Indirect exposure to the CEE retail segment
We initiate coverage on SPLUS with a TP of EUR 15.0 and a BUYrecommendation. Our 2026-Dec ex-div TP implies 28% upside potential
and 35% total return upside including a DPS estimate of EUR 0.86 for this
year. Based on our forecast, SPLUS trades at 9.1x and 9.1x P/E ratio and
a P/NAVps of 0.88x and 0.87x multiple for 2026 and 2027.
End of last year, SPLUS acquired eight food-anchored retail parks in Poland
in an amount of EUR 195mn. The acquisition was financed through an SPO
and a bank loan. As a result, SPLUS could successfully increase its market
share in the CEE retail park segment, which could lead to a better
negotiating position with current and prospective tenants in the future, in
our view.
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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