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Original-Research: Coreo AG (von GBC AG): Buy

Original-Research: Coreo AG - von GBC AG

Einstufung von GBC AG zu Coreo AG

Unternehmen: Coreo AG

Anlass der Studie: Research Report (Anno) Empfehlung: Buy
Kursziel: 2.15 EUR
Kursziel auf Sicht von: 31.12.2022
Letzte Ratingänderung:
Analyst: Cosmin Filker; Marcel Goldmann

- Highest investment volume in history
- Active investment strategy continues to be pursued

The past financial year 2021 was marked by the effects of the Corona pandemic on Coreo AG in the form of more difficult access to properties. Nevertheless, the company was able to continue its growth strategy with three acquisitions. Within the framework of two asset deals, two commercial portfolios worth approximately EUR 12 million were acquired. In addition, the acquisition of a large residential and commercial portfolio, for which the change of use and encumbrance is to take place in the current financial year 2022, was announced. We assume a total purchase price of approximately more than EUR 50 million, which would make this the largest acquisition in the company's history.

With the continuation of the growth course and rental increases in the existing portfolio, Coreo AG's rental income increased to EUR 4.35 million (previous year: EUR 3.52 million). Within four financial years, Coreo AG has more than doubled its rental income. At the same time, the scheduled sale of properties from the Mannheim portfolio, the NRW portfolio and parts of the Hydra portfolio led to a sharp rise in proceeds from disposals to EUR 10.32 million (previous year: EUR 6.09 million). At EUR 1.37 million (previous year: EUR 0.49 million), the result from disposals was once again positive. Finally, property management and investments in portfolio properties led to a valuation result of EUR 1.85 million (previous year: EUR 0.85 million).

The significant increase in total revenues to EUR 16.53 million (previous year: EUR 10.45 million) is reflected in an increase in EBIT to EUR 2.84 million (previous year: EUR -0.69 million). At the level of the after-tax result of EUR -0.89 million (previous year: EUR -2.44 million), the breakeven point was again missed. On the one hand, financial expenses rose to EUR 2.97 million (previous year: EUR 2.32 million) due to the higher utilisation of financial resources; on the other hand, tax expenses increased significantly to EUR 0.91 million (previous year: tax income of EUR 0.38 million) increased significantly.

According to the company's guidance, an annual net cold rent of EUR 3.8 million is expected for the current financial year. This is expected to double by a further EUR 3.8 million in the coming financial year from the addition of the large residential property portfolio alone. In addition, the re-letting of existing properties will further increase the rental income base. The company also plans to continue the previously communicated growth strategy, according to which a total value of the portfolio of EUR 400 - EUR 500 million is to be achieved in the coming financial years. Based on the current property volume of more than EUR 100 million (including large residential property portfolio), we expect total investments of EUR 80 million for the next three financial years and thus remain significantly below the growth forecast. For the coming financial years, we expect a visible increase in total income from EUR 13.03 million (2022e) to EUR 29.19 million (2023e) and to EUR 29.24 million (2024e). As the high-margin rental income should gain in importance, we expect a disproportionate increase in earnings.

Within the framework of our DCF valuation model, we have determined a new target price of EUR 2.15 (previously: EUR 2.60). Our changed forecasts of the concrete estimation period as well as dilution effects from the recently implemented capital increase have led to this price target reduction. In contrast, the increase in the risk-free interest rate and thus in the WACC had only a slight price target-reducing effect. We continue to assign the BUY rating.

Die vollständige Analyse können Sie hier downloaden:

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Date (time) completion: 27.05.2022 (2:45 pm) Date (time) first distribution: 30.05.2022 (09:00 am)

-------------------übermittelt durch die EQS Group AG.-------------------

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