Original-Research: DEMIRE AG (von NuWays AG): BUY
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Original-Research: DEMIRE AG - from NuWays AG
Classification of NuWays AG to DEMIRE AG
Q1 results in line with guidance, chg. Topic: Yesterday, DMRE released Q1’25 figures, showing the expected decline in rental income and FFO following the decreased asset base. In detail: Q1 rental income decreased 25% yoy to € 14.0m (eNuW: € 13.5m), which was mainly driven by the sale of the “LogPark” in Leipzig and the deconsolidation of the “LIMES” portfolio. Both have a combined effect of € 17.5m on DMRE’s annualized rent. On this basis, also the NOI significantly decreased implying a slightly weaker NOI margin of 64.5% (-0.8pp yoy), which should be mainly attributable to the increased vacancy rate of 18.1% (FY24: 15.1%). This was mainly caused by Deutsche Telekom leaving parts of their rental space, which was only partly offset by the strong letting performance in Q1 (25k sqm). Going forward, we expect the vacancy rate to go down again, driven by an ongoing strong letting performance as well as the targeted disposal of higher vacancy assets. Q1 FFO came in at € 2.1m, much stronger than our estimated € 1.2m but still 74% down yoy. Mind you, this figure displays the FFO before shareholder loan interest (€ 93.5m volume & 22% interest), which the company capitalizes, thus not being cash but P&L relevant. The disproportionately strong decline was mainly caused by the increased interest payments for DMRE’s corporate bond as well as the weaker NOI margin. Guidance confirmed. On the basis of the results, management confirmed the FY25 guidance of € 51-53m rental income and € 3.5-5.5m FFO. In our view, which is already reflecting a certain amount of disposals, both are to conservative. For the top-line, we now expect DMRE to achieve € 54.6m, which is based on the Q1 rental income, an annualized contractual rent of € 53.7m as well as an improved vacancy. Our FFO estimate of € 5.6m is also ahead of the guidance following the stronger than expected result in Q1 and a conservative estimate going forward. Despite the muted operating performance, the stock remains highly undervalued in our view and should provide a good opportunity, particularly for special situation investors. Reiterate BUY with an unchanged € 1.30 PT based on our NAV model. You can download the research here: http://www.more-ir.de/d/32530.pdf For additional information visit our website: https://www.nuways-ag.com/research-feed 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. ++++++++++
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2133682 09.05.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 81,80 | 87,51 | 82,33 | 81,08 | 78,52 | 62,29 | 52,00 | |
| EBITDA1,2 | 155,97 | 34,88 | 105,92 | -62,65 | -168,05 | -40,86 | 0,00 | |
| EBITDA-Margin3 | 190,67 | 39,86 | 128,65 | -77,27 | -214,02 | -65,60 | 0,00 | |
| EBIT1,4 | 155,17 | 27,65 | 101,87 | -72,93 | -187,95 | -93,02 | 0,00 | |
| EBIT-Margin5 | 189,69 | 31,60 | 123,73 | -89,95 | -239,37 | -149,33 | 0,00 | |
| Net Profit (Loss)1 | 79,74 | 9,17 | 61,59 | -71,50 | -151,97 | -87,48 | 0,00 | |
| Net-Margin6 | 97,48 | 10,48 | 74,81 | -88,19 | -193,54 | -140,44 | 0,00 | |
| Cashflow1,7 | 45,84 | -24,10 | 65,22 | 48,00 | 40,71 | 34,52 | 0,00 | |
| Earnings per share8 | 0,70 | 0,08 | 0,55 | -0,62 | -1,39 | -0,82 | -0,16 | |
| Dividend per share8 | 0,54 | 0,62 | 0,31 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: PricewaterhouseCoopers
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| DEMIRE | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A0XFSF | DE000A0XFSF0 | AG | 46,56 Mio € | 26.07.2006 | 9F2C2M23+JC | |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| -6,17 | 9,45 | -0,65 | -21,60 | 0,21 | 1,35 | 0,75 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 14.05.2025 | 08.05.2025 | 14.08.2025 | 06.11.2025 | 20.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -15,79% | -33,23% | -38,84% | -40,75% | +0,00% |
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