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S IMMO released FY ’23 figures, showing strong operational results as well as a lower-than-expected devaluation of the real estate portfolio. Moreover, the company provided a strategy update now intending to exit three regional markets.
Companies: S IMMO AG
NuWays
Within only a couple of months, the second board member of S IMMO was replaced by a person closely related to main shareholder CPI. While this marks a further hint for a possible delisting, it remains uncertain whether CPI is currently able to afford a squeeze-out.
After the company already concluded a repurchase program in Q4'23, the management of S IMMO announced yet another share buyback. Industry leading KPIs paired with an undemanding valuation should offer an attractive entry opportunity.
S IMMO produced another set of strong quarterly results following major acquisions in CEE last year and the continuous recovery of the hotel segment.
S IMMO looks set to publish a sound set of Q3 results driven by last years acquistions and a full recovery of the hotel segment. Besides that, the company announced a share buyback as well as further significant acquisitions.
S Immo’s FY21 results saw a gross profit recovery very close to 2019 and EPS setting an all-time record of €3.24 per share. This was accompanied by a positive outlook statement. The shares closed at €22.75 on 29 April, representing a c 22% discount to its FY21 EPRA NAV of €29.29. On 2 May, it was announced that CPI had raised its bid for S Immo to €23.50 (cum dividend), which the management board has accepted.
Companies: S IMMO AG (SPI:WBO)Spire Healthcare Group PLC (SPI:LON)
Edison
Premium
S Immo reported a 10% increase in EPRA net tangible assets (NTA) per share in Q221 to €27.21 (and 13% in H121), supported by c €129m of property revaluation gains, primarily in its German portfolio (72% of H121 gains), including the positive impact from the Berlin rental cap repeal on its residential portfolio. One of its top priorities will be the redeployment of proceeds from the sale of its CA Immo stake and the potential disposal of its IMMOFINANZ stake into new properties. It is also launch
So far, S Immo has weathered the COVID-19 crisis relatively well, with its EPRA net tangible assets (NTA) per share down by only c 6% between end-2019 and end-March 2021, mostly due to the impact on its hotels (c 9% of its property portfolio at present). Its future investments agenda depends on the outcome of the IMMOFINANZ takeover bid. Success would trigger a review of its hotel and residential strategy, whereas a failure would likely result in the sale of its minority stakes in both listed pe
S Immo has a track record of cleverly anticipating regional/sectoral real estate cycles in Europe. This includes the expansion into CEE in the early 2000s, later investments in the German residential and office markets and subsequent diversification outside of Berlin. Its active approach has allowed the company to post five- and 10-year EPRA NAV total returns (TR) to end-2019 of c 23% and 14% pa, respectively. Its current focus is on secondary German residential and office markets (eg Erfurt) an
S Immo’s portfolio saw a varying degree of impact from the COVID-19 crisis in H120, with hotel operations facing the greatest headwinds alongside retail properties. Conversely, residential and office properties remained largely unaffected and were even subject to positive revaluations of €19.5m and €12.0m vs end 2019, respectively. S Immo’s balance sheet remains robust with a moderate net LTV of 44.6% and a cash position of c €224m at end June 2020 (albeit already partially deployed post the bal
S Immo has a track record of cleverly anticipating regional/sectoral real estate cycles in Europe. This includes the expansion into CEE in the early 2000s, later investments in the German residential and office markets and subsequent diversification outside of Berlin. Its active approach has allowed the company to post five- and 10-year EPRA NAV total returns (TR) of c 23% and 14% pa, respectively. Its current focus is on secondary German residential and office markets (eg Erfurt) and selective
Research Tree provides access to ongoing research coverage, media content and regulatory news on S IMMO AG. We currently have 11 research reports from 2 professional analysts.
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
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Hardman & Co
In the most difficult market conditions in more than a decade, Foxtons after adopting new strategic priorities, delivered an impressive turnaround in performance, and regained its position as London’s leading Estate Agent. Our analysis recognises the logic which underlies current consensus, see scope for upgrades and justifies valuations materially above current values.
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Zeus Capital
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Cavendish
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Canaccord Genuity
Today's announcement from JIM reflects a year which saw challenges both in underlying terms and in relation to the ongoing Section 166 process. Trading volumes have remained under pressure against a choppy economic backdrop. Voluntary requirement (VREQ) restrictions placed on “Model B” clients have led to a reduction in client numbers in this category, although numbers have remained stable since the Q3 completion of assessments. The company did benefit from rising interest rates, a significant p
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WHIreland
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AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Logging results at Welchau further derisk the discovery – The logging program has confirmed open fracture networks and vuggy porosity (matrix porosity) essential for well productivity coincident with hydrocarbon shows between 1346 m and 1702 m measured depth. This represents 356 m of gross interval across three interpreted lithological sequences. This compares with only 115 m of l
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Auctus Advisors
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The new strategic vision set out by the CEO is gaining significant momentum, driven by investment in staff and in best-in-class bespoke IT and data platforms, and implies that medium-term targets are now coming into focus. Market share is being gained in all divisions, which is likely to be boosted if the sales market stabilises in 2024. We have modestly raised forecasts and our valuation to 132p/share and believe that if interest rates stabilise or ease further, there are upside risks to our fo
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Liberum
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ATT offers significantly discounted exposure to the technology sector…
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Kepler | Trust Intelligence
Murray International Trust’s (MYI’s) managers are transitioning smoothly from a team of three to two, ahead of Bruce Stout’s retirement at the end of June 2024. The two remaining managers, Martin Connaghan and Samantha Fitzpatrick, have worked closely with Stout since 2001, so MYI’s shareholders can have confidence that it will be ‘business as usual’ in H224 and beyond. Regardless of the market environment, the managers strive to fulfil their objectives of generating income and capital growth hi
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HgCapital Trust (HgT) posted an 11.1% NAV total return in FY23 (based on final audited numbers), which allowed it to sustain strong five- and 10-year returns of 20.4% and 18.4% pa, respectively. This has been mostly driven by robust earnings momentum across its portfolio. HgT defied the tough private equity exit environment, generating £345.9m of total realisation proceeds excluding carried interest in FY23. Moreover, it has a healthy commitment coverage ratio of 73% (based on current pro forma
Companies: HGCapital Trust PLC
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