First Berlin Equity Research Reiterates Buy Rating for CR Energy AG

First Berlin Equity Research GmbH has released an update on CR Energy AG, reaffirming its Buy recommendation and maintaining its price target at €12. This update follows the audited 2023 results, which were close to preliminary figures from March and indicate continued solid performance despite significant headwinds in the property sector.

For 2023, CR Energy AG reported an EBITDA of €66 million, down from €76 million in 2022. The decline is attributed to lower portfolio revaluation gains in 2023. However, the operating cash flow saw a 42% increase year-over-year, reaching €23.5 million. The company ended the year with €19.5 million in cash, positioning it well for future growth.

During the Annual General Meeting on June 27, shareholders approved the issuance of bonus shares, resulting in each existing share being converted into four. Additionally, CR Opportunities plans to launch a European Long Term Investment Fund (ELTIF) this summer, dedicated to refurbishing properties and leveraging synergies from CRE’s holdings in Terrabau and Solartec.