NuWays AG Publishes Hold Recommendation for S Immo AG Amid Squeeze-Out Process

NuWays AG has issued an update on S Immo AG, maintaining a "Hold" recommendation with a target price of EUR 19.00. The ISIN for S Immo AG is AT0000652250. The research, led by analyst Philipp Sennewald, cites the recently initiated squeeze-out process by IMMOFINANZ AG as a primary factor.

IMMOFINANZ, which holds 92.54% of S Immo's share capital, plans to acquire the remaining shares from minority shareholders for cash compensation. This compensation will be determined by an external valuation report, with shareholder approval expected in autumn 2024.

Despite solid Q1 results showing a 23% increase in rental income and a 29% rise in FFO, uncertainties around the cash settlement necessitate a "Hold" recommendation from NuWays AG. The company's book value is EUR 23.66 per share, and the net asset value stands at EUR 25.17 per share, making the EUR 19 target price conservative.