LAMDA DEVELOPMENT | Positive outlook on improving KPIs & yield compression
We have revisited Lamda Development following the release of FY 2017 & Q1 2018 results. We reiterate our positive view for the company, on the back of positive retail indicators which indicate rental income growth going forward, underpinned by expected yield compression amidst an improving macro backdrop.Our exercise effectively values Lamda at EUR8.30 per share, offering a c. 30% upside from current levels. We highlight that although we assign no value from upcoming investments, we believe there is additional value of as high as €3.40 per share tied to the Hellinikon development.
Lamda Development is a real estate development group based in Greece. Co.'s main activities comprise investment, development and maintenance of innovative real estate projects. Co. operates in Greece, as well as in other neighboring Balkan countries mainly Romania, Bulgaria, Serbia, Montenegro. Co.'s operations are organized along two business segments: Real Estate; and Marine Services. Co. is a subsidiary of Lamda Holdings.
Eurobank Equities is a Greek-based firm offering research, sales and trading services to institutional, corporate and private clients. The company is wholly owned by Eurobank, one of the 4 systemic banks in Greece.
Eurobank Equities S.A. offers a comprehensive suite of investment products—including equities, derivatives, bonds, and mutual funds—serving over 15,000 private, corporate, and institutional clients in Greece and internationally.
The firm maintains a dominant position in the Greek capital markets, consistently ranking among the top brokers in terms of market share and is repeatedly recognised in major institutional investor surveys as one of the leading brokers and top Equity Research Providers for Greece.
Its multi-awarded Research Division delivers timely insights and fundamental coverage on almost 40 listed companies—representing over 90% of the ATHEX’s market capitalisation and traded value.
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