CR Energy AG
ISIN: DE000A2GS625
WKN: A2GS62
29 October 2024 09:01AM

Original-Research: CR Energy AG (von NuWays AG): Buy

CR Energy AG · ISIN: DE000A2GS625 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 21137

Original-Research: CR Energy AG - from NuWays AG

29.10.2024 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


Classification of NuWays AG to CR Energy AG

Company Name: CR Energy AG
ISIN: DE000A2GS625
 
Reason for the research: Update
Recommendation: Buy
from: 29.10.2024
Target price: EUR 12.00
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald

Positive operating development in H1

Topic: CR Energy released its H1 report, which shows a strong operating performance of the portfolio companies. Moreover, the company conservatively did not perform a revaluation of the holding companies in H1. In detail:

In H1 the portfolio companies showed a positive operating development, achieving a combined net income of € 9.5m. Due to the profit and loss transfer agreements with the holding companies, the profits from the investments will be transferred to CRE at the end of the year. Hence, they did not impact the P&L in H1. As the company conservatively did not perform a revaluation of the holdings in H1, total sales thus amounted to € 0.1m in the first half of the year.

CRE as an investment company does not fully consolidate its holdings. Thus, only changes in fair value and profit transfers from the investments are recognized in the income statement in accordance with IFRS 10. In combination with an expected positive valuation result, the profit transfer at YE will lead to a significant increase in total sales at FY ‘24e compared to the H1’ result. Overall, we expect the holding companies to continue their strong performance in the course of H2.

Notably, CRE’s portfolio company Terrabau, a general contractor specialized on sustainable and affordable living, handed over a total of 170 residential units with a total area of more than 11k sqm to its customers by H1. For the second half of the year, the completion of a further 5k sqm of living space is planned. Here, the strong synergy effects between the portfolio companies should become evident again, as CRE’s subsidiary Solartec, a specialist in the design of sustainable energy systems, will equip the completed residential units with its solar systems.

Furthermore, subsidiary CR Opportunities (CRO) issued its first RAIF in H1, which will be followed by an ELTIF in the remainder of H2 (eNuW). The fund shall be populated with properties from Terrabau’s development projects as well as suitable existing properties with value-add potential, thus once again capitalizing on the strong synergies between the holding companies.

Reiterate BUY with an unchanged € 12 PT based on DDM.

You can download the research here: http://www.more-ir.de/d/31137.pdf
For additional information visit our website: www.nuways-ag.com/research

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2017665  29.10.2024 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=2017665&application_name=news&site_id=boersengefluester_html

Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.

The most important financial data at a glance
  2018 2019 2020 2021 2022 2023 2024e
Sales1 26,31 2,87 64,53 69,86 79,41 68,64 0,00
EBITDA1,2 11,61 91,27 61,40 66,49 76,30 66,43 0,00
EBITDA-Margin3 44,13 3.180,14 95,15 95,18 96,08 96,78 0,00
EBIT1,4 11,56 91,23 51,27 66,41 76,26 66,39 0,00
EBIT-Margin5 43,94 3.178,75 79,45 95,06 96,03 96,72 0,00
Net Profit (Loss)1 7,80 92,47 51,27 65,39 75,31 65,78 0,00
Net-Margin6 29,65 3.221,95 79,45 93,60 94,84 95,83 0,00
Cashflow1,7 3,02 -2,76 51,27 14,43 16,49 23,50 0,00
Earnings per share8 0,53 6,17 3,42 4,04 4,16 2,80 1,00
Dividend per share8 0,19 0,19 0,38 0,63 0,63 0,00 0,00
Quelle: boersengefluester.de and Company information
Explanation

1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de

Auditor: Gieron & Partner

All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.

INVESTOR-INFORMATION
©boersengefluester.de
CR Energy
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
A2GS62 DE000A2GS625 AG 114,08 Mio € 01.10.2008 Kaufen 9F4MC53P+HC
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
7,46 6,47 1,15 2,13 0,29 4,86 1,66
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,63 0,00 0,00 0,00%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
27.06.2024 31.09.2024 30.04.2024
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
-0,41%
4,85 €
ATH 10,50 €
-11,19% -21,01% -32,87% -27,34% +362,79%

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