Original-Research: CR Energy AG (von First Berlin Equity Research GmbH): Kaufen
Original-Research: CR Energy AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to CR Energy AG
Company Name: CR Energy AG
ISIN: DE000A2GS625
Reason for the research: vorläufige Kennzahlen 2023 & KE
Recommendation: Kaufen
from: 26.03.2024
Target price: €48
Target price on sight of: 12 Monate
Last rating change: -
Analyst: Ellis Acklin
First Berlin Equity Research hat ein Research Update zu CR Energy AG (ISIN: DE000A2GS625) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 48,00.
Zusammenfassung:
CR Energy hat vorläufige Kennzahlen für 2023 vorgelegt, die eine weitere
gute finanzielle Performance während des anhaltenden Immobilienabschwungs
zeigen. Das EBIT-Ergebnis belief sich auf €65 Mio. gegenüber €75 Mio. im
Jahr 2022 (FBe: €76 Mio.). Der Rückgang gegenüber dem Vorjahr ist auf
geringere Portfolioneubewertungen im Jahr 2023 als im Vorjahr
zurückzuführen. Der operative Cashflow stieg im Jahresvergleich um 8% auf
€4,00 je Aktie, so dass CRE 2023 mit liquiden Mitteln in Höhe von €19,5
Mio. (JE22: €16,3 Mio.) abschließen konnte. Im Januar schloss die
Investmentholding auch eine Bezugsrechtsemission erfolgreich ab. Alle
232.610 angebotenen Aktien wurden zu einem Preis von €15 Euro pro Aktie
gezeichnet und brachten einen Bruttoerlös von €3,5 Mio. CRE sollte in der
Lage sein, seine aufgestockten Kassen zu nutzen, da Solartec, CR
Opportunities und Terrabau alle darauf abzielen, in diesem Jahr attraktive
Wachstumsmöglichkeiten zu nutzen. Wir behalten unsere Kaufempfehlung für
CRE mit einem Kursziel von €48 bei.
First Berlin Equity Research has published a research update on CR Energy
AG (ISIN: DE000A2GS625). Analyst Ellis Acklin reiterated his BUY rating and
maintained his EUR 48.00 price target.
Abstract:
CR Energy reported preliminary 2023 KPIs showing another good financial
performance during the ongoing property downturn. EBIT tallied €65m vs €75m
in 2022 (FBe: €76m). The Y/Y decline stems from lower portfolio
revaluations booked in 2023 than the prior year. Meanwhile, operating cash
flow climbed 8% Y/Y to €4.0 per share allowing CRE to exit 2023 with cash
and equivalents totalling €19.5m (YE22: €16.3m). In January, the investment
holding also successfully completed a rights issuance. All 232,610 offered
shares were subscribed at €15 per share for gross proceeds of €3.5m. CRE
should be able to deploy its topped up coffers at Solartec, CR
Opportunities, and Terrabau all of which are aiming to capitalise on
attractive growth opportunities this year. We are Buy-rated on CRE with a
€48 TP.
Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse.
You can download the research here:
http://www.more-ir.de/d/29249.pdf
Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
-------------------transmitted by 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.
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 | |
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 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,63 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 27.06.2024 | 31.09.2024 | 30.04.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -11,19% | -21,01% | -32,87% | -27,34% | +362,79% |
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