Corestate Capital Holding (CCAP)

Business description

CORESTATE Capital Holding is a real estate investment manager and co-investor with c €16bn in assets under management. Its headquarters are in Luxembourg and it has 26 offices, including in Dusseldorf, Frankfurt, Madrid, Singapore and Zurich.

Stock data

Market cap.€1101m
Last close€52.50
High / Low (52 weeks)€56.5 / €17.5
Stock market listingDB
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(3.5)16.7N/A
Relative *(7.5)18.3N/A

* % Relative to local index

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Investment summary

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

Last updated on 30/08/2017

Key management

Sascha Wilhelm, CEO
Lars Schnidrig, CFO
Alexander Groschke, Investor Relations
Thomas Landschreiber, CIO

Company address

4, Rue Jean Monnet
Luxembourg
2180
Luxembourg
View website