WOOD Flash – S Immo: 3Q18 – excellent results, exceeding both our FFO and revaluation forecasts substantially
S Immo has delivered a strong set of 3Q18 results, beating our estimates on both the recurring lines and the revaluation result. At EUR 19.2/share, the EPRA NAV is already higher than the level we forecast for the 2018E year-end, valuing S Immo at 0.79x P/NAV. For 9M18, the FFO reached c.EUR 50m, based on our reconciliation. As such, we believe the company is well on track to exceed our full-year FFO estimate of EUR 56m (which implies a 5.6% 2018E FFO yield). As our estimates are the highest on the street (the average of the other three analysts covering the stock points to an FFO of c.EUR 47-50m in 2018-19E, 15-20% below our estimates), we believe the consensus is ripe for a substantial upward revision.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.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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