S Immo: Summarizing considerations on the proposed resolution by IMMOFINANZ (.pdf)


Summarizing considerations on the proposed resolution of the Annual General Meeting of


(June 16, 2021)


  1. S IMMO has delivered a robust performance over the past decade, supported by a strong increase in the value of the properties and a positive share price development
    • 11.3% EPRA NAV per share CAGR increase over the past 10 years (2010-2020), 15.7% CAGR in the last 5 years (2015-2020)
    • Above the marketShare price development with 25.6% CAGR in the last 5 years before COVID1
  2. Today is S IMMO well positioned to accelerate its growth path. A possible sale of the investments in CA IMMO and IMMOFINANZ (approx. € 549 million.)2) will unleash a significant amount of growth capital
    • Convert capital proceeds from the sale of listed shares into the acquisition of real estate values ​​with an impact on income, develop the existing land bank in the Berlin catchment area and execute the remaining development pipeline
      • By doing In the short term, S IMMO’s assets will rotate from financial assets to higher-yielding investment properties, ie focus on investments in CEE / SEE, stabilize the hotel segment and promote proprietary developments on existing land reserves
      • In the middle up In the long term, the repositioning and adjustment of the asset classes enables a balanced portfolio with rental and valuation advantages, an increase in the value of the Landbank in Germany and the development of rental potential for residential properties
  3. For the upcoming Annual General Meeting on June 24, 2021, IMMOFINANZ is proposing the abolition of the maximum voting rights – a condition precedent for IMMOFINANZ’s current takeover offer announced on March 14, 2021 – combined with an amendment to the Articles of Association. subject to the condition precedent that the statutory maximum voting rights are reinstated, the offer should not necessarily become binding
    • In the absence of an attractive takeover offer, the lifting of the voting right restriction is against the interests of the outstanding shareholders and therefore an assessment of the type and attractiveness of the takeover by IMMOFINANZ is indicated

Source: company information

1 February 21, 2020 (defined as the last date before the sell-off in European capital markets as a result of the COVID-19 pandemic); 2 Valued at the current market value on June 14, 2021, including the value of mandatory


Convertible bonds held. Book value Q1 2021 of € 536 million

Summary (continued)

4th The Management Board and the Supervisory Board of S IMMO have thoroughly examined the revised offer of € 22.25 ps from IMMOFINANZ (“Offer”) and come to the following conclusion:

  1. The offer is insufficient from a financial point of view
    • The offer price is 11.2% on the EPRA NAV Q1 2021 of € 25.051 and 15.2% discount on the revalued EPRA NAV of € 26.242
    • Offer price with a discount on current market prices Pre-COVID (discount of 18.0% on S IMMO 2-year high)3rd in March 2020)
    • Premiums on share prices refer to Share price levels heavily influenced by the COVID-19 pandemic and ignore positive market developments and news flow after the supply increase
    • Offer price with a discount of 5.6% on the book value of the S IMMO share in the Q1 2021 financial report of IMMOFINANZ
    • Several equity research analysts have publicly stated that the offering is insufficient4th or that they recommend to shareholders Notconfirm an offer5
    • An inadequacy report from JP Morgan and DCF analyzes supported by external experts also support the assessment
  2. The terms of the offer are inadequate and do not meet market standards
    • IMMOFINANZ unilaterally distributes significant transaction risks to S IMMO shareholders (in particular the anticipated cancellation of the maximum voting right before the end of the acceptance period)
    • A schedule unilaterally imposed by IMMOFINANZ, which does not ensure that the information needs of the shareholders are fully met
    • Offer is partly opaque, especially with regard to reference transactions in S IMMO of IMMOFINANZ
      CEO in the last 12 months prior to the announcement of the offer for approx. 15% of the S IMMO shares

Source: company information

1 Last reported EPRA NAV (Q1 2021); 2 Most recently reported EPRA NAV (Q1 2021) of € 25.05 per share, adjusted for that on 10.-21. May published the result of a value analysis of the German and Austrian real estate portfolios of S IMMO as of 30.


21 with the involvement of an independent external appraiser, with an expected increase in value of approx. € 85 million (€ 1.20 per share) for the properties in Germany and Austria at this point in time compared to the first quarter

2021; 3rd 2 years before COVID-19 (21-Feb-18 to 21-Feb-20);4th SRK research (May 20, 2021); 5 Erste Group (May 21, 2021)

Summary (continued)

In summary, it can be said that the offer price and structure are inappropriate and IMMOFINANZ has considerable leeway to improve the offer.

We therefore recommend our shareholders:

  • poll againstthe resolution of the general meeting of IMMOFINANZ to cancel the maximum voting right and againstany resolutions on the cancellation of the maximum voting right that will only be made available after the record date
  • Not acceptedthe offer of IMMOFINANZ

Source: company information


S IMMO’s management can consistently improve

1 Value is reflected in robust EPRA NAV growth over the past decade

EPRA NAV per share (€)

10YR CAGR: 11.3%

5YR CAGR: 15.7%

3YR CAGR: 11.3%

























Q1 21



Source: company information

1 Most recently reported EPRA NAV (Q1 2021) of € 1,777 million, adjusted for the announced result of a value analysis of the German and Austrian real estate portfolio of S IMMO from 10.-21


Independent external appraiser who discloses an expected increase in value of approx. € 85 million (€ 1.20 per share) for the properties in Germany and Austria at this point in time compared to the first quarter of 2021

This is an excerpt from the original content. To read it further, access the original document Here.

Disclaimer of Liability

S IMMO AG published this content on June 16, 2021 and is solely responsible for the information contained therein. Distributed by Publicity, unedited and unchanged, on June 16, 2021 6:09:01 PM UTC.

Publicnow 2021

All the news about S IMMO AG
Sale 2021 190 M.
225 M.
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Annual net income 2021 133 M.
157 M.
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Net debt 2021 1 256 M.
1,490 M.
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KGV 2021 11.8x
Income 2021 2.32%
capitalization 1 543 M.
1 829 M.
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EV / sale 2021 14.8x
EV / sale 2022 13.4x
Number of employees 555
Free swimmers 54.4%


Period :

S IMMO AG Technical Analysis Diagram |  MarketScreener

Technical analysis trends S IMMO AG

Short term Halftime Long term
Trends Neutral Bullish Bullish

Development of the income statement


To sell
to buy

Medium consensus STOP
Number of analysts 6th
Average target price

€ 21.60

Last closing price

€ 21.75

Spread / highest target 19.5%
Spread / Average Target -0.69%
Spread / lowest target -26.4%
Jan. 1 Capitalization (M $)
S IMMO AG 28.24% 1 838

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