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23.08.2021 - 11:35:03

Original-Research: SFC Energy AG : Buy

Original-Research: Coreo AG - von GBC AG

Einstufung von GBC AG zu Coreo AG

Unternehmen: Coreo AG


Anlass der Studie: Researchstudie (Anno)

Empfehlung: Buy

Kursziel: 2.60 EUR

Kursziel auf Sicht von: 31.12.2022

Letzte Ratingänderung:

Analyst: Cosmin Filker; Marcel Goldmann

- Acceleration of investment activities

- Largest portfolio in the company's history acquired

- Further investments expected

Coreo AG has made extensive new acquisitions in the current financial year

2021. While the past financial year 2020 was still characterised by the

pandemic-related restrictions and thus only a low investment volume of EUR

3.3 million, the property acquisition in the course of the financial year

2021 to date has already amounted to approximately EUR 59 million according

to our estimates. The prerequisite for the significantly increased purchase

volume was the corporate financing obtained at the end of 2020. The company

received a loan of EUR 23 million from a well-known investor, which was

used to repay the outstanding 10 % option bond with a volume of around EUR

15 million and to expand the liquidity available for acquisitions.

The investments are the acquisition of two production sites and the

administrative headquarters of a German listed automotive supplier.

According to our assumptions, the purchase price is likely to have been

around EUR 8.7 million. In addition, 89.9 % of the GmbH shares in an

existing company were acquired in July 2021 by way of a share deal,

comprising a total of 1,341 residential and 15 commercial units. This was

the largest acquisition in the company's history. Assuming a rental yield

that is normal for Coreo, the total portfolio value is likely to be

slightly above EUR 50 million, although the purchase price in the share

deal is likely to have been significantly lower. A significant part of the

purchase price was paid in the form of the 1.45 million shares in MagForce

AG held to date. According to our calculations, this should cover around

EUR 6 million of the purchase price. The closing of this transaction is

expected for the coming financial year 2022.

With the notification of 28 July 2021, the company also announced the

change of the major shareholder. The previous major shareholder Apeiron

Investment Group Ltd. announced that it had fallen below the 25% threshold

and, in parallel, FLORA S.A., which specialises in real estate investments,

published that it had exceeded this threshold. This change is to be

understood as a further component of the more comprehensive focus on the

real estate sector.

We have used the current property portfolio (including the acquisitions

made in the current financial year 2021) as the basis for our forecasts and

for our valuation of Coreo AG. In addition, we have assumed further

investments. According to long-term investment planning, Coreo AG plans to

expand the total residential and commercial property portfolio to EUR 400 -

500 million in the next four to five years. For our forecasts, we take a

more conservative approach and, based on the current property portfolio of

over EUR 100 million, expect new investments totalling EUR 110 million for

the next three financial years.

For 2021, we expect a slight increase in rental income and, in view of the

reletting of properties in the Hydra portfolio and initial successes in

asset management following the acquisition of the LEG portfolio, a notable

valuation result. From the coming financial year, a strong increase in

rental income should be generated with the addition of the already acquired

extensive property portfolio and expected new investments. This should

increasingly become the most important revenue component from 2023 onwards.

Already for 2021, we assume an EBIT of EUR 4.92 million, which should

increase to EUR 13.83 million (FY 2022e) and EUR 17.17 million (FY 2023e)

in the coming financial years.

In principle, Coreo AG should benefit from the favourable market conditions

after the implementation of the financing measures and the overall improved

access to acquisition funds. The increasing size of the property portfolio,

which forms the basis for a higher rental volume, should ensure that the

already falling financing costs improve further. With the acquisitions

made, the company has taken an important step towards increasing the sales

volume and a disproportionate development of earnings.

Within the framework of our DCF valuation model, we have determined a new

target price of EUR 2.60 (previously: EUR 2.35). On the one hand, the roll-

over effect had the effect of increasing the price target. On the other

hand, the significant investments made resulted in a slight reduction of

the company-specific beta. We continue to give the rating BUY.

Die vollständige Analyse können Sie hier downloaden:


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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (4,5a,5b,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:



Date and time completion (german version): 18.08.2021 (5:46 pm)

Date and time the first distribution (german version): 19.08.2021 (10:00 am)

Date and time completion (english version): 23.08.2021 (09:01 am)

Date and time the first distribution (english version): 23.08.2021 (11:30 am)

übermittelt durch die EQS Group AG.

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.

Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung

oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.


@ dpa.de