Original-Research: CR Energy AG (von NuWays AG): Kaufen

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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: 14.05.2024
Target price: EUR 48.00
Target price on sight of: 12 Monaten
Last rating change: 
Analyst: Philipp Sennewald

Final FY slightly ahead of preliminary figures / chg.
CR Energy published its FY '23 report, displaying figures slightly ahead of
the prelims published in March. In detail:
FY '23 sales, which refers mainly to income from the investment business,
came in at EUR 68.8m, implying a 14% yoy decline. The decline can be mainly
explained by lower valuation gains across the holding portfolio, which were
however partly set off by a strong increase (+78% to EUR 29.8m) of cash
contributions from the holding companies.
On this basis, FY EBIT came in at EUR 66.4m (prelims: EUR 65m), implying a 70bp
margin improvement to 96.8%, which was driven by reduced personnel expenses
(-30bps yoy) as well as other OpEx (-30bps yoy). On top of this, CR Energy
continues to be highly cash generative, as CFO increased by 42% yoy to EUR
23.5m, equaling EUR 4.16 per share.
Yet, the company recently announced that it will propose to the AGM to
issue bonus shares instead of paying a cash dividend. In detail, management
intends to issue new shares to existing shareholders at a ratio of 1:3 by
transferring EUR 17.7m from retained earnings to the capital reserve.
Management also stated, that it will return to paying out cash dividends in
the years ahead.
Besides this, one highlight of the release is clearly the announced
intention to launch a European Long Term Investment Fund (ELTIF) vie
subsidiary CR Opportunities. In addition to Terrabau's real estate
projects, CR Opportunities as asset manager also plans to purchase suitable
existing properties for the fund and to optimize their energy efficiency
using Solartec's expertise. Hence, with this new project CR Energy once
again capitalizes on the strong synergies between its holding companies.
The fund will be launched during the remainder of the year, and it is
intended to grow AUM by EUR 100m per year until 2027. In addition to
institutional investors, private investors will also be able to invest in
the product via a participation bond.
The stock remains a BUY, unchanged EUR 48 PT based on DDM. Mind you, our
current valuation model does not yet include the possible issuance of bonus
shares following the AGM in June.

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