Lamda Development | Re-assessing covid-19
Second wave of COVID-19 outburst pinpointing to further adjustments ... – We re-assess our outlook on Lamda to include the negative impact of the 2nd lockdown and the reinstated mandatory discounts on rents of pandemic-hit sectors. Under our baseline assessment, the second lockdown will impede our earlier FY20 retail EBITDA forecast by another €5.7m (of which some >€2m forecast for November). The implied decline in FY20e base rents for the three shopping centres is estimated at c28% yoy, with total retail EBITDA declining by c40% yoy.…extending into 2021… – Our new base case scenario calls for sustained restrictions during the winter months (e.g. number of visitors and employees allowed per square footage), leading to a 55% yoy decline in footfall during Q1’21. We assume sequential improvement in Q2’21 and return to normalcy in the second half of 2021, with H2’21 base rents
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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