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Original-Research: CR Energy AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to CR Energy AG
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
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2050055 12.12.2024 CET/CEST
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