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    SPI   AT0000652250

S IMMO AG

(SPI)
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S Immo (SPI): Future strategy depends on takeover bid

06/17/2021 | 02:01am EDT
Edison Investment Research Limited 
S Immo (SPI): Future strategy depends on takeover bid 
17-Jun-2021 / 07:00 GMT/BST 
=---------------------------------------------------------------------------------------------------------------------- 
 
London, UK, 17 June 2021 
 
S Immo (SPI): Future strategy depends on takeover bid 
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 peers, with proceeds redeployed into new properties to further enhance its FFO1. 
 
S Immo shares trade at 0.89x its last reported EPRA NTA of EUR24.79 per share. While this implies a 13% premium to peer 
median of 0.79x, it does not yet reflect the portfolio uplift in April 2021 (partially assisted by the Berlin rental 
cap repeal). Based on Refinitiv consensus, the FFO1 yield for FY21e and FY22e is 3.3% and 4.1%, respectively, 159bp and 
108bp below peer median, respectively. 
Click here to view the full report or here to sign up to receive research as it is published. 
 
All reports published by Edison are available to download free of charge from its website 
www.edisongroup.com 
About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the 
widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, 
family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the 
darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings. 
Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. 
Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in 
Athens, Johannesburg and Sydney. 
Edison is authorised and regulated by the Financial Conduct Authority. 
Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not 
solicitations to buy or sell any securities. 
For more information, please contact Edison: 
Milosz Papst +44 (0)20 3077 5700 financials@edisongroup.com 
Learn more at www.edisongroup.com and connect with Edison on: 
LinkedIn        www.linkedin.com/company/edison-group-/ 
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=---------------------------------------------------------------------------------------------------------------------- 
Dissemination of a CORPORATE NEWS, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 

1208798 17-Jun-2021

 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1208798&application_name=news 
 

(END) Dow Jones Newswires

June 17, 2021 02:00 ET (06:00 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.42% 34935.47 Delayed Quote.14.63%
IMMOFINANZ AG 1.73% 19.99 Delayed Quote.17.80%
S IMMO AG 0.00% 20.1 Delayed Quote.18.51%
All news about S IMMO AG
07/19S IMMO : Austrian Property Groups S Immo, Immofinanz Seek End to Cross Ownership
MT
07/01IMMOFINANZ : S&P Lifts Immofinanz's Outlook To Stable On Scrapped S IMMO Takeove..
MT
06/28IMMOFINANZ : Cancels Takeover Offer For S IMMO As Rival's Shareholders Reject Ke..
MT
06/28IMMOFINANZ AG cancelled the acquisition of remaining 72.5% stake in S IMMO AG..
CI
06/24S IMMO : Voting results for the extraordinary general meeting of S IMMO AG on 24..
PU
06/24S IMMO : Shareholders reject cancellation of maximum voting right
PU
06/24S IMMO : Cancellation of maximum voting right rejected by general meeting
PU
06/18S IMMO : Summary considerations on the proposed EGM resolution by IMMOFINANZ and..
PU
06/17S IMMO : Acquisition of Campus 6 office buildings in Bucharest successfully comp..
PU
06/17S IMMO (SPI) : Future strategy depends on takeover bid
DJ
More news
Financials
Sales 2021 190 M 225 M 225 M
Net income 2021 133 M 157 M 157 M
Net Debt 2021 1 314 M 1 559 M 1 559 M
P/E ratio 2021 10,9x
Yield 2021 2,28%
Capitalization 1 426 M 1 691 M 1 692 M
EV / Sales 2021 14,4x
EV / Sales 2022 12,6x
Nbr of Employees 555
Free-Float 54,4%
Chart S IMMO AG
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Technical analysis trends S IMMO AG
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 20,10 €
Average target price 22,73 €
Spread / Average Target 13,1%
EPS Revisions
Managers and Directors
Bruno Ettenauer Chairman-Management Board & CEO
Wilhelm Bayer Head-Controlling & Finance
Karin Rest Chairman-Supervisory Board
Thomas Müller Head-Information Technology Specialist
Friedrich Wachernig Chief Operating Officer
Sector and Competitors