024, 22:26 Uhr) gehandelt.

Rating: BUY
Analyst: