Duna House Q3 : Weak Quarter But FY Guidance Will Be Met
Weak quarter but FY guidance will be met
In short:
DHG posted a quarterly core profit of HUF 501 million (2% y-o-y; reported EPS of 18.6) a meaningful slowdown from its Q2 result of HUF 946 million and dynamic of (+111% y-o-y; reported EPS of 24.4), but still strong enough to meet the lower range of the management conservative core profit guidance (HUF 1.9 – 3.3bn) in 9M (HUF 2.0bn).
- High interest rate environment started to take its toll on earnings which was partly compensated by the gradual sale of flats from the Forest Hill development. Because of the former, Polish operation’s quarterly EBITDA slumped into red, Hungarian operation’s EBITDA fell by 30% y-o-y, Italian operation’s EBITDA also halved compared to last quarter, even when office number grew by 56% q-o-q.
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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