S Immo

S Immo

AV: SPI

Market Cap€1,675m

Last Close €22.75

S Immo has a track record of cleverly anticipating regional/sectoral real estate cycles in Europe. This includes the expansion into CEE in the early 2000s, later investments in the German residential and office markets and subsequent diversification outside of Berlin. Its active approach has allowed the company to post five- and 10-year EPRA NAV total returns (TR) of c 23% and 14% pa, respectively. It recently received and accepted a bid from CPI for €23.50/share.

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Investment summary

S Immo’s FY21 results saw a gross profit recovery very close to 2019 and EPS setting an all-time record of €3.24 per share. This was accompanied by a positive outlook statement. The shares closed at €22.75 on 29 April, representing a c 22% discount to its FY21 EPRA NAV of €29.29. On 2 May, it was announced that CPI had raised its bid for S Immo to €23.50 (cum dividend), which the management board has accepted.

Content on S Immo
S Immo – FY21 results show continued solid recovery
Real Estate | research QuickView | 4 May 2022
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S Immo – executive interview
Real Estate | Edison TV | 3 September 2021
S Immo – Embarking on an extensive investment plan
Real Estate | research Update | 2 September 2021
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Share price graph
Price performance
%
1m
3m
12m
Actual 0.7 0.2 10.7
Relative* 4.4 4.5 31.7
52-week high/low €23.4/€19.5
*% relative to local index
Key management
Herwig Teufelsdorfer CEO
Friedrich Wachernig Management Board Member