Original-Research: S Immo AG (von NuWays AG): Sell

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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.

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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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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.

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1981907 05.09.2024 CET/CEST

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