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
Q2 Rental income in line & FFO better than expected / Chg. Q2’25 rental income declined 18% yoy to € 13.8m (eNuW: € 13.5m) following the disposals of larger assets like the LogPark Leipzig, the deconsolidation of the “LIMES” portfolio as well as several smaller disposals. In total, this should have affected DEMIRE’s annualized contractual rent by c. € 20m (eNuW). On this basis, the NOI also decreased to € 9.6m (Q2’24: € 11.4m), however implying an improved margin of 69.8% (+ 2.3pp yoy). Strong letting performance. In Q2, DEMIRE was able to achieve a letting performance of 15k sqm, which led to a sequentially improved vacancy level of 17.3% (-0.8pp qoq) While this is still a very high level (+7.8pp vs FY22), we regard the letting successes in Rostock and Langenfeld as a positive sign. Yet the company is still far from <10% vacancy, which should be a level one can expect from a commercial real estate player. Q2’25 FFO came in at € 2.9m (-62% yoy), which is significantly ahead of our estimated € 1.7m. This is mainly explained by better than expected cost control as well as the stronger than expected NOI margin (eNuW: 65%). It should be noted that the interest related to the shareholder loan, which DEMIRE capitalizes, is not included in this FFO figures. Guidance upgrade. Based on these results, the company upgraded its FY25 guidance to rental income of € 52-54m (old: € 51-53m) and FFO of € 5-7m (old: € 3.5-5.5m). While we were positioned slightly above the new guidance even before (eNuW new: € 54.9m), we regard the new FFO guidance as reasonable (eNuW new: € 6.9m). H2 FFO is seen to come in softer compared to H1 due to planned investments. Moreover, management struck an optimistic tone, that it will be able to avoid the 3% penalty fee (if DEMIRE repays less than € 50m of corporate bond in FY25). Yet, the company will need to sell 2-3 further mid-sized assets in H2 to fund this, which is however reflected in our estimates. Despite the ongoing muted operating performance, shares remain undervalued trading at a 66% NAV discount, which we regard unjustified despite the challenging situation for the company. We hence reiterate BUY with a new PT of € 1.20 (old: € 1.30) based on our NAV model. You can download the research here: demire-ag-2025-08-15-previewreview-en-309c7 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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2184364 15.08.2025 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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