S IMMO confirmed at HOLD - TP EUR 18.8 - Good prospects but fair valuation
We confirm our HOLD recommendation for S IMMO with a TP of EUR 18.8 per share after an analyst change. S IMMOs strategy and opportunistic approach to real estate investing have been very successful in the past and we also see medium to long term potential, especially from the acquired landbank in the commuter belt of Berlin which will be focusing on the likely very stable residential segment. Nevertheless, we expect earnings pressure in the near to medium term from the companys exposure to Hotel and Retail which also affects our valuation. The speculation about the merger with IMMOFINANZ (IIA) has been active again since Mr. Pecik acquired stakes in both S IMMO (SPI) and IIA and we believe that it is in part already priced in by the market.S Immo AG is an Austria-based company engaged in the real estate sector. The Company specializes in the acquisition, letting and sale of properties. Furthermore, It offers real estate project developments, which includes Einsteinova office, Quartier Belvedere Central, and The Mark office project, among others, renovation of existing properties, asset and portfolio management and a range of services, such as facility management and brokerage. The Company's real estate portfolio comprises residential, office, retail and hotel properties. It operates four geographical segments: Austria, Germany, Central Europe (CEE) and Southeastern Europe (SEE). In addition, the Company is a parent of CEE Immobilien GmbH, Hansa Immobilien EOOD, Rega Property Invest sro, Ikaruspark GmbH, SC Societate Dezvoltare Comercial Sudului (SDCS) SRL, Maior Domus Hausverwaltung GmbH, and Eurocenter doo, among others.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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