Corestate Capital Holding S.A. : Target price lowered after updating our model – Buy rating maintained due to Corestate´s structural growth market
>We have updated our model to factor in Corestate Bank - We have updated our model considering i) the consolidation of Corestate Bank (former AFS) in Q2 2021, ii) the increased number of shares due to the acquisition of Corestate Bank and iii) the companies deleveraging plan. While we barely changed our estimates for aggregate revenues & gains, we revised down our EBITDA estimates by c.-15% to -25% by lowering our EBITDA margin assumptions to a range of c.36-46% from ...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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