Duna House - MONSTER Dividend Is Coming
Duna House - MONSTER Dividend Is Coming
DHG surprised investors with a DPS proposal of HUF 107 implying 26% dividend yield with
yesterday’s closing price. Roughly 50% of that amount comes from the underlying operation
the remaining from two sources: 1), development project and 2), divestment of the real estate
portfolio. The latter two represents 230 per share value that is not related to the main
underlying operation. So investors still have ca HUF 180 per share for a potential for
extraordinary dividend above core operation, meaning that share price is still offering hidden
value as ex-dividend share price stripped from non-core assets is trading at 4x P/E’23 (vs.
IPO valuation of 12x).
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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