Concorde Securities - Appeninn Vagyonkezelo Holding Nyrt. (APPENINN) Appeninn - To infinity and beyond?

Report

Concorde Securities

Gellert Gaal

Appeninn - To infinity and beyond?

We initiate a coverage of Appeninn (or “the company”) and set our 12M ex dividend Target Price (TP) of HUF 743, implying a ca 20% upside potential from the current share price. With its new strategic shareholder (Konzum Group), Appeninn could become the region fastest growing real estate company. According to the company’s business plan, the management expects a revenue of CAGR 44% and EBITDA CAGR of 88% by 2022 that we deem is achievable.

04/07/2018 47 EN

Underlying

Appeninn Vagyonkezelo Holding Nyrt.

Appenin Vagyonkezelo Holding Nyrt (Appeninn Property Management Holding Plc) is a Hungary-based company active in the real estate sector. The Company operates in three segments: renting offices complexes and storages; real estate management; and industrial machinery leasing. The first segment includes seven office complexes and storages in Budapest. The second segment includes technical facility management (overall technical operation, operation and maintenance of building engineering an electricity, planned preventive maintenance and conservation, building surveillance, troubleshooting and renovations, among others) as well as infrastructural facility management (sanitary service and cleaning, reception services, security guarding, gardening, waste treatment and document destruction, among others). The third segment includes mobile telescoping cranes leasing. As of December 31, 2011, the Company operated 13 subsidiaries.

See profile

HU0000102132 Budapest Stock Exchange Hungary

Provider

Concorde Securities

Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.

See profile

Analysts

Gellert Gaal

Other Reports on these Companies

Concorde Securities

Appeninn - New Strategy, New Hope?

Appeninn – Instant Earnings Comment Recommendation: Under revision (prev: Accumulate) Target price (12M): Under revision (prev: HUF 743) New Strategy, new hope? Appeninn released its new strategic presentation as there hass been a reshuffle in both amongst shareholders and the management. The real estate holding continues to operate office and retail assets across the country and aims to rotate its RE portfolio into premium assets, with two new items on its agenda - 1), aim to increase shareholder value 2), enter into the touristic market by developing hotels. We will dig in the ...

PREMIUM

April 22, 2020 April 22, 2020 6 EN

Concorde Securities

Appeninn - According To The Plan, So Far!

Appeninn – Instant Earnings Comment Recommendation: Accumulate Target price (12M): HUF 743 According to the plan, so far! Appeninn published it FX report yesterday post market.. In short, Appeninn reached its guided figures for rental income, NAV, NAVPS, GAV for 2018, except for EBITDA guidance which was exceeded by 26%. The most relevant part is the EBITDA line in our view. We note in our cov. research that large part of the EBITDA in 2018 will come from revaluation gain, which notion was confirmed by the FY report. Out of EUR 19 million EUR 16 million came from revaluation gain (p...

PREMIUM

April 9, 2019 April 9, 2019 1 EN

Concorde Securities

Appeninn - Closing Of A Plot Acquisition At Balaton.

Appeninn - Equity Note Recommendation: Accumulate Target price (12M): HUF 743 Closing an acquisition at Balaton Appeninn on Thursday said it closed the acquisition of 74.99pc of Pro-Mot Hungaria, a joint holding of Israeli property developers Shikun + Binui and AFI Group which owns a resort on Lake Balaton,for a consideration of EUR 14.2m on January 28. During the summer of 2018, the company signalled that it purchased a majority share of a real estate developer, and via that has access to large lakefront property. This transaction has been finalized and closed lately. Wi...

PREMIUM

February 14, 2019 February 14, 2019 5 EN

CEE Banks – Great opportunities with different risk profiles

The CEE region is expected to deliver a moderate rebound of GDP growth in 2024,following the preceding year’s weak growth, fuelling expectations of sustainable profits inthe banking sector. Inflation is seen to be twin faced in our region, similar to most of the coreeconomies. Even with a diminished potential for much intra-year improvement of the inflationpath in 2024, this inflation provides several CEE central banks more room to cut policy ratesthis year. Lower interest rates are expected to ease some of the burdens of the CEE statebudget, though most of the improvement should come from hig...

PREMIUM

20h / 11m 20h / 11m 31 EN

Mihaly Gajda

Mihaly Gajda

SECURING ENERGY INDEPENDENCE: OMV PETROM'S OFFSHORE DEVELOPMENT AND RENEWABLE EXPANSION

We re-initiate coverage of OMV Petrom with Buy recommendation. We set our 12m ex-divTP at RON 0.819, implying a 31% upside potential including an estimated dividend of RON 0.07consisting of RON 0.0413 regular dividend that has been already announced and RON 0.0287special dividend that is our estimate. The stock is currently trading at 4.3x blended forwardEV/EBIT, 7.45x blended forward P/E and 1.1x P/BV (as estimated by Bloomberg).

PREMIUM

April 18, 2024 April 18, 2024 18 EN

Gabor Bukta

Gabor Bukta

Model update – Favorable news flow ahead!

We update our model with the latest developments. We raise our TP to 33 GBP/sh from GBP 31 GBP/sh, while we remain BUY-rated. Our lifted TP reflects improved consumer sentiment, rising expectations for this summer's fare environment amid capacity constraints, as well as a more balanced labour market with rising real wages across Wizz's main markets.

PREMIUM

April 4, 2024 April 4, 2024 10 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Appeninn - To infinity and beyond?

Appeninn - New Strategy, New Hope?

Appeninn - According To The Plan, So Far!

Appeninn - Closing Of A Plot Acquisition At Balaton.

CEE Banks – Great opportunities with different risk profiles

SECURING ENERGY INDEPENDENCE: OMV PETROM'S OFFSHORE DEVELOPMENT AND RENEWABLE EXPANSION

Model update – Favorable news flow ahead!

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe