4Q16 – ends an eventful year on a high note, with a surprise DPS proposal (3.1% yield)
The 4Q16 results that GTC posted yesterday were broadly in line with our estimates, but missed the consensus slightly. The shares gained 4% yesterday, lifted by management’s proposal of a PLN 0.27 DPS, to be paid from the 2016 profit (70% of its 2016 FFO I and a 3.1% dividend yield). Over the year, GTC recorded strong growth in both FFO (up 13% yoy, a 4.5% FFO yield) and EPRA NAV (up 7% yoy, valuing GTC on a par with NAV). The dividend, which has materialised earlier than the market (and we) expected, has confirmed that the course management set some three years back is paying off, in our view. This has been underscored by subsequent comments, in which management has guided for a double-digit dividend and FFO growth from 2017E-onwards.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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