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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
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 0 research reports from 2 professional analysts.
PCI Pal has announced that the Court of Appeal has ruled in its favour in the unfounded patent litigation case brought by Sycurio, and that the Court of Appeal has indicated that it would make an order for £1.1m of funds to be released from escrow to PCI Pal as soon as possible. The Court of Appeal dismissed the appeal after just one day of the two day hearing, and upheld the resounding victory in the UK High Court case in September 2023, including invalidating Sycurio’s patents for prior art an
Companies: PCI-PAL PLC
Cavendish
For Q124, Regional REIT (RGL) has maintained the rate of quarterly DPS at 1.2p. We expect DPS for the year will partly depend on RGL’s chosen re-financing route. Meanwhile, RGL’s asset disposal programme continues to progress. Portfolio EPC ratings have continued to show good improvement and, adjusted for disposals, rent roll and occupancy were robust. We have made no changes to our forecasts.
Companies: Regional REIT Ltd.
Companies: Avation PLC
Canaccord Genuity
Companies: Gore Street Energy Storage Fund PLC
Shore Capital
Gresham House Energy Storage Fund (GRID) invests in utility-scale battery energy storage systems (BESS) in Great Britain. GRID and its peers saw sharp share price falls in H223 and early 2024, due mostly to an unexpected decline in revenues and the slower-than-expected utilisation of BESS by the UK’s Electricity System Operator (see our last note). In response to these events, GRID’s manager, Ben Guest, and its board have refocused the company’s use of capital and are now concentrating on maximi
Companies: Gresham House Energy Storage Fund Plc GBP
Companies: FOUR PCIP FEN MRL KRM HDD CUSN
Avation, a lessor of 34 commercial aircraft, announced on Friday that it has entered into a sale agreement for two ATR 72-600s on order, with the transaction expected to result in $10m of net cash proceeds to the company. As previously announced, the ATRs were scheduled for delivery to Avation in Q4 2024/ Q1 2025, and will now be sold on to an airline client, with the aircraft sales expected to be completed on the date of delivery. The aircraft had been ordered through the exercise of purchase r
WHIreland
Target Healthcare REIT’s Q324 update shows a fifth successive quarter of positive NAV total return, with indexed rent reviews driving increased earnings and property values. Tenant profitability continues to strengthen, reflected in a high level of rent cover and rent collection. Dividends are well covered by adjusted earnings and we expect further DPS growth.
Companies: Target Healthcare REIT PLC
Companies: DSW Capital Plc
TRIG’s portfolio continues to evolve, despite equity capital markets being closed…
Companies: Renewables Infrastructure Group Limited GBP Red.Shs
Kepler | Trust Intelligence
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG ETXPF NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR TRX HVO CTEC OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Hardman & Co
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
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Triple Point Social Housing REIT’s (SOHO’s) Q124 update confirms a continuing improvement in rent collection. The newly set FY24 DPS target is unchanged compared to FY23 at 5.46p as the board considers the impact of asset sales and transfers. This represents a yield of 9.0%. Strong indexed rental income continues to support income and capital values.
Companies: Triple Point Social Housing REIT PLC
Worldwide Healthcare Trust’s (WWH’s) co-managers, Sven Borho and Trevor Polischuk, at global healthcare specialist OrbiMed, are bullish on the outlook for the healthcare industry. They believe that high levels of innovation will be the most important driver of the sector’s performance, although continued robust levels of product approvals and an acceleration in M&A activity are also important considerations. The managers’ successful long-term strategy of favouring emerging (smaller-cap) biotech
Companies: Worldwide Healthcare Trust PLC GBP
In this note we look at the gap between perception and reality in the UK equity market, the opportunities and threats in the economic and market outlook, and the emerging consensus that the valuation discount versus other major markets is at or close to an inflection point. We consider the benefits of UK equity strategies both for income investors and for those seeking exposure to the higher growth potential of smaller and mid-cap companies.
Companies: ATS MRCH SCP SHRS LWDB JUGI MINI
Capital Access Group
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