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 € 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 € 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 € 22.05 (old: € 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
++++++++++
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.
++++++++++