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

Abstract
CR Energy reported preliminary 2023 KPIs showing another good financial performance during the ongoing property downturn. EBIT tallied €65m vs €75m in 2022 (FBe: €76m). The Y/Y decline stems from lower portfolio revaluations booked in 2023 than the prior year. Meanwhile, operating cash flow climbed 8% Y/Y to €4.0 per share allowing CRE to exit 2023 with cash and equivalents totalling €19.5m (YE22: €16.3m). In January, the investment holding also successfully completed a rights issuance. All 232,610 offered shares were subscribed at €15 per share for gross proceeds of €3.5m. CRE should be able to deploy its topped up coffers at Solartec, CR Opportunities, and Terrabau all of which are aiming to capitalise on attractive growth opportunities this year. We are Buy-rated on CRE with a €48 TP.