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Original-Research: CR Energy AG - from NuWays AG
29.10.2024 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group AG.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of NuWays AG to CR Energy AG
Company Name: CR Energy AG
ISIN: DE000A2GS625
Reason for the research: Update
Recommendation: Buy
from: 29.10.2024
Target price: EUR 12.00
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
Positive operating development in H1
Topic: CR Energy released its H1 report, which shows a strong operating
performance of the portfolio companies. Moreover, the company conservatively
did not perform a revaluation of the holding companies in H1. In detail:
In H1 the portfolio companies showed a positive operating development,
achieving a combined net income of EUR 9.5m. Due to the profit and loss
transfer agreements with the holding companies, the profits from the
investments will be transferred to CRE at the end of the year. Hence, they
did not impact the P&L in H1. As the company conservatively did not perform
a revaluation of the holdings in H1, total sales thus amounted to EUR 0.1m in
the first half of the year.
CRE as an investment company does not fully consolidate its holdings. Thus,
only changes in fair value and profit transfers from the investments are
recognized in the income statement in accordance with IFRS 10. In
combination with an expected positive valuation result, the profit transfer
at YE will lead to a significant increase in total sales at FY '24e compared
to the H1' result. Overall, we expect the holding companies to continue
their strong performance in the course of H2.
Notably, CRE's portfolio company Terrabau, a general contractor specialized
on sustainable and affordable living, handed over a total of 170 residential
units with a total area of more than 11k sqm to its customers by H1. For the
second half of the year, the completion of a further 5k sqm of living space
is planned. Here, the strong synergy effects between the portfolio companies
should become evident again, as CRE's subsidiary Solartec, a specialist in
the design of sustainable energy systems, will equip the completed
residential units with its solar systems.
Furthermore, subsidiary CR Opportunities (CRO) issued its first RAIF in H1,
which will be followed by an ELTIF in the remainder of H2 (eNuW). The fund
shall be populated with properties from Terrabau's development projects as
well as suitable existing properties with value-add potential, thus once
again capitalizing on the strong synergies between the holding companies.
Reiterate BUY with an unchanged EUR 12 PT based on DDM.
You can download the research here: http://www.more-ir.de/d/31137.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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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2017665 29.10.2024 CET/CEST
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