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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: Q3 Review
Empfehlung: BUY
seit: 30.11.2023
Kursziel: € 17,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald
Strong Q3 and another acquisition; chg.
Yesterday, S IMMO released a strong set of Q3 results, showing continued top-line growth as well as significantly improved operating profitability. Moreover, the company announced the acquisition of another portfolio in the CEE region.
Q3 total revenues increased 24% yoy to € 81.1m (eNuW: € 79.8m) which was mainly driven by last year’s acquisitions in the CEE region, resulting in a rental income increase of 24% yoy to € 49.0m (eNuW: € 47.5m). Notably, Q3 revenues from hotel operations continued to recover post Covid, as segment sales increased 26% yoy to € 18.5m (eNuW: € 19.0m) while the segment’s operating margin significantly improved by 8.9pp yoy to 29.9%.
Against this backdrop, FFO was up 34% yoy to € 25.1m, which was however below our estimate of € 28.3m. The gap is mainly explained by negative FX effects to the tune of € 2.9m. The still overproportionate FFO increase is based on reduced property operating as well as SG&A expenses.
While the operating business remains on a strong level, the company provided further positive newsflow with another major CEE acquisition. As flagged in our recent preview note, the company signed an LOI for a Czech portfolio. Meanwhile, the deal for the 11 properties, which comprise a lettable area of 138k sqm, has been signed. The portfolio is currently valued at € 481m an generated rental income of c. € 29m. With this, S IMMO acquired properties with a total annual rental income of c. € 50m YTD.
The new acquisitions are seen to be mainly financed with the proceeds from the current disposal program in Germany. While properties worth € 621m have already been sold, € 400m are still in the disposal pipeline (eNuW: € 250m of which in Germany). As a quick reminder, yields in CEE are on average 3-4pp higher compared to German residential. Hence, the rebalancing of the portfolio (e.g. selling German properties & buying CEE properties) should substantially increase annual rental income, thus creating significant shareholder value.
We confirm our BUY recommendation with an unchanged PT of € 17.00 based on NTA and DDM.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28431.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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