Original-Research: S Immo AG - from NuWays AG
05.09.2024 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of 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.
Classification of NuWays AG to S Immo AG
Company Name: S Immo AG
ISIN: AT0000652250
Reason for the research: Update
Recommendation: Sell
from: 05.09.2024
Target price: EUR 22.05
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
SO process: Cash compensation determined
Topic: On Tuesday evening, IMMOFINANZ announced the cash compensation for the remaining minority shareholders of S IMMO at EUR 22.05 per share. The determination of the cash settlement amount has been based on a valuation report conducted by PwC. In addition, the correctness of the report will be examined by BDO Austria as the court-appointed expert auditor.
As mentioned in our previous update, the resolution on the squeeze-out is to be passed at an Extraordinary General Meeting of S IMMO, which has now been scheduled for 14 October. The valuation report is then also published one month before the meeting. Afterward, the resolution will be entered into the commercial register, whereupon a two-months period for the cash settlement begins. At the same time, the Vienna Stock Exchange is seen to initiate the delisting of the shares, which we expect to happen already in the course of Q4.
In our view, the announced cash settlement amount has to be seen as a fair offer, as it reflects only an 11% discount to the company's EPRA NTA of EUR 24.86 per share (as of H1 '24). In fact, this compares to an average NTA discount of our conducted peer group (LEG, VNA, IIA, AT1, CAI, TEG, GYC) of 30%, which is also in accordance with S IMMO's NTA discount of 29% the day prior to the announcement of the initiation of the squeeze-out process.
In accordance with the announced cash compensation and subject to the audit by BDO, we reduce our
PT to EUR 22.05 (old: EUR 24.00) and further recommend the remaining shareholders to SELL.
You can download the research here: http://www.more-ir.de/d/30725.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: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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1981907 05.09.2024 CET/CEST
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