Duna House - Hungarian Dance Continues In Poland
Duna House – Equity Note
Recommendation: Buy
Target price (12M): Under revision (prev: HUF 4,750)
Duna House yesterday announced that it has acquired Gold Finance – a loan broker in Poland for PLN 3.9 million (HUF 294 million at current exchange rate). With the transaction Duna House will continue to strengthen its market position in Poland and will become the 5th largest player in the loan broker market in Poland according to the management.
To put the transaction into perspective, Metro Finance (Duna House subsidiary) intermediated last year ca HUF 25 billion (6th largest player on the Polish market), while Gold Finance intermediated HUF 63 billion (5th largest player on the Polish market), thus having the two company combined Duna House can easily at least triple its intermediated loan volumes in Poland. This transaction fits into the company’s strategy to expand its operation and thus reach the optimum scale of economy and add impetus to further enhance polish operation.
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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