Duna House - Profit guidance lift from Poland
Duna House Q2 cleaned Core EBITDA and core profit increased significantly by
+72% y-o-y and +32% y-o-y respectively, reaching HUF 629 million and HUF 270
million in Q2. Profit was subdued because of FX and non-recurring items from
development. Nevertheless, management increased FY profit guidance by 26%
thanks to improving margins in Poland. DH trades at 8 x adj. P/E’21 assuming 75
per share CF from development projects. Since DH posted such a strong earnings
growth in Poland (H1 profit +180% y-o-y reaching HUF 201m) we adjust our
earnings model which led us to increase our TP to HUF 540 per share.
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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