First Berlin Equity Research has published a research update on CR Energy AG (ISIN: DE000A2GS625). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 50.00 to EUR 48.00.

Six month reporting revealed another strong portfolio performance further burnishing the recently rebranded CR Energy’s credentials as a green company builder. The investment holding recorded €52m in net income for the six months to July, which pushed NAVPS up to €80.9
(+17% YTD). Operating cash flow nearly doubled Y/Y to €12.8m. Business momentum is building for the Solartec holding prodded by policy maker commitments, favourable PV component pricing, and synergetic workflow in conjunction with sister-holding, Terrabau. Importantly, homebuilding activities have remained on schedule during the property sector dislocation. We remain Buy-rated on CRE with a €48 TP (old: €50), which now factors the recent surge in bond yields into our cost of equity calculation.