Suchen
Login
Anzeige:
Mo, 26. Februar 2024, 19:17 Uhr

DEMIRE Deutsche Mittelstand Real Estate AG

WKN: A0XFSF / ISIN: DE000A0XFSF0

Original-Research: DEMIRE AG (von NuWays AG): HOLD


24.11.23 09:21
dpa-AFX

^



Original-Research: DEMIRE AG - von NuWays AG



Einstufung von NuWays AG zu DEMIRE AG



Unternehmen: DEMIRE AG


ISIN: DE000A0XFSF0



Anlass der Studie: Update


Empfehlung: HOLD


seit: 24.11.2023


Kursziel: EUR 1,20


Kursziel auf Sicht von: 12 Monaten


Letzte Ratingänderung:


Analyst: Philipp Sennewald



Another guidance adjustment following lack of disposals; chg.



As already anticipated in our recent earnings review, DEMIRE yesterday


updated its FY guidance for a second time this year as management now


expects a lower number of property disposals than what was planned at the


beginning of the year. As this consequently results in a larger asset base,


rental income as well as FFO are now expected to come in higher.



Management now guides for rental income of EUR 78-80m (vs EUR 74.5-76.5m


before; eNuW old: EUR 77.9m) and FFO of EUR 35-37m (vs EUR 33-35m before; eNuW


old: EUR 34m). After the company already adjusted its outlook in July


following the withdrawal of the LogPark buyer, this has been the second


guidance update this year. Initially, management targeted a rental income


range of EUR 71-73m and FFO of EUR 30-32m. According to our estimates, this


would have required disposals to the tune of > EUR 300m throughout the year


vs EUR 69m as of Q3.



The lower sales volume is seen to be mainly attributable to the de facto


standstill on the real estate transaction market, as buyers do have little


to none acting pressure due to the lack of competition. Still, management


remains confident that the disposal of the LogPark will still be signed


this year, although a closing and thus the related cash inflow (eNuW: EUR


110m gross; book value of EUR 121m) will likely not take place before mid Q1.



While the delayed disposals are causing higher rental income and thus cash


flows on the one hand, it also means that significant cash inflows, which


would have been vital to at least partly release some of the refinancing


pressure, are not available.



That said and despite the recent rating downgrade by Moody's, we remain


confident that the company will announce a solution on the refinancing


issue in the course of H1'24, as the dialogue with the holders of the


corporate bond (EUR 499m due in 10/24) intensified in recent weeks. In our


view, a prolongation at either an increased coupon or at a higher nominal


value appears as the most likely option. To further shore up liquidity, we


expect at least parts of the EUR 266m worth of LOIs to materialize in the


first quarters of 2024e.



As visibility remains low regarding the outcome of the refinancing process,


we reiterate our HOLD recommendation with an unchanged PT of EUR 1.20 based


on NAV and DDM.



Die vollständige Analyse können Sie hier downloaden:


http://www.more-ir.de/d/28403.pdf


Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden


www.nuways-ag.com/research.



Kontakt für Rückfragen


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.


++++++++++



-------------------übermittelt durch die EQS Group AG.-------------------




Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.


Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung


oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.



°







 
19.02.24 , Aktiennews
Demire Deutsche Mittelstand Real Estate Aktie: Al [...]
Die Bewertung von Aktienkursen beruht nicht nur auf harten Faktoren wie Bilanzdaten, sondern auch auf weichen Faktoren ...
15.02.24 , Aktiennews
Demire Deutsche Mittelstand Real Estate Aktie: Gu [...]
Der Relative Strength Index (RSI) der Demire Deutsche Mittelstand Real Estate-Aktie zeigt in den letzten 7 Tagen einen ...
23.01.24 , dpa-AFX
Original-Research: DEMIRE AG (von NuWays AG): [...]
^ Original-Research: DEMIRE AG - von NuWays AG Einstufung von NuWays AG zu DEMIRE AG Unternehmen: ...