DEMIRE AG
ISIN: DE000A0XFSF0
WKN: A0XFSF
24 November 2023 09:21AM

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

DEMIRE AG · ISIN: DE000A0XFSF0 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 18403

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: € 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 € 78-80m (vs € 74.5-76.5m before; eNuW old: € 77.9m) and FFO of € 35-37m (vs € 33-35m before; eNuW old: € 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 € 71-73m and FFO of € 30-32m. According to our estimates, this would have required disposals to the tune of > € 300m throughout the year vs € 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: € 110m gross; book value of € 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 (€ 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 € 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 € 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.

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
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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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