Habe dies hier eben aus Versehen in Aurelius Forum gepostet. Nun nochmal im richtigen thread.
Ich habe mir gerade mal die Berenberg Studie vom 8 Januar 2020 durchgelesen. Interessant ist darin die Aussage, dass man auf dem Pennyhill Forum im Dezember von Corestate den Ausblick für 2019 nochmal bestätigt bekommen hat. Und im Dezember ist die visibility auf die Jahresergebnisse ja schon sehr hoch.
Unten eine kleiner Ausschnitt aus der H&A Studie vom 14 Jan 2020 (die Studie vor der letzten mit der Erhöhung des KZ auf 56). Finde, dieser Auszug fasst die Story ziemlich gut zusammen. Die Sache mit Carlyle ging irgendwie an mir vorbei. IMO sehr starkes Statement. Eine der größten globalen Private Equity Häuser der Welt. Kannte nur die Bain Capital Partnerschaft.
"Excellent growth prospects going into 2020
Corestate continues to experience buoyant demand for higher yielding real
estate assets. The key to attract new clients is seen in Corestate’s comfortable
position between large institutional investment managers, which can no longer offer
investors sufficient yield, and small players, which can hardly cope with increased
regulatory and reporting requirements. While being able to meet the demands of
large institutional investors, Corestate at the same time offers customised, high
yielding real estate solutions to its clients. This is expected to put Corestate in a
sweet spot in the real estate investment industry in the coming quarters since
investors are craving for yield as higher returning bonds are expiring and given that
investors are by and large still underinvested in real estate. Corestate is strong in
higher yielding asset classes across Europe. It is the European market leader in
micro living and competent in sourcing high yielding asset, particularly in the offices
and residential space.
In order to broaden its income stream, investors should expect further large
institutional client wins. Corestate’s strategy to focus on internationalising its client
base is showing results. A first success has been the on-boarding of Carlyle after a
thorough due diligence process, which further highlights the quality of the company
in our view. The company also recently won one large EU client and a German
insurance company, already increasing the acquisition pipeline by € 500m. It should
also help to smooth income seasonality for Corestate from 2020.
But there is even more growth on the cards thanks to Corestate’s expanded
European sourcing platform. The company increased its European sourcing
capabilities with the recent acquisitions of UK CRM, French STAM and the opening
of an office in Amsterdam. As a result, instead of marketing their own products,
clients are now flocking to Corestate in search of investment opportunities.
We see all boxes ticked for excellent growth in 2020, and coupled with more
than 30% upside to our fair value per share of € 50 (based on DDM and DCF),
Corestate is our top-pick in the real estate sector for 2020."
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