LAMDA DEVELOPMENT | The value of the de-risking recovering consumer
In this note we present Lamda Development, Greece’s leading retail real estate developer & manager and owner of the Hellinikon development master plan.We argue that having showcased impressive resilience during the recession, Lamda is well positioned to capitalize on a pick-up in economic activity, which will create favourable conditions for recurring rental growth combined with our expectation for yield compression on the back of sovereign de-risking. Our positive view is further supported by changing Greek consumer trends which gradually shift demand away from the high street and towards shopping centers.
We initiate coverage of Lamda with a ‘Buy’ recommendation and €8.30 TP, which is based on our assumptions for sustainable rental income growth of as well as yield compression for the existing asset base (including the extension of the Golden Hall shopping center). We also highlight that there is significant value creation tied to Hellinikon over and above our base case, should the project go forward.
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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