Polish Residential Developers 4Q19E result previews
The number of units delivered was in line with our FY19 expectations, while the number of pre-sales was 21% above our estimates (582 units in 4Q19, +86% y/y on improved dwellings offer). Our 4Q19 forecast implies FY19 revenues of PLN 814m and EBIT ex. revaluations of PLN 262m and net profit ex. revaluations of ca. PLN 193m (broadly in line with our previous expectations). As a reminder, our in our forecasts we assume a 75% pay-out ratio of adjusted consolidated net profit with additional payment of PLN 40m after disposals from 2019E, implying DPS of PLN 0.41 (DY 15.8%).
Archicom SA is a Poland-based company engaged in the homebuilding industry. The Company is active in the construction of multifamily homes and commercial spaces. It portfolio encompasses of several projects, such as Olimpia Port, Ogrody Hallera, Sloneczne Inwestycje, Spirala Czasu, Na Ustroniu, Na Krzyckiej, Cztery Pory Roku, Rozy Wiatrow, Siena and Ksiezno, as well as Liskego 7, West Forum and Renaissance BC. The main shareholder of the Company is DKR Investment Sp z o o. In Archicom Studio, a company operating within the Group Archicom, the Company develops the architectural concepts. Archicom SA concentrates its activities mainly in Wroclaw. It operates through Altona Investments Sp z o o.
Atal SA is a Poland-based company engaged in the residential real estate development industry. The Company specializes in the construction and sale of apartments in multi-family buildings. It also builds single-family houses. The Company operates wholly owned subsidiaries such as ATAL Construction Sp z o o and Atal Wysoka Sp z o o , among others. Atal SA operates domestically.
Develia SA Formerly known as Lc Corp. S.A.. Develia SA, formerly known as LC Corp SA, is a Poland-based holding company engaged in the real estate development operations. It is involved in the acquisition, management, rental and sale of commercial and residential properties located in such Polish cities as Warsaw, Wroclaw, Krakow, Lodz, Gdansk and their surroundings. Its main development projects in the commercial properties area include Arkady Wroclawskie shopping and retail complex in Wroclaw, as well as an office complex, Wola Center in Warsaw. In the area of residential investment it develops apartments houses Przy Promenadzie, Rezydencja Kaliska and Powstancow 33 in Warsaw; Maestro and Vratislavia Residence in Wroclaw; Debowa Ostoja in Lodz; as well as Niepolomicka and Srebrena in Gdansk. The Company owns 99.95% stake in LC Corp Invest XV Sp z o o Investments SKA. and 100% stake in Sky Tower SA, in the the Netherlands.
Dom Development is engaged in the construction and sale of residential real estate in Poland.
Lokum Deweloper SA is a Poland-based company engaged in the construction and engineering industry. The Company offers wide range of commercial and residential buildings, including selling of flats, apartments, houses and parking lots, as well as renting offices and commercial spaces. In addition, Lokum Deweloper SA provides partial finishing flats services, such as building renovation. The Company's products portfolio encompasses Lokum Vita, Lokum da Vinci and Lokum de Trevi, among others. It is active in the domestic market, exactly in Wroclaw.
Rapidly growing CEE brokerage with over 50 stocks under coverage across CEE4 countries: Poland, Czechia, Hungary, Romania.
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