Original-Research: DEMIRE AG (von NuWays AG): BUY

Original-Research: DEMIRE AG - from NuWays AG



14.08.2026 / 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 0.8
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald



Guidance up, but the reason is not positive; chg.



DMRE Q2 results arrived slightly ahead of estimates. Notably, management
raised the FY outlook, however not for operational reasons but for postponed
disposal progress. In detail:



Q2 rental income declined 16.9% yoy to EUR 11.5m (eNuW: EUR 11.0m), driven by
disposals (eNuW: c. EUR 1.6m impact) and a 4.2pp yoy vacancy increase to 21.5%
(eNuW: EUR 0.7m). Sequentially, however, the decline was a mere 1.1%, as the
Neumünster vacancy had already weighed on Q1, while new leases in Bonn and
Celle started to contribute.



FFO in the second quarter arrived at EUR 1.7m (eNuW: EUR 0.9m) after EUR 0.3m in
Q1, as maintenance costs and the amortisation of rental incentives both came
in below plan. The beat was broad-based on the cost side: operating expenses
to generate rental income fell 18.8% yoy to EUR 5.6m and G&A also declined
7.3% to EUR 2.5m.



Guidance hike on the back of slowing property disposals. Management now
guides for FY26 rental income of EUR 42.5-44.5m (old: EUR 41.5-43.5m) and FFO I
of EUR 0.5-2.5m (old: EUR -1.0 to 1.0m). The upgrade is timing-driven rather
than operational, and is largely reflecting postponed disposals. Notably,
annualised Q2 rents of EUR 45.8m are broadly in line with the EUR 46.0m of
annualised contractual rent at the reporting date, implying that Q2 reflects
almost the full rent-roll. Although management reiterated during the CC,
that three further disposals are set to complete in H2, we still regard the
new guidance as to 'conservative' as we expect less asset disposals as
planned, visible in our new estimates of EUR 45.2m rental income and EUR 2.8m
FFO.



That said, the equity story now rests on the shareholder process. Apollo and
Wecken have initiated a structured process to explore a sale of their stake
(~91%). In our view this dominates the fundamental outlook: an acquirer
crossing 30% would trigger a mandatory offer setting a floor for the free
float. Moreover, a share deal may trigger the 101% change-of-control put on
the EUR 247m 2019/2027 notes, which is currently deeply in the money. Yet, the
latter also implies that the credit market currently does not regard this as
a near-term trigger.



All in all, shares remain deeply discounted, currently trading 74% below the
company's NAV. Timing and outcome of the process are inherently uncertain,
but we regard the discount as more than compensating. We thus continue to
recommend BUY, especially for investors focused on special situations, and
keep our PT unchanged at EUR 0.80 based on our NAV model.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=07616ce8b0fc896f4eb1e59c9c30b4ad
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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2382940 14.08.2026 CET/CEST

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