2025 ahead ayondo Franchise coming soon
Happy 
xMas Holidays
xMas Holidays
xMas Holidays
Original-Research: DEMIRE AG - von NuWays AG
Einstufung von NuWays AG zu DEMIRE AG
Unternehmen: DEMIRE AG
ISIN: DE000A0XFSF0
Anlass der Studie: Update
Empfehlung: HOLD
seit: 23.01.2024
Kursziel: 1.20
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald
Annual portfolio revaluation in line with expectations
Yesterday, DEMIRE published an ad-hoc following a draft valuation from Savills. The external surveyor is currently performing the annual valuation of DEMIRE’s investment properties as of 31 December ’23. Based on the draft, the company currently expects that the fair value of the investment properties will decline by 12-14% on a like-for-like basis, translating into an absolute devaluation in the range of € 127-154m. This compares to our estimate of a € 135m like-for-like devaluation.
In light of the ongoing general market headwinds, especially in the office market (59% of DEMIRE's portfolio), this does not come as a surprise and should have been expected by the market. Notably, this does not include any transaction-related devaluations, e.g. properties sold below book value. As of 9M ’23 those stood at € -12.9m (eNuW FY '24: € -30m).
Despite the significant yoy decline in value, we do not expect that the valuation-trough has been reached yet, as we conservatively estimate another slight devaluation of 5% in FY ‘24e. Although the office investment market has shown a sequential improvement in Q4 (+12% volume qoq), this happened on very low levels (c. 25% below the 10y average). In combination with a struggling general economy, we hence expect headwinds to remain, especially in B-locations, throughout 2024, although the pressure should be easing.
Importantly, the company’s operations and hence the FY guidance are not effected, as management continues to expect rental income of € 78-80m (eNuW: € 79.4m) and FFO of € 35-37m (eNuW: 35.7m).
That said, managements main focus remains on the refinancing of the company’s € 499 corporate bond, which is going to mature in October. As outlined in our previous update, a solution looks set to be announced in the course of Q1 as talks with bondholders are progressing.
Although uncertainty remains high, the cash inflow from the disposal as well as an easing interest rate environment following declining swap rates, the tide has turned a bit towards DEMIRE’s favor again, in our view.
Still, as visibility continues to be low regarding the outcome of the refinancing process, we reiterate our HOLD recommendation with an unchanged PT of € 1.20 based on NAV and DDM.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28723.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
++++++++++
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.
P R O D U C T S U G G E S T I O N S
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.
