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Dow Jones News
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Original-Research: Coreo AG (von GBC AG): BUY

Dow Jones received a payment from EQS/DGAP to publish this press release.

Original-Research: Coreo AG - von GBC AG 
 
Einstufung von GBC AG zu Coreo AG 
 
Unternehmen: Coreo AG 
ISIN: DE000A0B9VV6 
 
Anlass der Studie: Research Report (Initial Coverage) Empfehlung: BUY 
Kursziel: EUR 3.10 
Kursziel auf Sicht von: 31/12/2019 
Letzte Ratingänderung: 
Analyst: Cosmin Filker; Marcel Goldmann 
 
Attractive 'value-add' real estate specialist, Fast portfolio expansion 
achieved, value-creating growth strategy to be supported by capital increase, 
 high share price potential 
 
Coreo AG is currently executing a subscription-rights capital increase with 
projected gross issue proceeds of up to EUR 16 million. The liquidity 
proceeds will be used to acquire commercial and residential real estate for 
the 'value-add' business segment. In accordance with the corporate strategy, 
the focus is on medium-sized cities in Germany which have not yet been 
affected by the strong price increases thus enabling adequate rental 
returns. The goal is to build a high-yielding portfolio in terms of purchase 
prices. Currently (pre money), the company has a projected NAV (based on GBC 
calculations) of EUR 2.40. Our fair value rating on DCF basis (post money) 
is even higher (see below). 
 
The company was known as Nanostart AG until 2016 and was active as an 
investment company in the nanotechnology sector. The company and corporate 
purpose were changed to real estate as a result of a resolution passed by 
the Annual General Meeting in 2016. The majority of the investments (made in 
previous years) have since been sold. As of 30 June 2018, the company still 
held a little bit more than 2 million shares and thus almost 7.7% of the 
listed company MagForce AG. Since 2017, Coreo has been investing in 
residential and commercial properties/portfolios, primarily in the 
valueadded segment, in line with its value-creating growth strategy. The 
sale of non-strategic portfolio elements generates short-term capital gains. 
At the same time, the remaining properties are being developed and optimised 
in order to increase long-term rental income and consequently create 
potential for value appreciation. 
 
Since launching the new corporate strategy, the company has already 
completed five transactions with a total investment volume of just under EUR 
41 million. The properties are all located in the B and C locations 
addressed by Coreo AG and have comparatively high rental yields of more than 
10%. In the current 2018 financial year, the largest investments in terms of 
volume involved the acquisition of the residential real estate portfolio in 
Göttingen and the Hydra portfolio. The acquired portfolios will be held for 
producing long-term rental income. In addition, individual properties are 
being revitalised or rebuilt in order to benefit from expected increases in 
value. The company also plans to raise hidden reserves within the scope of 
property sales. Access to liquidity from property sales is then to be used 
for the planned investments (revitalisation, conversion, etc.). It can also 
be assumed that the company will successively reduce its stake in MagForce 
AG, thereby releasing further liquidity. 
 
The basis for our sales and earnings forecasts is the current real estate 
portfolio and assumed investments following the current capital increase. 
The forecasts and valuation are therefore a so-called of post-money 
consideration. We have also taken note of the unusual fact that Coreo AG 
until now does not consolidate the property companies (note: all properties 
are held in subsidiaries of the legal form GmbH and GmbH & Co. KG). The 
after-tax result of the property companies is consequently only reported as 
investment income in the financial result of Coreo AG. We are 'moving up' 
this net income position to the gross profit of Coreo AG, which means that 
the property income will be part of the operating result (EBITDA, EBIT). 
 
For the current and upcoming financial year, we expect a tangible increase 
in income and profit. In addition to the increase in rental income, the 
company is expected to generate significant sales proceeds and uncover 
hidden reserves. As income from participation represents a residual value, 
Coreo AG should achieve high profit margins of up to 65%, according to our 
plans. At the level of a property company, the profit margin is lower, but 
still at the upper end of the industry-standard key figures. 
 
Based on our DCF model (post-money), we have calculated a target price of 
EUR3.10. Based on the current share price and the placement price within the 
context of the current capital increase of EUR 1.60 per share, our 
recommendation is BUY. 
 
Die vollständige Analyse können Sie hier downloaden: 
http://www.more-ir.de/d/17359.pdf 
 
Kontakt für Rückfragen 
Jörg Grunwald 
Vorstand 
GBC AG 
Halderstraße 27 
86150 Augsburg 
0821 / 241133 0 
research@gbc-ag.de 
 
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR 
Beim oben analysierten Unternehmen ist folgender möglicher 
Interessenkonflikt gegeben: (4,5a,5b,6a,11); Einen Katalog möglicher 
Interessenkonflikte finden Sie unter: 
http://www.gbc-ag.de/de/Offenlegung.htm  
Date and time of completion (german version): 29/11/2018 (5:13 pm) Date and 
time of first distribution (german version): 30/11/2018 (8:30 am) Date and 
time of completion (english version): 05/12/2018 (9:26 am) Date and time of 
first distribution (english version): 05/12/2018 (10:00 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. 
 
 

(END) Dow Jones Newswires

December 05, 2018 04:02 ET (09:02 GMT)

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