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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: 08.04.2024
Target price: EUR 48.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
FY '23 displays strong cash generation and KPIs; chg.
CR Energy released preliminary FY figures, which came in below our
estimates but displayed an improved operating strength of the holding
companies.
FY EBIT came in at EUR 65m (eNuW: EUR 80m; eCons: EUR 73m), which compares to EUR
75m in FY '22. The yoy decline can be mainly explained by lower valuation
gains throughout the portfolio in connection with increased discount rates.
Yet, operating cash flow increased by 4% yoy to EUR 4.00/share or EUR 22.6m.
This was predominantly due to the strongly improved operations of the
holding companies, leading to an increased cash dividend of EUR 27m, implying
a yoy growth rate of 62%. The equity ratio remained on a strong level of
97%.
Successful capital increase. In January, the company successfully completed
the rights issuance, which was announced in November. 232,610 new shares
were placed at a price of EUR 15 per share, resulting in gross proceeds of EUR
3.5m, which should maibly be used to strengthen the portfolio company CR
Opportunities (CRO). CRO is seen to launch its first ELTIF in the course of
H1 focusing on sustainable real estate and renewables, thus enhancing
future growth.
Besides that, CR Energy remains a major beneficiary of the increasing
demand for sustainable energy and housing solutions. Here, Terrabau and
Solartec provide a compelling offering in relation to high quality and
cost-optimized living space.
Terrabau, a general constructor offering concepts for innovative and
sustainable construction, currently has >300 units in the Berlin and
Leipzig area in the pipeline, which are seen to be in brisk demand
considering the aging residential stock, especially in Eastern Germany. In
order to optimize carbon intensity, Terrabau is acting in concert with
Solartec, which is supplying the townhouses and single-family homes with
rooftop solar rigs. In fact, Solartec is combining high-performance PV
systems and emissionfree hydrogen storage systems to allow for a 24/7
supply of sustainable energy.
Overall, the company remains well positioned in the market for sustainable
housing and is offering unique synergies to capitalize on compelling growth
prospects of the market. Hence, the stock remains a BUY with a new PT of EUR
48 (old: EUR 52) based on DDM.
You can download the research here:
http://www.more-ir.de/d/29333.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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The result of this research does not constitute investment advice
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