Original-Research: Coreo AG - von GBC AG Einstufung von GBC AG zu Coreo AG Unternehmen: Coreo AG ISIN: DE000A0B9VV6 Anlass der Studie: Research Note Empfehlung: BUY Kursziel: EUR 1.00 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann H1 2023: Large portfolio acquisitions to come in 2024; EBIT break-even expected in 2024; price target: € 1.00; rating: BUY   In the first six months of 2023, Coreo AG was able to increase rental income to € 3.17 million (previous year: € 2.82 million). As there were no property additions in both the 2022 financial year and the current 2023 financial year, the 12.7% increase in gross rental income was achieved on the same property basis. Portfolio optimisations carried out, such as the property handover in Kiel in the past 2022 financial year or the conclusion of a long-term rental agreement with the city of Wetzlar, have increased the revenue base, from which Coreo AG benefited in the first half of 2023. In addition, vacancies were already reduced in the past financial year and rent increases were implemented in some cases. However, part of the increase in gross rents is also due to the current market-related rise in ancillary costs, which resulted in a significant increase in advance operating cost payments of 44.1% to € 0.84 million (previous year: € 0.59 million).   Total operating costs of € 3.10 million (previous year: € 3.04 million) remained roughly at the previous year's level. Within costs, the cost of materials in particular increased to € 1.79 million (previous year: € 1.29 million). This was partly due to higher ancillary operating costs and partly due to maintenance and modernisation expenses, which relate in particular to the properties in Wetzlar, Delmenhorst and Göttingen. However, the increase in the cost of materials was offset by a decrease in personnel expenses and other operating expenses (including lower legal and consulting costs). At € -0.44 million (previous year: € -0.61 million), EBIT in the first six months of 2023 was therefore also higher than the previous year's figure.   We have prepared our forecasts on the basis of the current property portfolio. In addition, we also assume property acquisitions for the coming financial years, which will both have an impact on the company's rental income and, as part of the value-creating strategy, result in possible valuation income.   In the first six months of 2023, Coreo AG generated gross rental income of € 3.17 million. With the exception of the sale of the 119 residential units in the 'Hagenweg' property, the property portfolio is unchanged for the second half of 2023, meaning that comparable gross rental income is likely to be generated in the second half of the year. The loss of rental income from 'Hagenweg' of around € 0.20 million (GBC estimate) will be limited, as this will not occur until the fourth quarter of 2023. Compared to our previous forecast (see forecast dated 14 July 2023), we are nevertheless adjusting the expected rental income slightly more to € 6.12 million (previously: € 6.53 million).   This adjustment is primarily due to the delay in the purchase of the Hagen/Rostock portfolio, for which the purchase price (total investment volume: € 2.5 million) has already been finalised. We had previously expected to acquire the property in the second half of 2023. As things stand, however, the property will not be acquired until the coming financial year. In addition, the transfer of the Spree-Ost portfolio, for which a purchase agreement has been in place since 2021, is planned for the coming 2024 financial year. This portfolio comprises 1,341 flats and 15 commercial units and, as the largest acquisition in Coreo's history, would have a significant impact on the company's revenue and earnings performance. As a precautionary measure, we have postponed the acquisition date to the second half of 2024 (previously: first half of 2024) and are therefore also reducing the expected rental income for 2024 to € 8.22 million (previously: € 9.56 million). This effect is not relevant for the 2025 financial year; the lower expected rental income of € 12.15 million (previously: € 12.36 million) expected in this financial year is solely a result of the sale of 'Hagenweg'.   The book loss of € 0.61 million from the sale of the properties on 'Hagenweg' in Göttingen was recognised in full in the first half of 2023, meaning that no further negative effects are expected for the second half of the year. In our previous forecasts, we did not anticipate any valuation losses; on the contrary, we assumed valuation gains due to the investments in the existing portfolio. In the updated forecast, we have taken into account both the book loss and conservatively assumed slightly lower book gains on the existing portfolio. Accordingly, the company should report a negative EBIT of € -0.12 million in the current 2023 financial year (previously: € 2.18 million). With the expected strong increase in rental income, in particular due to the addition of the two already fixed portfolios, EBIT break-even should be achieved sustainably from the coming 2024 financial year.   As part of our DCF valuation model, we have determined a new price target of € 1.00 (previously: € 1.30). The price target reduction is solely a consequence of the forecast adjustment. We continue to assign a BUY rating.     Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28337.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time completion (german): 17.11.23 (07:55 am) Date and time first distribution (german): 17.11.23 (10:30 am) Date and time completion (english): 20.11.23 (08:02 am) Date and time first distribution (english): 20.11.23 (10:00 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Coreo AG - von GBC AG Einstufung von GBC AG zu Coreo AG Unternehmen: Coreo AG ISIN: DE000A0B9VV6 Anlass der Studie: Research study (Anno) 1 Empfehlung: BUY Kursziel: 1.30 EUR Kursziel auf Sicht von: 31.12.2024 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann - FY 2022 was marked by portfolio optimisation - Postponed investments should be realised in 2024 - Break-even expected from 2024   In the past financial year 2022, Coreo AG's focus was on active asset management of the existing portfolio, whereas no new investments were made for the first time since the start of real estate-related business activities. In particular, the delay of the acquisition of the largest portfolio in the company's history, which had been planned since 2021, was responsible for this. In this respect, the focus of business activities was on extensive refurbishments and conversion measures at existing properties in Kiel, Wetzlar or Bruchsal.   Nevertheless, a significant increase in gross rental income to € 5.97 million (previous year: € 4.35 million) was achieved, in particular due to the first full-year inclusion of properties acquired in 2021. In addition, rental increases were achieved in the existing portfolio and vacancies in the refurbished properties were reduced. On the other hand, proceeds from disposals fell to €2.89 million (previous year: €10.32 million). These primarily include the complete sale of the Mannheim portfolio and some properties in the Göttingen portfolio. As a result, total income of €10.38 million (previous year: €16.53 million) was below the previous year's level, but above our expectations (GBC forecast: €7.99 million) due to higher than expected proceeds from disposals.   The decline in earnings is also reflected in the drop in EBIT to € 0.98 million (previous year: € 2.84 million). This was lower than we expected due to higher maintenance measures (GBC forecast EBIT: € 2.63 million). Based on this, Coreo AG was once again unable to reach break-even at the level of the after-tax result. At present, the company's rental income is still too low to cover its operating expenses, but it is still not sufficient to cover its financial expenses.   The current P&L picture should only change with the expected expansion of the rental portfolio. One possible property acquisition that is likely to have a relevant influence on the company's revenue and earnings development is the transfer of the so-called Spree East portfolio, for which a purchase agreement was already reached in 2021. According to the company's announcement at the time, the portfolio comprises a total of 1,341 flats and 15 commercial units, which would make it the largest acquisition in the history of Coreo AG. Although the company is currently still in negotiations, we assume that the acquisition will not take place until the coming financial year 2024. Likewise, an exclusive agreement for the purchase of a portfolio in Hagen/Rostock with an investment volume of € 2.5 million was concluded in July 2022.   Assuming the expected addition of these portfolios and after taking into account further investments in the coming financial years, rental income, which will then be the most important earnings variable, should gradually increase to € 6.53 million (2023e), € 9.56 million (2024e) and € 12.36 million (2025e). From the coming financial year onwards, these should be enough to reach the break-even point at the level of the after-tax result.   Within the framework of our DCF valuation model, we have determined a new target price of € 1.30 (previously: € 1.85). Compared to our previous valuation, we have made a significant forecast adjustment. On the one hand, we expect a slower build-up of the portfolios. On the other hand, rental income is more important than in our previous forecasts. Compared to the trading business, this is accompanied by lower revenues, but at the same time there should be higher profitability. The weighting of capital costs is also shifting towards debt capital, which has led to a reduction in the WACC. We continue to give the rating BUY.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27345.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (4,5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion: 14.07.2023 (08:47 am) Date and time first distribution: 14.07.2023 (11:30 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Coreo AG - von GBC AG Einstufung von GBC AG zu Coreo AG Unternehmen: Coreo AG ISIN: DE000A0B9VV6 Anlass der Studie: Research Note Empfehlung: BUY Kursziel: 1.85 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann H1 2022: Half-year figures in line with expectations; Lower new investments forecast; Target price reduced to € 1.85 (previously: € 2.15); Rating: BUY   In the first six months of 2022, Coreo AG's earnings development was largely in line with our expectations. This applies in particular to rental income, which increased significantly by 45.9% to €2.82 million (previous year: €1.93 million). This increase primarily reflects the expansion of their property portfolio in connection with the acquisitions made the previous year. In July 2021, two production sites and the administrative headquarters of a listed German automotive supplier were acquired, resulting in annual rental income of €0.70 million. In addition, Coreo AG acquired a logistics property in Delmenhorst in September 2021, which contributes annual rental income of € 0.50 million.   We had also anticipated a decline in the disposal result in advance. Following Coreo AG's extensive disposals in the 2021 financial year, a small number of properties from the Mannheim and Göttingen portfolios were sold in the reporting period. As the proceeds from the sales were at book value level, the sales proceeds amounted to € 0.00 million (previous year: € 0.31 million). In the run-up to the transactions, the book values of their properties in their Mannheim portfolio, which has now been completely sold, were adjusted to the low sales price and a corresponding reduction in value of € -0.53 million (previous year: € 0.40 million) was recognised in profit or loss.   The lack of gains from disposals and the significantly lower valuation result than in the previous year were mainly responsible for the decline in EBIT to €-0.61 million (previous year: €0.50 million). The increase in operating costs to €3.04 million (previous year: €2.64 million), which is particularly related to the capital increase carried out in May 2022, also contributed to the decline in EBIT.   With the publication of the half-year figures, the Coreo management confirmed the previous guidance, according to which rental income of € 3.8 million is to be generated on a full-year basis. The guidance issued in the annual report, according to which the portfolio volume should increase to well over € 100 million by the end of the year, was not addressed in the half-year report. Until now, the target property volume communicated by the company as of 31 December 2022 took into account the addition of the largest property portfolio in the company's history. In July 2021, Coreo AG reported on the intended acquisition of a portfolio with a total property portfolio of 1,341 flats and 15 commercial units. It can be assumed that the portfolio will not be added in the current financial year.    With a view to the level of rental income, the guidance should be easily achievable after gross rental income of € 2.82 million (net cold rent: € 2.23 million) was already achieved in the first half of the year. For the second half of 2022, we do not assume any significant sales activities and therefore assume a balanced sales result for the full year 2022. However, we expect a significant improvement in the valuation result, which amounted to € -0.53 million in the first half of 2022 due to the valuation adjustment of the sold Mannheim portfolio. This is due to the successful transfer of properties to new tenants and the implemented rent increases.   Based on the current liquidity of € 12.50 million, the company could acquire new properties with a total volume of around € 20 million at an LTV of 60% to 65%. In our updated forecasts, we assume the addition of new properties with a volume of € 20 million by the financial year 2023, which, in addition to the expected addition of the already agreed large portfolio, should lead to a visible increase in rental income. For the 2024 financial year, we expect new investments of € 30 million, which is below our previous assumptions, in which we had assumed new investments totalling € 80 million for the period 2022 to 2024. This explains the lower rental income forecasts for the coming financial years.   Within the framework of our adjusted DCF valuation model, we have determined a new price target of € 1.85 (previously: € 2.15). On the one hand, the reduction of our forecasts led to a lower target price. In addition, the increase in the WACC as a result of the higher risk-free interest rate also had the effect of reducing the target price. We continue to assign the BUY rating.     Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25713.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion: 26.10.22 (08:31 am) Date and time first distribution: 26.10.22 (10:00 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Coreo AG - von GBC AG Einstufung von GBC AG zu Coreo AG Unternehmen: Coreo AG ISIN: DE000A0B9VV6 Anlass der Studie: Management Interview Empfehlung: Management Interview Letzte Ratingänderung: Analyst: Cosmin Filker; Marcel Goldmann In February 2022, Coreo AG announced the change of the management board. As the successor of the previous board member Marin Marinov, Dennis Gothan is the new CEO of Coreo AG. Mr Gothan will be supported by the new Chief Financial Officer Michael Tegeder. Recently, the company also announced the planned implementation of a capital increase. The rights issue, which will take place between 25 April and 9 May 2022, is expected to raise gross proceeds of up to EUR 5.51 million through the issue of 5.01 million new shares. GBC analyst Cosmin Filker spoke to the new board of directors. GBC AG: Mr Gothan, can you briefly say something about your background and the background of your fellow board member Michael Tegeder? Dennis Gothan: I am a real estate specialist from the ground up and worked, among other things, for eight years as a real estate manager with a focus on letting and transaction management for Strabag PFS. During this time, I also obtained my certification as a transaction manager through EBS. And after I received the offer to work for Coreo, I took a look at the company and recognised its potential. I am sure that I will be able to contribute my skills and impulses optimally in Coreo and in my function. Furthermore, I am very happy that we were able to win Mr. Michael Tegeder as Chief Financial Officer. He has excellent capital market expertise and will be able to put his knowledge to excellent use. Furthermore, Mr Tegeder brings a lot of experience in the field of finance and investor relations. GBC AG: Coreo AG's strategy has so far been summarised under the catchword value-creating growth strategy. This meant in particular the growth strategy geared towards the acquisition of developable properties. Will you stick to this strategy? Dennis Gothan: My goal is 'growth' and I want to give Coreo AG a clear direction and expand the company in the residential real estate sector. Our focus is on the value-add segment. With our own and very experienced asset management, I see great opportunities to be able to successfully implement the potential and the strategies. GBC AG: Are you sticking to the medium-term plan, according to which the portfolio is to be expanded to EUR 400 - 500 million in the next four to five years? Dennis Gothan: Absolutely: we will continue to pursue the goal and are clearly sticking to it. That was also the great attraction here - to build up new substantial portfolios. I am looking forward to implementing this together with our team. GBC AG: You are currently planning to carry out a capital increase with a gross volume of approximately EUR 5.5 million and use the money for further growth. Are there any concrete investment opportunities? Dennis Gothan: Yes, there are: For example, we have a well-filled pipeline with attractive purchase opportunities. Furthermore, the inflowing funds will be used to prepare the further growth of Coreo. GBC AG: What relevant developments have taken place in the Coreo portfolio in recent months? Dennis Gothan: The most important thing is that we have compiled a full inventory and identified the opportunities in the portfolio. In this regard, a comprehensive catalogue of measures was developed in order to be able to implement the ambitious growth steps. Ultimately, the appointment of Mr Tegeder and the aforementioned capital increase are the first steps in this direction. GBC AG: How do you assess the impact of the corona pandemic or the Ukrainian war on the business development of Coreo AG? Dennis Gothan: Such severe crises naturally have their effects. As part of our risk management, we monitor the market environment and interest rate developments very closely. With regard to our portfolio and the real estate sector, I do not expect any major losses in value in the long term. Our financing is stable and sustainable. Real estate is still one of the safest investment opportunities. GBC AG: Mr Gothan, finally a question for investors with a long-term investment horizon. Where will Coreo AG be in the next three to five years? Dennis Gothan: With Coreo we currently have a company that has great potential. The goal of building up a substantial portfolio is clear. We have already set the first course to make this growth possible. I am extremely pleased to be able to contribute all my experience and energy to Coreo and to implement the growth strategy together with the excellent Coreo team. GBC AG: Mr Gothan, thank you very much for the interview. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23951.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (4,5a,5b,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date (time) completion: 28.04.2022 (3:55 pm) Date (time) first distribution: 29.04.2022 (10:00 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.