Corestate Capital Holding

DB: CCAP

€699.4m market cap

€32.75 last close

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.

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.

Share price graph
Price performance
%
1m
3m
12m
Actual 9.7 (14.7) (37.0)
Relative* 7.0 (16.1) (31.2)
52-week high/low €53.3/€28.4
*% relative to local index
Key management
Sascha Wilhelm CEO
Lars Schnidrig CFO
Thomas Landschreiber CIO