DEMIRE AG (von NuWays AG): BUY 06.11.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: DEMIRE AG - from NuWays AG



06.11.2026 / 09:00 CET/CEST
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Classification of NuWays AG to DEMIRE AG



     Company Name:                DEMIRE AG
     ISIN:                        DE000A0XFSF0



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 0.70
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald



Q3 operations largely in line; management delivers on disposals



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 EUR 83m. In detail:



Q3 rental income declined 20.2% yoy to EUR 10.9m (eNuW: EUR 11.1m), mainly due
to disposals. The closings of Flensburg, Kempten, Frankfurt and Chemnitz
plus the partial sale in Bonn generated proceeds of around EUR 61m YTD, of
which EUR 43.6m fell into Q3. Sequentially, rents declined 5.5% qoq as the
sold assets dropped out and EPRA vacancy rose a further 1.1pp qoq to 22.6%,
mainly driven by Schwerin and Leipzig, als visible in a 6.3% like-for-like
rent decline. 9M rental income came in at EUR 33.9m (eNuW: EUR 34.1m).



FFO I came in at EUR 0.8m in Q3 (eNuW: EUR 0.4m), bringing 9M FFO I to EUR 2.8m,
already above the upper end of the FY range. Supporting factors were lower
current income taxes (Q3: EUR 0.2m vs EUR 0.7m Q3'25) and stable G&A of EUR 2.5m.



Guidance confirmed. Management confirmed FY26 rental income of EUR 42.5-44.5m
and FFO I of EUR 0.5-2.5m. On the conference call, CFO guided for a neutral to
slightly negative Q4 FFO, as investments of a few hundred kEUR in the
portfolio will be expensed rather than capitalised. The amount is small, so
FY FFO should end up at the upper end of the range at least, in our view. On
rents, we also expect the upper end of the range.



Leasing pipeline. Management is in advanced negotiations on the vacant
assets in Bonn, Neumünster and Leipzig, comprising c. 20k sqm. A succesful
reletting would be key to reverse the vacancy trend in 2027. However, those
will as always come with upfront investments into the properties.



Cash up, but largely trapped. Disposal proceeds lifted cash to EUR 82.6m (H1:
EUR 44.4m) and reduced net LTV to 40.1% (H1: 42.4%). However, roughly 40% of
liquidity sits within Fair Value REIT, and only a small portion of the
remainder is immediately available to address the EUR 251m nominal that is
left on the 2019/2027 notes maturing at the end of 2027. Management is
working on upstreaming more liquidity and intends to address the refinancing
"very soon". In our view, this is the key near-term risk.



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 EUR 1.28 (FY25: EUR 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 EUR 0.70 based on our NAV model.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=b80d1dc518e515656743537ee8f99d6f
For additional information visit our website:
https://www.nuways-ag.com/research



Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2429708 06.11.2026 CET/CEST