Demire: Q3 operations largely in line; management delivers on disposals - NuWays AG Research
DMRE's Q3 results were largely in line with our expectations on rental income, while FFO was ahead of our estimates. More importantly, a large part of the disposal pipeline was executed, lifting cash to € 83m.
ANNONS
Shareholder process ongoing. The company did not comment on details of Apollo’s and Wecken’s process to sell their c. 91% stake, but expects to give further guidance by year-end. The equity story continues to hinge on this as a mandatory offer would set a floor for the free float, and a change of control could trigger the 101% put on the 2019/2027 notes. Overall, despite EPRA NAV per share declining to € 1.28 (FY25: € 1.59), shares remain deeply discounted, currently trading 83% below NAV. With the shareholder process likely to bring clarity by year-end, we confirm our BUY rating with a new PT of € 0.70 based on our NAV model.
