First Berlin – CR Capital AG Research Update (17/09/2021)

First Berlin Equity Research has published a research update on CR Capital AG (ISIN: DE000A2GS625). Analyst Ellis Acklin reiterated his BUY rating and increased the price target from EUR 37.00 to EUR 58.00.

Abstract
A number of industries and sectors are struggling in the pandemic-world, but CR Capital's prospects remain excellent, thanks to its position in Germany's affordable housing segment and a recent move into the world of private equity. The fully-owned Terrabau has a full pipeline of over 600 units, and operations have continued largely unhampered during the crisis. H1/21 reporting was highlighted by €62m in net income and NAVPS of €62.5. CR Capital now reports as an investment entity according to IFRS 10. We thus value the company with a discounted dividend model (DDM) and arrive at a €58 price target (old: €37). We remain Buy-rated on CR Capital.