One United Properties cut to HOLD, TP RON 1.23 - Strong fundamentals, bad environment
We downgrade One United Properties from BUY to HOLD after revising our 12-month target price to RON 1.23 (vs. RON 1.7 previously) in the wake of a less favorable evolution of the overall economy.The first part of the year was full of events for One United Properties with seven acquisitions and RON 254 mn raised for a capital increase.
At the same time, H2 should bring a significant part of the 2022e revenues since the company will complete 3 developments. However, considering the less optimistic environment, we have revised downwards the revenue estimates and increased the discount rate.
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