XTRA:CCAP

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CORESTATE Capital Holding

Executive Summary

CORESTATE Capital Holding S.A. is a real estate investment firm specializing in investments in small to medium sized residential portfolios and commercial real estate markets. More Details


Snowflake Analysis

Very undervalued with reasonable growth potential.


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Share Price & News

How has CORESTATE Capital Holding's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CCAP is more volatile than 90% of German stocks over the past 3 months, typically moving +/- 10% a week.

Volatility Over Time: CCAP's weekly volatility (10%) has been stable over the past year, but is still higher than 75% of German stocks.


Market Performance


7 Day Return

-16.7%

CCAP

-0.3%

DE Real Estate

0.4%

DE Market


1 Year Return

-51.8%

CCAP

5.4%

DE Real Estate

2.3%

DE Market

Return vs Industry: CCAP underperformed the German Real Estate industry which returned 4.6% over the past year.

Return vs Market: CCAP underperformed the German Market which returned 2% over the past year.


Shareholder returns

CCAPIndustryMarket
7 Day-16.7%-0.3%0.4%
30 Day14.8%3.2%9.4%
90 Day-11.7%0.4%4.0%
1 Year-51.8%-51.8%8.1%5.4%5.6%2.3%
3 Year-64.0%-67.8%21.2%12.1%4.4%-4.7%
5 Yearn/a72.9%53.0%26.8%9.0%

Long-Term Price Volatility Vs. Market

How volatile is CORESTATE Capital Holding's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is CORESTATE Capital Holding undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CCAP (€15.05) is trading below our estimate of fair value (€32.13)

Significantly Below Fair Value: CCAP is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: CCAP is good value based on its PE Ratio (5.2x) compared to the DE Real Estate industry average (12.1x).

PE vs Market: CCAP is good value based on its PE Ratio (5.2x) compared to the German market (23.2x).


Price to Earnings Growth Ratio

PEG Ratio: CCAP is good value based on its PEG Ratio (0.1x)


Price to Book Ratio

PB vs Industry: CCAP is good value based on its PB Ratio (0.5x) compared to the DE Real Estate industry average (1.3x).


Next Steps

Future Growth

How is CORESTATE Capital Holding forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

52.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CCAP's forecast earnings growth (52.1% per year) is above the savings rate (0.2%).

Earnings vs Market: CCAP's earnings (52.1% per year) are forecast to grow faster than the German market (27.2% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CCAP's revenue (13.4% per year) is forecast to grow faster than the German market (5.9% per year).

High Growth Revenue: CCAP's revenue (13.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CCAP's Return on Equity is forecast to be low in 3 years time (10.4%).


Next Steps

Past Performance

How has CORESTATE Capital Holding performed over the past 5 years?

36.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CCAP has high quality earnings.

Growing Profit Margin: CCAP's current net profit margins (25.7%) are lower than last year (31.9%).


Past Earnings Growth Analysis

Earnings Trend: CCAP's earnings have grown significantly by 36.9% per year over the past 5 years.

Accelerating Growth: CCAP's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: CCAP had negative earnings growth (-18.7%) over the past year, making it difficult to compare to the Real Estate industry average (0.09%).


Return on Equity

High ROE: CCAP's Return on Equity (8.1%) is considered low.


Next Steps

Financial Health

How is CORESTATE Capital Holding's financial position?


Financial Position Analysis

Short Term Liabilities: CCAP's short term assets (€410.8M) exceed its short term liabilities (€132.1M).

Long Term Liabilities: CCAP's short term assets (€410.8M) do not cover its long term liabilities (€617.0M).


Debt to Equity History and Analysis

Debt Level: CCAP's debt to equity ratio (78.5%) is considered high.

Reducing Debt: CCAP's debt to equity ratio has reduced from 156.7% to 78.5% over the past 5 years.

Debt Coverage: CCAP's debt is well covered by operating cash flow (37.2%).

Interest Coverage: CCAP's interest payments on its debt are not well covered by EBIT (2.6x coverage).


Balance Sheet


Next Steps

Dividend

What is CORESTATE Capital Holding current dividend yield, its reliability and sustainability?

4.81%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate CCAP's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate CCAP's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if CCAP's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if CCAP's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: CCAP is not paying a notable dividend for the German market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of CCAP's dividend in 3 years as they are not forecast to pay a notable one for the German market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.0yrs

Average management tenure


CEO

Lars Schnidrig (48 yo)

2yrs

Tenure

Mr. Lars Schnidrig MBA & LLM serves as the Chairman of Management Board and Chief Executive Officer at CORESTATE Capital Holding S.A. since March 21, 2019 and also served as its Chief financial Officer fro...


Leadership Team

NamePositionTenureCompensationOwnership
Lars Schnidrig
Chairman of Management Board & CEO2yrsno datano data
Silke Hechle
5.33yrsno datano data
Christine Winter
5.33yrsno datano data
Martin Bassermann
Chief Financial Officer1.67yrsno datano data
Daniel Löhken
Chief Legal & HR Officer and Member of Management Board0.17yrno datano data
Florian Sander
Chief Operating Officer1.67yrsno datano data
Nils Huebener
Chief Investment Officer & Member of Management Board0.67yrno datano data
Kai Klinger
Chief Markets Officer2.92yrsno datano data
Kathrin Aigner
Chief Compliance Officer2.25yrsno datano data
Felicity Ambler
Director of Equity Raising and Investor Relationsno datano datano data
Marco Lüder
Director of Commercial Portfolio Asset Management Teamno datano datano data
Cheong Kwok Mun
Regional Head of Capital Raising and Client Relationsno datano datano data

2.0yrs

Average Tenure

48yo

Average Age

Experienced Management: CCAP's management team is considered experienced (2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Mark Wössner
Principal Senior Advisorno datano datano data
Hermann Wagner
Deputy Chairman of the Supervisory Board0.083yrno datano data
Olaf Klinger
Member of the Supervisory Board0.50yrno datano data
Gabriele Apfelbacher
Member of Supervisory Board0.50yrno datano data

0.5yrs

Average Tenure

64yo

Average Age

Experienced Board: CCAP's board of directors are not considered experienced ( 0.5 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 21.2%.


Top Shareholders

Company Information

CORESTATE Capital Holding S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: CORESTATE Capital Holding S.A.
  • Ticker: CCAP
  • Exchange: XTRA
  • Founded: 2006
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: €371.387m
  • Shares outstanding: 25.67m
  • Website: https://www.corestate-capital.com

Number of Employees


Location

  • CORESTATE Capital Holding S.A.
  • 4, rue Jean Monnet
  • Luxembourg
  • 2180
  • Luxembourg

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CCAPDB (Deutsche Boerse AG)YesOrdinary SharesDEEUROct 2016
CCAPXTRA (XETRA Trading Platform)YesOrdinary SharesDEEUROct 2016
0RVJLSE (London Stock Exchange)YesOrdinary SharesGBEUROct 2016
CCAPDBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEUROct 2016
COSTSWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFOct 2016
CCAPETLX (Eurotlx)YesOrdinary SharesITEUROct 2016

Biography

CORESTATE Capital Holding S.A. is a real estate investment firm specializing in investments in small to medium sized residential portfolios and commercial real estate markets. The firm seeks to invest in a...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/12/03 18:43
End of Day Share Price2020/12/03 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.