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04.10.2021 - 09:35:28

Original-Research: Coreo AG : Buy

Original-Research: Coreo AG - von GBC AG

Einstufung von GBC AG zu Coreo AG

Unternehmen: Coreo AG


Anlass der Studie: Research Note

Empfehlung: Buy

Kursziel: 2.60 EUR

Kursziel auf Sicht von: 31.12.2022

Letzte Ratingänderung:

Analyst: Cosmin Filker; Marcel Goldmann

1H 2021: earnings improvement due to higher rental income and sale of

properties; slight increase in 2021 forecasts; price target and rating


As we expected, Coreo AG increased rental income to EUR1.93 million in the

first six months of 2021 (previous year: EUR1.55 million). The increase in

rental income is primarily attributable to the addition of the NRW

portfolio in the first half of 2020, which was only included on a pro rata

basis in the prior-year period. In addition, the company achieved letting

successes with the Hydra portfolio and did not record any corona-related

rental losses overall. The increase in rental income was accompanied on

the one hand by a slight decline in absolute terms in net income from

disposals of EUR0.31 million (previous year: EUR0.49 million) and on the

other hand by a visible increase in the valuation result to EUR0.78 million

(previous year: EUR0.00 million). With this significantly increased

earnings base, Coreo AG was able to increase EBIT to EUR 0.50 million

(previous year: EUR -0.10 million) and thus report positive EBIT on a half-

year basis for the first time.

In our last research study (see study dated August 19, 2021), we explained

the basis for our forecasts, which we believe remain valid. On the one

hand, the company is likely to generate an increase in rental income from

its current property portfolio. As a further aspect of earnings

development, we have assumed possible proceeds from disposals in particular

from the planned sale of properties in the Göttingen portfolio and from

partial sales of the properties in Lünen and Gelsenkirchen held directly by

Coreo AG.

However, we had not planned for the sale of two properties in the Hydra

portfolio (Hanau, Darmstadt) and one property in the Mannheim portfolio,

for which purchase agreements have already been concluded and which were

therefore reclassified as 'held for sale'. We are therefore raising our

expected disposal proceeds for 2021 significantly to EUR12.87m and expect a

disposal result of EUR2.13m (previously: EUR1.52m). However, the sale of

the properties will be accompanied by a significant inflow of liquidity,

which will significantly increase the financial scope for further


According to our estimates, Coreo AG had acquired properties with a volume

of around EUR59m by the time our last research study was published. For the

remainder of the financial year, we had assumed further property

acquisitions of EUR10m. With the acquisition of a logistics property in

Delmenhorst announced on 7 September 2021, a significant part of this

assumption is now likely to have become reality. On a total rental area of

approx. 29,900 sqm, the annual rent distributed among several tenants

currently amounts to around EUR 0.5 million. No statement was made

regarding the purchase price. Assuming a typical multiple of 10 to 12.5 for

Coreo AG, the purchase price is likely to be between EUR 5.00 to 6.25


While we are raising our 2021 forecasts for proceeds from disposals and net

income from disposals as well as rental income, we are assuming lower

valuation income of EUR2.30 million (previously: EUR5.30 million). This is

particularly the case in light of the fact that the largest transaction in

the company's history will not be completed until the coming financial year

2022. Accordingly, we now expect EBIT of EUR 2.93 million (previously: EUR

4.92 million) and after-tax earnings of EUR 0.32 million (previously: EUR

1.82 million) for the current fiscal year 2021. The forecasts for the

following years remain unchanged.

As the lower earnings forecasts for 2021 are merely a consequence of lower

valuation income, there are only marginal changes in the DCF valuation

result. This is because the valuation gains have no impact on the cash

flow, which forms the basis for our DCF valuation model. We therefore

confirm our price target of EUR2.60 and maintain our BUY rating unchanged.

Die vollständige Analyse können Sie hier downloaden:


Kontakt für Rückfragen


Halderstraße 27

86150 Augsburg

0821 / 241133 0



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Date (time) completion: 01.10.21 (12:08 pm)

Date (time) first distribution: 04.10.21 (9:30 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