Concorde Securities - Duna House (DUNAHOUSE) Duna House - CIAO Italia

Report

Concorde Securities

Gellert Gaal

Duna House - CIAO Italia

Duna House entered the Italian loan intermediation market by acquiring 70% of
the Italian HGroup (the market leader) with future put/call options that can increase
its ownership to 100%. The transaction multiple is relatively high (10.5x
EV/EBITDA’21) compared to DH’s previous acquisitions and to its own valuation
(6.8x EV/EBITDA’21 excluding developments). The equity value (ca. EUR 25
million) will be paid gradually in 4 instalments, throughout 2024.

17/12/2021 5 EN

Underlying

Duna House

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HU0000177613 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.

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Analysts

Gellert Gaal

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Duna House - CIAO Italia

Italian intermediation is on the rise

The Rear-View Mirror – EME markets: Poland outperforms; Türkiye declines

Above guidance results in ‘24, strong mid-term growth strategy announced

Promising start for the year, FY guidance reiterated

Positive financial impact was underestimated in Q1

Marginal beat in Q1 driven by higher revenues

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