WOOD Flash – S Immo: 3Q21 – potential upside for our full-year estimates
S Immo has published a solid set of 3Q21 results. The sale of the CA Immo stake pushed the LTV to below 40%, and both the FFO and NAV are ahead of our estimates. We see upside for our full-year figures. The FFO seems to be on track to reach or exceed EUR 60m for the year, vs. our estimate of EUR 53m. During the call, management suggested that it is continuing to screen the market for acquisitions, and may purchase a portfolio of buildings in Bucharest (other than that being sold by CA Immo) early next year. While the current lockdown in Austria, and the elevated number of COVID-19 cases across the EU in general, could mean that we will see a weaker result from hotels and the retail assets in 4Q21E, we believe the long-term outlook remains strong. Trading at over a 30% discount to NAV, the shares are valued attractively, and we maintain our constructive view on S Immo.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.
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