CR Energy AG
ISIN: DE000A2GS625
WKN: A2GS62
12 December 2024 09:41AM

Original-Research: CR Energy AG (von First Berlin Equity Research GmbH): Kaufen

CR Energy AG · ISIN: DE000A2GS625 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 21535

Original-Research: CR Energy AG - from First Berlin Equity Research GmbH

12.12.2024 / 09:40 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 First Berlin Equity Research GmbH to CR Energy AG

Company Name: CR Energy AG
ISIN: DE000A2GS625
 
Reason for the research: Sechsmonatsbericht
Recommendation: Kaufen
from: 12.12.2024
Target price: €12
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 12,00.

Zusammenfassung:
Der Sechsmonatsbericht konzentrierte sich auf operative Entwicklungen der Kernbeteiligungen, während die Finanzdaten von CRE in den Hintergrund traten, da die Erträge überwiegend in H2/24 anfallen. Der Nettoinventarwert (NAV) blieb daher im Zeitraum Januar bis Juni mit €394 Mio. weitgehend unverändert. Terrabau und Solartec erwirtschafteten in den ersten sechs Monaten zusammen einen Nettogewinn von €9,5 Mio., doch die Geschäftsleitung bei CRE erwartet, dass dieser Wert in H2 steigen wird, wenn die gesamte Ausschüttung verbucht wird. Die Geschäftsdynamik blieb im ersten Halbjahr trotz eines weiteren Gegenwinds für den Immobiliensektor gut, und nun will Terrabau in den sozialen Wohnungsbau expandieren. Der Generalunternehmer verfügt über ein bewährtes Konzept, das sich leicht auf dieses neue Geschäftsfeld übertragen lassen dürfte, das ausgezeichnete Wachstumsaussichten bietet. Wir gehen davon aus, dass CRE bis auf Weiteres von nicht zahlungswirksamen Neubewertungen des Portfolios absehen und sich auf Barausschüttungen aus seinen Beteiligungen konzentrieren wird. Wir haben unsere Prognosen entsprechend angepasst und bekräftigen unsere Kaufempfehlung für CRE mit einem unveränderten Kursziel von €12.

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 12.00 price target.

Abstract:
Six month reporting focused on updates on operations at the core holdings, while CRE's financials took a backseat with earnings to be backloaded in H2/24. NAV was thus largely unchanged at €394m for the January-to-June period. Terrabau and Solartec racked up combined six month net earnings of €9.5m, but CRE brass expect this figure to climb in the back half of 2024 when the entire distribution is booked. Business momentum remained good in H1 despite another headwind year for the property sector, and Terrabau now wants to expand into social housing. The general contractor has a proven blueprint that should easily translate on this new frontier, which offers excellent growth prospects. For the time being, we expect CRE to refrain from non-cash portfolio revaluations and focus on cash distributions from its holdings. We have adjusted our projections accordingly and remain Buy-rated on CRE with an unchanged €12 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/31535.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


The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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2050055  12.12.2024 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=2050055&application_name=news&site_id=boersengefluester~~~ace3d64b-2049-452a-8d18-fbc8044c4b5f

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% -27,07% +362,79%

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