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.
Research is the backbone of Eurobank Equities' platform, with a team of 4 professionals committed to generating actionable investment ideas by providing timely research products. We are committed to offering value-added services to clients by filtering market noise and providing insights on the multiple sectors that we cover. Our universe includes 26 - large, medium and small cap - companies whose market capitalization amounts to 80-85% of the total market capitalization of the Athens Stock Exchange. Our research team also maintains the capacity to generate ad-hoc research for micro-cap listed companies.
Our team has consistently gained recognition among institutional investors for its quality research, having ranked No. 1 team in Greece at the Extel Surveys of 2013-2016 and 2018. We have also been named Leading Brokerage Firm in Greece over 2014-2016 and in 2018.
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