European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/s-immo-ag" target="_blank" data-smartkarma-citation="entities:22559:1" rel="noopener">S IMMO AG (SPI AV)</a> owns 14.2% of <a href="https://www.smartkarma.com/entities/immofinanz-ag" target="_blank" data-smartkarma-citation="entities:22547:1" rel="noopener">IMMOFINANZ AG (IIA AV)</a>, Immofinanz owns 26.5% of S Immo. <a href="https://www.smartkarma.com/entities/cpi-property-group-sa" target="_blank" data-smartkarma-citation="entities:21688:1" rel="noopener">CPI</a> is on a buying spree: 32% of Immofinanz, 11.6% of S Immo. </li>
<li>Merger discussions take another twist with two offers for Immofinanz: CPI launches an anticipated mandatory offer, which could later allow it to increase its stake; S Immo seeks to protect itself.</li>
<li>Immofinanz trades at 3.8% FFO yield. My TP, economic profit-based is €25.86/share, 15% discount to EPRA NAV, and 5% above the median TP of Capital IQ consensus. <strong>Long IIA AV</strong>.</li>
</ul>



S IMMO AG (SPI AV) owns 14.2% of IMMOFINANZ AG (IIA AV), Immofinanz owns 26.5% of S Immo. CPI is on a buying spree: 32% of Immofinanz, 11.6% of S Immo. 
Merger discussions take another twist with two offers for Immofinanz: CPI launches an anticipated mandatory offer, which could later allow it to increase its stake; S Immo seeks to protect itself.
Immofinanz trades at 3.8% FFO yield. My TP, economic profit-based is €25.86/share, 15% discount to EPRA NAV, and 5% above the median TP of Capital IQ consensus. Long IIA AV.


Luxembourg

CPI Property Group SA is a real estate group. The Company focuses on investment properties, realizes development potentials and offers full-service asset management for third parties.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Cpi Property Group Sa (O5G GR)

S Immo and CPI Wrestle for Immofinanz

Interesting developments for Immofinanz, with two competing bids and a possible three-way merger. If CPI increases its bid above S Immo's, it will...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)