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 €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.Corestate Capital holding is a holding company. With its group companies, Co. offers a range of real estate investment management services, such as investment, fund, asset, property and facility management. Co.'s product offering primarily covers residential, commercial and microliving assets (including developments) and addresses all risk/return profiles, i.e. from core/core plus to value add/opportunisitc. Clients include semi-institutional investors (HNWIs and family offices) as well as institutional investors. Co.'s key market is Germany. Additional activities focus on other European countries such as Austria and Spain as well as the Benelux countries.
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