European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

CPI/Immofinanz: Additional Acceptance Period, S Immo

CPI/S IMMO: Agreement Regarding EGM and Offer

Event-Driven

<ul>
<li>CPI advances in its takeover and already owns 19.25% of the share capital of Immofinanz, with 28.92% conditionally contracted (at €23/share), thus a combined stake of 48.18% of Immofinanz. </li>
<li>The raised offer price also represents 19.7x EV/Fwd EBIT, 18.4x Fwd P/E, 22.9x deal value/Est. FFO and 76.7% deal value/consensus NAV (source Capital IQ), still not recommended by Immofinanz's Board.</li>
<li>Immofinanz trades at at 4.3% 22e FFO yield and 3.4% 22e dividend yield. My TP, economic profit based is €25.86/share, 12.2% discount to EPRA NTA. Recommendation is <strong>long IIA AV</strong>.</li>
</ul>


CPI advances in its takeover and already owns 19.25% of the share capital of Immofinanz, with 28.92% conditionally contracted (at €23/share), thus a combined stake of 48.18% of Immofinanz. 
The raised offer price also represents 19.7x EV/Fwd EBIT, 18.4x Fwd P/E, 22.9x deal value/Est. FFO and 76.7% deal value/consensus NAV (source Capital IQ), still not recommended by Immofinanz's Board.
Immofinanz trades at at 4.3% 22e FFO yield and 3.4% 22e dividend yield. My TP, economic profit based is €25.86/share, 12.2% discount to EPRA NTA. Recommendation is long IIA AV.


CPI/Immofinanz: CPI Matches S Immo's Offer and Secures Another Stake

IMMOFINANZ AG

CPI/Immofinanz: CPI Matches S Immo's Offer and Secures Another Stake