S Immo (SPI) : Future strategy depends on takeover bid

Edison Investment Research Limited 
S Immo (SPI): Future strategy depends on takeover bid 
17-Jun-2021 / 07:00 GMT/BST 
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London, UK, 17 June 2021 
 
S Immo (SPI): Future strategy depends on takeover bid 
So far, S Immo has weathered the COVID-19 crisis relatively well, with its EPRA net tangible assets (NTA) per share 
down by only c 6% between end-2019 and end-March 2021, mostly due to the impact on its hotels (c 9% of its property 
portfolio at present). Its future investments agenda depends on the outcome of the IMMOFINANZ takeover bid. Success 
would trigger a review of its hotel and residential strategy, whereas a failure would likely result in the sale of its 
minority stakes in both listed peers, with proceeds redeployed into new properties to further enhance its FFO1. 
 
S Immo shares trade at 0.89x its last reported EPRA NTA of EUR24.79 per share. While this implies a 13% premium to peer 
median of 0.79x, it does not yet reflect the portfolio uplift in April 2021 (partially assisted by the Berlin rental 
cap repeal). Based on Refinitiv consensus, the FFO1 yield for FY21e and FY22e is 3.3% and 4.1%, respectively, 159bp and 
108bp below peer median, respectively. 
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1208798 17-Jun-2021

 
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(END) Dow Jones Newswires

June 17, 2021 02:00 ET (06:00 GMT)