Corestate Capital Holding

DB: CCAP

Market Cap€657.7m

Last Close €30.8

CORESTATE Capital Holding is a real estate investment manager and co-investor with c €16bn in assets under management. Its headquarters are in Luxembourg and it has 26 offices, including in Dusseldorf, Frankfurt, Madrid, Singapore and Zurich.

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Investment summary

Corestate’s (CCAP) H117 results reflect strong organic growth assisted by an expanding investment platform (AUM at €3.5bn as of end-June 2017 vs €2.8bn as of end-FY16), good transaction volumes (€1.4bn from 11 transactions vs €0.2bn from 23 deals in H116) and a solid increase in client funds raised (€356.1m vs €52.6m). The recent large acquisitions of Hannover Leasing (HL) and Helvetic Financial Services (HFS) translate into an increase in AUM to c €20bn by end-2017. Consequently, management guides to FY17 adjusted EPS in the range of €5.14-5.44 (vs €1.47 in FY16). Corestate’s shares are trading at a 2017e P/E multiple of just 10.5x, implying a 22% discount to the peer group.

Content on Corestate Capital Holding
Corestate Capital Holding – The investment manufactory
Financials | Initiation | 14 August 2018
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Share price graph
Price performance
%
1m
3m
12m
Actual 1.5 (10.6) (38.4)
Relative* (2.2) (12.6) (36.7)
52-week high/low €51.7/€28.4
*% relative to local index
Key management
Sascha Wilhelm CEO
Lars Schnidrig CFO
Thomas Landschreiber CIO