DEMIRE AG
ISIN: DE000A0XFSF0
WKN: A0XFSF
06 June 2024 09:01AM

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

DEMIRE AG · ISIN: DE000A0XFSF0 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 19985

Original-Research: DEMIRE AG - from NuWays AG

Classification of NuWays AG to DEMIRE AG

Company Name: DEMIRE AG
ISIN: DE000A0XFSF0

Reason for the research: Update
Recommendation: Halten
Target price: EUR 1.20
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald

DEMIRE reaches agreement with bondholders

Yesterday, DEMIRE released an ad-hoc stating that the company has reached an agreement with a group of bondholders (ad-hoc group), who represent the majority of the outstanding principal amount of the bond (€ 499m). It is aimed to close the agreement as soon as possible. Here are the key components of the agreement:

DEMIRE will perform a partial redemption of the bond at par to the tune of € 49.9m.

The maturity of the bond will be extended until 31 December 2027 at an increased 5% annual cash interest (prior: 1.875%) with an additional 1% PIK interest starting on 1 January 2027.

Moreover, it is currently intended that shortly after the early redemption of the € 49.9m, DEMIRE will launch a tender offer to all holders of the bond to repurchase a maximum of € 209.3m of the remaining principal at a maximum price of 76.25%. There are already backstop commitments provided by members of the ad-hoc group for a large part of the maximum amount. DEMIRE will pay all bondholders who participate in the backstop a fee of 5%. The total discount at full utilization would hence amount to € 39.3m.

In order to finance this, DEMIRE’s majority shareholder Apollo agreed to grant a shareholder loan of maximum € 100m but at least € 68.3m, which will be provided at arms’ length terms. The remainder of the required funds will be provided by DEMIRE’s existing cash funds.

On top of this, Apollo has undertaken measures allowing DEMIRE to free up additional liquidity, which is currently allocated to the development of certain property companies (up to € 120m). This could include a transfer of the respective entities into an entity controlled by Apollo.

The company also provided an asset disposal program comprising 17 assets (incl. LogPark) which should generate total net proceeds of € 220m (8% discount assumption) until 2026.

While it is most certainly good news that DEMIRE finally solved its refinancing issue, the agreement represents a great burden to the operating business of the company for the years to come.

We hence reiterate to HOLD at an unchanged PT of € 1.20 and further keep our estimates unchanged
until the closing of the agreement.

You can download the research here:
http://www.more-ir.de/d/29985.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 ++++++++++
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. ++++++++++

-------------------transmitted by 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.

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
  2018 2019 2020 2021 2022 2023 2024e
Sales1 73,71 81,80 87,51 82,33 81,08 78,52 65,00
EBITDA1,2 129,18 155,97 34,88 105,92 -62,65 -168,05 0,00
EBITDA-Margin3 175,25 190,67 39,86 128,65 -77,27 -214,02 0,00
EBIT1,4 127,07 155,17 27,65 101,87 -72,93 -187,95 0,00
EBIT-Margin5 172,39 189,69 31,60 123,73 -89,95 -239,37 0,00
Net Profit (Loss)1 69,05 79,74 9,17 61,59 -71,50 -151,97 0,00
Net-Margin6 93,68 97,48 10,48 74,81 -88,19 -193,54 0,00
Cashflow1,7 38,86 45,84 -24,10 65,22 48,00 40,71 0,00
Earnings per share8 0,85 0,70 0,08 0,55 -0,62 -1,39 -0,37
Dividend per share8 0,00 0,54 0,62 0,31 0,00 0,00 0,00
Quelle: boersengefluester.de and Company information
Explanation

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 74,37 Mio € 26.07.2006 Halten 9F2C2M23+JC
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
0,00 8,91 0,00 6,16 0,24 1,83 0,95
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,00 0,00 0,00 0,00%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
21.11.2024 30.09.2024 30.09.2024 07.11.2024 30.09.2024
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+0,00%
0,69 €
ATH 30,15 €
-19,95% -22,65% -34,91% -37,84% +0,00%

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