Duna House - Another positive profit warning
Duna House Q3 cleaned Core EBITDA and cleaned core profit jumped significantly
by +47% y-o-y and +54% y-o-y respectively, reaching HUF 685 million and HUF
494 million in Q3. EBITDA was distorted by a large development related expense
(HUF 122m) that drove reported EBITDA and profit lower. Nevertheless,
management increased FY profit guidance again, this time by 15% thanks to
improving margins and higher number of franchise office in Poland. DH trades at
8 x adj. P/E’21 assuming 75 per share CF from development projects. Since DH
posted such a strong earnings growth in Poland (9M profit +240% y-o-y reaching
HUF 402m) we adjust our earnings model which led us to increase our TP to HUF
560 per share from HUF 540 per share.
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.
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