Original-Research: Coreo AG - von GBC AG

Einstufung von GBC AG zu Coreo AG

Unternehmen: Coreo AG


Anlass der Studie: Research Note

Empfehlung: BUY

Kursziel: 2.60 EUR

Kursziel auf Sicht von: 31.12.2021

Letzte Ratingänderung:

Analyst: Cosmin Filker; Marcel Goldmann

Instead of the public bond issue, Coreo AG will conduct a private

placement, planned issue volume of EUR 30 million, forecasts and rating


On September 14, 2020, Coreo AG cancelled the bond issue which had been

running since August 24, 2020. Of the planned issue volume of EUR 30

million, approximately EUR 10 million were placed by the end of the

extended subscription period (14.09.2020). This would not allow the

original investment plan to be implemented. In accordance with the use of

funds, Coreo AG had planned on the one hand to repay the warrant bond with

an outstanding volume of EUR 15 million, which runs until 2022, and on the

other hand to finance new investments in residential and commercial real


As a replacement for the now cancelled public offering, the company

nevertheless plans to carry out a private placement in the amount of the

original bond volume of EUR 30 million to a well-known investor and the two

anchor shareholders. According to the company, the relevant discussions are

at an advanced stage. Following the adjustment of the bond conditions, the

private placement should be finalized in the coming weeks.

Compared to the previous bond issue, there will be no significant changes

for Coreo AG shareholders, apart from the adjustment of the terms and

conditions, which we believe should be minor. The full placement of the

originally planned volume of EUR 30 million would be ensured, which means

that the original investment plan could be implemented. The repayment of

the option bond with an outstanding volume of around EUR 15 million, which

runs until 2022, would then still be possible. The coupon of the warrant

bond in the amount of 10% should be significantly higher than the interest

rate in the private placement, which should result in considerable interest


In addition, the company plans to acquire properties worth more than EUR 40

million in the near future, for which exclusivity agreements have already

been concluded. The approximately EUR15 million still available after the

redemption of the warrant bond would be sufficient to implement the

specifically planned real estate acquisitions. With an assumed LTV (loan-

to-value) of approximately 66%, the Company could acquire new properties

with a volume of up to EUR 50 million.

Despite the cancellation of the bond issue, the fact that the Company is

expected to receive the originally targeted volume of EUR 30 million is to

be seen as positive overall. Especially since Coreo AG will be able to

carry out another bond issue at a later date on the basis of the

preparatory work carried out. In order to realize the portfolio growth of

EUR 40 million in 2020 and 2021 that we have forecast so far, the company

will require additional funds.

Our previous forecasts remain valid. Within the scope of the Anno Study

published on June 17, 2020, we assumed a significant expansion of the key

earnings and profit figures on the basis of the existing portfolio and

including planned new investments of EUR 40 million. We confirm the target

price of EUR 2.60 determined in the Anno study and thus continue to assign

the BUY rating.

Die vollständige Analyse können Sie hier downloaden:


Kontakt für Rückfragen

Jörg Grunwald



Halderstraße 27

86150 Augsburg

0821 / 241133 0


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Date (time) completion: 17.09.20 (3:05 pm)

Date (time) first distribution: 18.09.20 (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.