Original-Research: CR Energy AG (von NuWays AG): Kaufen
Original-Research: CR Energy AG - from NuWays AG
Classification of NuWays AG to CR Energy AG
Company Name: CR Energy AG
ISIN: DE000A2GS625
Reason for the research: Update
Recommendation: Kaufen
from: 14.05.2024
Target price: EUR 48.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
Final FY slightly ahead of preliminary figures / chg.
CR Energy published its FY ’23 report, displaying figures slightly ahead of the prelims published in March. In detail:
FY ’23 sales, which refers mainly to income from the investment business, came in at € 68.8m, implying a 14% yoy decline. The decline can be mainly explained by lower valuation gains across the holding portfolio, which were however partly set off by a strong increase (+78% to € 29.8m) of cash contributions from the holding companies.
On this basis, FY EBIT came in at € 66.4m (prelims: € 65m), implying a 70bp margin improvement to 96.8%, which was driven by reduced personnel expenses (-30bps yoy) as well as other OpEx (-30bps yoy). On top of this, CR Energy continues to be highly cash generative, as CFO increased by 42% yoy to € 23.5m, equaling € 4.16 per share.
Yet, the company recently announced that it will propose to the AGM to issue bonus shares instead of paying a cash dividend. In detail, management intends to issue new shares to existing shareholders at a ratio of 1:3 by transferring € 17.7m from retained earnings to the capital reserve. Management also stated, that it will return to paying out cash dividends in the years ahead.
Besides this, one highlight of the release is clearly the announced intention to launch a European Long Term Investment Fund (ELTIF) vie subsidiary CR Opportunities. In addition to Terrabau's real estate projects, CR Opportunities as asset manager also plans to purchase suitable existing properties for the fund and to optimize their energy efficiency using Solartec's expertise. Hence, with this new project CR Energy once again capitalizes on the strong synergies between its holding companies. The fund will be launched during the remainder of the year, and it is intended to grow AUM by € 100m per year until 2027. In addition to institutional investors, private investors will also be able to invest in the product via a participation bond.
The stock remains a BUY, unchanged € 48 PT based on DDM. Mind you, our current valuation model does not yet include the possible issuance of bonus shares following the AGM in June.
You can download the research here:
http://www.more-ir.de/d/29731.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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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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | ||
| Sales1 | 2,87 | 64,53 | 69,86 | 79,41 | 68,64 | 0,00 | 0,00 | |
| EBITDA1,2 | 91,27 | 61,40 | 66,49 | 76,30 | 66,43 | 0,00 | 0,00 | |
| EBITDA-Margin3 | 3.180,14 | 95,15 | 95,18 | 96,08 | 96,78 | 0,00 | 0,00 | |
| EBIT1,4 | 91,23 | 51,27 | 66,41 | 76,26 | 66,39 | 0,00 | 0,00 | |
| EBIT-Margin5 | 3.178,75 | 79,45 | 95,06 | 96,03 | 96,72 | 0,00 | 0,00 | |
| Net Profit (Loss)1 | 92,47 | 51,27 | 65,39 | 75,31 | 65,78 | 0,00 | 0,00 | |
| Net-Margin6 | 3.221,95 | 79,45 | 93,60 | 94,84 | 95,83 | 0,00 | 0,00 | |
| Cashflow1,7 | -2,76 | 51,27 | 14,43 | 16,49 | 23,50 | 0,00 | 0,00 | |
| Earnings per share8 | 6,17 | 3,42 | 4,04 | 4,16 | 2,80 | 1,00 | 0,65 | |
| Dividend per share8 | 0,19 | 0,38 | 0,63 | 0,63 | 0,00 | 0,00 | 0,15 | |
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 | 121,37 Mio € | 01.10.2008 | Kaufen | 9F4MC53P+HC |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 6,88 | 5,87 | 1,17 | 2,27 | 0,31 | 5,17 | 1,77 |
|
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 |
| -3,57% | -15,44% | +7,95% | -21,22% | +392,37% |
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