04.10.2021 Coreo AG  DE000A0B9VV6

Original-Research: Coreo AG (von GBC AG): Buy


 

Original-Research: Coreo AG - von GBC AG

Einstufung von GBC AG zu Coreo AG

Unternehmen: Coreo AG
ISIN: DE000A0B9VV6

Anlass der Studie: Research Note
Empfehlung: Buy
Kursziel: 2.60 EUR
Kursziel auf Sicht von: 31.12.2022
Letzte Ratingänderung:
Analyst: Cosmin Filker; Marcel Goldmann

1H 2021: earnings improvement due to higher rental income and sale of properties; slight increase in 2021 forecasts; price target and rating confirmed

As we expected, Coreo AG increased rental income to EUR1.93 million in the first six months of 2021 (previous year: EUR1.55 million). The increase in rental income is primarily attributable to the addition of the NRW portfolio in the first half of 2020, which was only included on a pro rata basis in the prior-year period. In addition, the company achieved letting successes with the Hydra portfolio and did not record any corona-related rental losses overall. The increase in rental income was accompanied on the one hand by a slight decline in absolute terms in net income from disposals of EUR0.31 million (previous year: EUR0.49 million) and on the other hand by a visible increase in the valuation result to EUR0.78 million (previous year: EUR0.00 million). With this significantly increased earnings base, Coreo AG was able to increase EBIT to EUR 0.50 million (previous year: EUR -0.10 million) and thus report positive EBIT on a halfyear basis for the first time.

In our last research study (see study dated August 19, 2021), we explained the basis for our forecasts, which we believe remain valid. On the one hand, the company is likely to generate an increase in rental income from its current property portfolio. As a further aspect of earnings development, we have assumed possible proceeds from disposals in particular from the planned sale of properties in the Göttingen portfolio and from partial sales of the properties in Lünen and Gelsenkirchen held directly by Coreo AG.

However, we had not planned for the sale of two properties in the Hydra portfolio (Hanau, Darmstadt) and one property in the Mannheim portfolio, for which purchase agreements have already been concluded and which were therefore reclassified as 'held for sale'. We are therefore raising our expected disposal proceeds for 2021 significantly to EUR12.87m and expect a disposal result of EUR2.13m (previously: EUR1.52m). However, the sale of the properties will be accompanied by a significant inflow of liquidity, which will significantly increase the financial scope for further investments.

According to our estimates, Coreo AG had acquired properties with a volume of around EUR59m by the time our last research study was published. For the remainder of the financial year, we had assumed further property acquisitions of EUR10m. With the acquisition of a logistics property in Delmenhorst announced on 7 September 2021, a significant part of this assumption is now likely to have become reality. On a total rental area of approx. 29,900 sqm, the annual rent distributed among several tenants currently amounts to around EUR 0.5 million. No statement was made regarding the purchase price. Assuming a typical multiple of 10 to 12.5 for Coreo AG, the purchase price is likely to be between EUR 5.00 to 6.25 million.

While we are raising our 2021 forecasts for proceeds from disposals and net income from disposals as well as rental income, we are assuming lower valuation income of EUR2.30 million (previously: EUR5.30 million). This is particularly the case in light of the fact that the largest transaction in the company's history will not be completed until the coming financial year 2022. Accordingly, we now expect EBIT of EUR 2.93 million (previously: EUR 4.92 million) and after-tax earnings of EUR 0.32 million (previously: EUR 1.82 million) for the current fiscal year 2021. The forecasts for the following years remain unchanged.

As the lower earnings forecasts for 2021 are merely a consequence of lower valuation income, there are only marginal changes in the DCF valuation result. This is because the valuation gains have no impact on the cash flow, which forms the basis for our DCF valuation model. We therefore confirm our price target of EUR2.60 and maintain our BUY rating unchanged.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/22945.pdf

Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
[email protected]
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (4,5a,5b,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++
Date (time) completion: 01.10.21 (12:08 pm) Date (time) first distribution: 04.10.21 (9:30 am)

-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.



Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 0,48 8,89 5,90 9,61 14,67 8,85 9,30
EBITDA1,2 3,25 4,91 2,52 -0,01 2,87 1,05 0,00
EBITDA-Marge3 677,08 55,23 42,71 -0,10 19,56 11,86
EBIT1,4 3,24 4,90 2,50 -0,69 2,84 0,98 0,00
EBIT-Marge5 675,00 55,12 42,37 -7,18 19,36 11,07 0,00
Jahresüberschuss1 3,08 1,66 -0,86 -2,44 -0,89 -1,90 -1,15
Netto-Marge6 641,67 18,67 -14,58 -25,39 -6,07 -21,47 -12,37
Cashflow1,7 -0,79 -11,30 -5,25 -13,80 -2,84 -3,29 0,00
Ergebnis je Aktie8 0,19 0,10 -0,05 -0,14 -0,05 -0,09 -0,11
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Votum

INVESTOR-INFORMATIONEN
©boersengefluester.de
Coreo
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A0B9VV 0,356 - 8,03
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
0,00 14,09 0,00 -1,12
KBV KCV KUV EV/EBITDA
0,28 - 0,91 67,62
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,00 0,00 0,00 12.07.2023
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
31.10.2023 31.05.2023
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
16,72% -2,47% 9,88% -53,46%
    
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Immobilien (Gewerbe) , A0B9VV , CORE , XETR:CORE