Original-Research: Coreo AG - von GBC AG

Einstufung von GBC AG zu Coreo AG

Unternehmen: Coreo AG


Anlass der Studie: Research Report (Anno)

Empfehlung: BUY

Kursziel: 2.60 EUR

Kursziel auf Sicht von: 31.12.2021

Letzte Ratingänderung:

Analyst: Cosmin Filker, Marcel Goldmann

- Higher investment volume expected in 2020

- Significant revenue and earnings growth forecasted

Since Coreo AG began to focus on building up a residential and commercial

portfolio, several properties and real estate portfolios have been acquired

in recent fiscal years. As of December 31, 2019, the company had on-balance

sheet properties in the amount of EUR 44.38 million (December 31, 18: EUR

40.02 million), which has been expanded compared to the previous year, in

particular due to valuation effects. The goal of doubling the property

portfolio through new investments in the 2019 financial year was therefore

not achieved. However, Coreo AG acquired 10.1 % of the Frankfurt St Martin

Tower property as part of a joint venture and, in November 2019, a

portfolio comprising 272 apartments and a commercial unit in North Rhine-

Westphalia. However, the transfer of the NRW portfolio did not take place

until 2020, which is why this new investment is not yet included in the

2019 figures.

As a result of the expansion of the portfolio in recent years, rental

income improved to EUR 2.92 million in 2019 (previous year: EUR 2.16

million). At the same time, sales proceeds of EUR 2.98 million (previous

year: EUR 6.73 million) were below the previous year's figure, as planned.

In 2019, partial sales were made in Mannheim, sales of properties in the

Hydra portfolio and the sale of individual properties in Göttingen. The

sale of properties in the Goettingen portfolio (EUR 5.88 million), among

others, was only recognized in revenues and earnings after the balance

sheet date. Finally, Coreo AG reports valuation income of EUR 3.06 million

(previous year: EUR 2.64 million) as the third revenue component.

As a result of the lower proceeds from disposals and the resulting decline

in sales income, as well as increased modernization and conversion work,

Coreo AG posted a lower EBIT of EUR 2.50 million (previous year: EUR 4.89

million). Although financial expenses decreased, the after-tax result was

negative at EUR -0.86 million (previous year: EUR 1.66 million).

The break-even point should be clearly exceeded again in the current and

coming financial years. On the one hand, the company should achieve further

rent increases on the basis of the current property portfolio. In

particular, the letting of existing vacancies in the Hydra portfolio should

lead to an increase in rental income. At the same time, the company should

record a strong increase in proceeds from the sale of the Göttingen

properties alone. The valuation result should be higher than in the

previous year due to investments in the existing portfolio, in particular

in the Hydra portfolio.

Another aspect of our forecasts is planned property acquisitions. Although

Coreo AG expects to increase its real estate portfolio to over EUR400

million within 4-5 years, we are taking a more conservative approach to our

planning. For the next three financial years, we expect investments of EUR

40 million each, with a large part of the investments already made in 2020

with the acquisition of the NRW portfolio. Liquid funds of EUR 5.20 million

plus the addition of liquidity from the sale of, among other things,

properties in Göttingen (EUR 5.88 million) and a recently implemented

capital increase (EUR 1.91 million) should provide sufficient financial

leeway. The portfolio of MagForce shares in the amount of EUR5.80 million

must be added to this figure.

As part of our DCF valuation model, we have determined a fair value per

share of EUR2.60. Based on the current share price of EUR 1.29, we thus

assign the BUY rating.

Die vollständige Analyse können Sie hier downloaden:


Kontakt für Rückfragen

Jörg Grunwald



Halderstraße 27

86150 Augsburg

0821 / 241133 0


Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (4,5a,6a,11); Einen Katalog mölicher Interessenkonflikte finden Sie unter:


Date and time of completion (german version): 17/06/2020 (8:45 am)

Date and time of first distribution (german version): 17/06/2020 (11:30 am)

Date and time of completion (english version): 22/06/2020 (10:20 am)

Date and time of first distribution (english version): 22/06/2020 (2:00 pm)

-übermittelt durch die EQS Group AG.-

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