Solid results in Q1, on track for FY guidance
Duna House posted solid results in the first quarter today morning. The Italian segment continued to post strong results and the elevated housing market activities in Hungary also contributed to the Group level result. Given the recent pullback in share price, we raise our recommendation to Accumulate while keeping our TP of HUF 1,137 unchanged.
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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