DEMIRE
ISIN: DE000A0XFSF0
WKN: A0XFSF
28 March 2024 09:02AM

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

DEMIRE · ISIN: DE000A0XFSF0 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 19273

Original-Research: DEMIRE - from NuWays AG

Classification of NuWays AG to DEMIRE

Company Name: DEMIRE
ISIN: DE000A0XFSF0

Reason for the research: Update
Recommendation: Halten
from: 28.03.2024
Target price: EUR 1.20
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald

Mgmt confirms negotiations regarding bond restructuring

Topic: DEMIRE released an ad-hoc, stating that the company has entered negotiations with a group of bondholders (Ad hoc Group), which is said to hold “well over 50%' of the outstanding nominal amount, regarding the restructuring of its unsecured corporate bond. Mind you, the corporate bond is due on 15 October 2024 and has an outstanding nominal amount of € 499m (€ 600m at issue date). The company also gave indications as to which points a possible restructuring agreement could contain. In detail:

(1) Extension of the term until 31 December 2027 at an increased coupon as well as additional compensation payments. While the company did not specify on possible conditions, we estimate total annual costs of 6.5% to be in line with the market, which would result in additional financial expenses of c. € 23m given the current nominal amount.

(2) Mandatory repayments of the bond from the net sales proceeds of future asset disposals. Considering a net-secured LTV of 12.5%, assets held for sale to the tune of € 160m (as of 9M excl. LogPark), a 20% BV discount and the net cash inflow from the LogPark sale (eNuW: € 65-70m) this figure could amount to c. € 180m in 2024 alone.

(3) Obligation to waive dividends or other distributions to shareholders during the extended term of the bond.

(4) Additional collateralization of the bond in favor of the bondholders, likely via the company’s portfolio of unencumbered assets.

In addition, the company stated that one member of the Ad hoc Group intends to dispose a position to the tune of c. 20% of the outstanding nominal amount or c. € 100m. The company further stated that it considers submitting a bid to acquire the corresponding position. Considering this to be a highly distressed situation for the seller, DEMIRE would possibly be able to acquire the position below market levels (64% as of yesterday's close).

Yet, as all the above is still subject to approval of the Ad hoc Group as well as an external economic feasibility analysis, we keep our forecast model unchanged for the time being.

Given the prevailing uncertainty regarding the investment case, we reiterate HOLD with a € 1.20 PT.

You can download the research here:
http://www.more-ir.de/d/29273.pdf
For additional information visit our website www.nuways-ag.com/research.

Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. 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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