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Equity Bottom-Up

Corestate Capital Holding S.A. / Equity Bottom-Up

<p>Corestate&rsquo;s (CCAP) H117 results reflect strong organic growth assisted by an expanding investment platform (AUM at &euro;3.5bn as of end-June 2017 vs &euro;2.8bn as of end-FY16), good transaction volumes (&euro;1.4bn from 11 transactions vs &euro;0.2bn from 23 deals in H116) and a solid increase in client funds raised (&euro;356.1m vs &euro;52.6m). The recent large acquisitions of Hannover Leasing (HL) and Helvetic Financial Services (HFS) translate into an increase in AUM to c&nbsp;&euro;20bn by end-2017. Consequently, management guides to FY17 adjusted EPS in the range of &euro;5.14-5.44 (vs &euro;1.47 in FY16). Corestate&rsquo;s shares are trading at a 2017e P/E multiple of just 10.5x, implying a 22% discount to the peer group.</p>

Corestate&rsquo;s (CCAP) H117 results reflect strong organic growth assisted by an expanding investment platform (AUM at &euro;3.5bn as of end-June 2017 vs &euro;2.8bn as of end-FY16), good transaction volumes (&euro;1.4bn from 11 transactions vs &euro;0.2bn from 23 deals in H116) and a solid increase in client funds raised (&euro;356.1m vs &euro;52.6m). The recent large acquisitions of Hannover Leasing (HL) and Helvetic Financial Services (HFS) translate into an increase in AUM to c&nbsp;&euro;20bn by end-2017. Consequently, management guides to FY17 adjusted EPS in the range of &euro;5.14-5.44 (vs &euro;1.47 in FY16). Corestate&rsquo;s shares are trading at a 2017e P/E multiple of just 10.5x, implying a 22% discount to the peer group.

<p>Corestate Capital (CCAP) is an integrated real estate investment manager providing a range of asset management products and services. It focuses on commercial and residential property in Germany, Austria and other European markets, often co-investing with its family office, and institutional and high net worth investor clients. The pending acquisition of Hannover Leasing (HLG) will make it one of the leading real estate fund managers in German-speaking Europe, with AUM of &#8364;16bn. No details of the transaction have been disclosed. Even without factoring in the financial impact of the HLG deal, CCAP is trading on a P/E ratio of 17x and yielding nearly 5%.</p>

Corestate Capital (CCAP) is an integrated real estate investment manager providing a range of asset management products and services. It focuses on commercial and residential property in Germany, Austria and other European markets, often co-investing with its family office, and institutional and high net worth investor clients. The pending acquisition of Hannover Leasing (HLG) will make it one of the leading real estate fund managers in German-speaking Europe, with AUM of &#8364;16bn. No details of the transaction have been disclosed. Even without factoring in the financial impact of the HLG deal, CCAP is trading on a P/E ratio of 17x and yielding nearly 5%.

Luxembourg

Corestate Capital Holding S.A. operates as a real estate investment company. The Company acquires, develops, and manages real estate properties, as well as asset and property management services. Corestate Capital Holding conducts its business in Germany.

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Corestate Capital Holding S.A. (CCAP GY)

Organic growth coupled with M&A activity

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...

Edison Investment Research

The investment manufactory

Corestate Capital (CCAP) is an integrated real estate investment manager providing a range of asset management products and services. It focuses on...

Edison Investment Research

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