WOOD Flash – Atrium: 4Q20 – 7% revaluation loss for the year, dividend maintained at EUR 0.27/share
Atrium’s revaluation result and the FFO came in almost exactly in line with our estimates for the full-year. Atrium booked a 7% revaluation loss on its portfolio, up from the 3% write-off recorded in the 1H20 results. The FFO reached EUR 74.3m (EUR 0.195/share, down 30% yoy). The dividend was maintained at EUR 0.27/share – we expected the dividend to be reduced, and we believe that this could be viewed positively by the market. The company reiterated its plan to expand into residential (resi) for rent in Poland and the Czech Republic, targeting a 60:40 split between retail and resi by 2025E. This is an ambitious target, but we believe the diversification into resi makes sense, and should be reflected in a multiples rerating eventually. Currently, the stock is trading at a 10% dividend yield, a 7% FFO yield and 0.63x P/NAV.Atrium European Real Estate is engaged in the ownership, management and operation of commercial real estate in the retail sector. Co. primarily operates in Poland, the Czech Republic, Slovakia, Russia, Hungary and Romania. Co. has two reportable segments: the standing investment segment includes all commercial real estate held to generate rental income for Co.; and the development segment includes all development activities and activities related to land plots. As of Dec 31 2016, the portfolio of standing investments consisted of 59 properties in Poland, the Czech Republic, Slovakia, Russia, Hungary, and Romania.
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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