Duna House - Poland was the tailwind in Q1
Duna House cleaned Core EBITDA and core profit increased by +27% y-o-y
and +6% y-o-y respectively, reaching HUF 471 million and HUF 328.2 million
in Q1. Profit decreased in Hungary by 10% y-o-y mainly because of timing
issues, but strong profit generation in Poland managed to offset the
weakness in group level. Group profit reached 26% of the guided profit in
Q1. DH trades at 9.5x P/E’21 assuming 100 per share CF from development
projects-
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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