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

CPI/Immofinanz: Additional Acceptance Period, S Immo

CPI/S IMMO: Agreement Regarding EGM and Offer

Event-Driven

<ul>
<li>Immofinanz recommends shareholders neither accept S Immo's €23/share partial offer, nor CPI's €22.7/share for the whole share capital (both cum dividend). CPI controls (pending approvals) 35.5% of Immofinanz.</li>
<li>Crossed shareholdings and poor use of capital among Austrian real estate players put a lid on their stock market performance, nevertheless Immofinanz's discount to NAV is steadily approaching pre-Covid levels.</li>
<li>The shares of Immofinanz look good value in my view, at 4.3% 22e FFO yield, 21% discount to EPRA NTA, with the potential upside from an improved CPI's offer.</li>
</ul>


Immofinanz recommends shareholders neither accept S Immo's €23/share partial offer, nor CPI's €22.7/share for the whole share capital (both cum dividend). CPI controls (pending approvals) 35.5% of Immofinanz.
Crossed shareholdings and poor use of capital among Austrian real estate players put a lid on their stock market performance, nevertheless Immofinanz's discount to NAV is steadily approaching pre-Covid levels.
The shares of Immofinanz look good value in my view, at 4.3% 22e FFO yield, 21% discount to EPRA NTA, with the potential upside from an improved CPI's offer.


IMMOFINANZ AG

CPI/Immofinanz: Raised Offer