First Berlin Equity Research has published a correction of the research update on CR Capital AG (ISIN: DE000A2GS625) originally published on 21 July. Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 58.00 to EUR 53.00.
Full year 2021 reporting further validated CR Capital’s evolution towards a company builder. Net income tallied €64m in 2021 marking another year of > 10% bottom line growth, while the investment portfolio continues to take shape with a sharpened sustainability focus. Home building, spearheaded by the holding in Terrabau GmbH, remains a driving force, and now CRC is tackling year-round home electrification with climate-neutral power systems, while also laying the groundwork to supply green construction materials. The company looks primed for another strong year with a full pipeline and secure supply chains. An updated discounted dividend model yields a €53 target price (old: €58). Our rating remains Buy.