Wood and Company - Atrium European Real Estate Limited (ATRS) WOOD Flash – Atrium: coverage discontinued

Report

Wood and Company

Research Team

WOOD Flash – Atrium: coverage discontinued

Following the successful completion of the merger with Gazit and the delisting of Atrium's shares, we are discontinuing our coverage of Atrium, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on this stock.

21/02/2022 1 EN

Underlying

Atrium European Real Estate Limited

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.

See profile

JE00B3DCF752 Vienna Stock Exchange

Provider

Wood and Company

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.

See profile

Analysts

Research Team

Other Reports on these Companies

Fundamental Research

Atrium Mortgage Investment Corporation (TSX: AI) – Yield Surpasses 10% for the First Time

Fundamental Research Corp has issued a report entitled “Yield Surpasses 10% for the First Time” and dated August 9, 2023. The full report is now at

EUR 92.12

August 10, 2023 August 10, 2023 1 EN

Fundamental Research

Atrium Mortgage Investment Corporation (TSX: AI) – Continues to Shatter Records

Fundamental Research Corp has issued a report entitled “Continues to Shatter Records” and dated May 12, 2023. The full report is now at

EUR 92.12

May 13, 2023 May 13, 2023 1 EN

Raiffeisen Bank International AG - Institutional Equity

Raiffeisen Research Institutional Equity Daily 21.02.2022

 FTSE Index March review - AllCap (SML) add: MedLife, Russneft; del: Eurocash; TotalCap (Micro+SML) add: Conpet, Purcari Wineries, Sphera Franchise Group; L->M: MOL, Moscow Exchange  AT: Atrium - Merger with Gazit completed (neutral)  AT: OMV - OMV will not reportedly invest in Achimov IV/V gas field in Russia (neutral)  CZ: CEZ - Czech government to launch tender for the new nuclear power plant in the coming weeks (neutral)  PL: Bank Pekao - Iincrease of FX mortgage related legal risk provision in Q4 (neutral)

February 21, 2022 February 21, 2022 1 EN

WOOD Flash – GEVORKYAN: 1Q24 – strong set of results, with EBITDA up 24% yoy, 17% above our estimate

On 15 May, GEVORKYAN reported better-than-expected results, with EBITDA of EUR 7.3m (+24% yoy), a 17% beat vs. our estimate of EUR 6.2m. The revenues were up by 31% yoy, at EUR 24.2m, a 10% beat vs. our expectations. Management has reiterated its guidance for 2024E but, if the 2Q24E results are above the company’s plan, it could upgrade its guidance. In 1Q24, GEVORKYAN delivered an EBITDA margin of 30%, 2ppts higher than we anticipated. For 2024E, we are more conservative on the operating profitability and we expect a 28% EBITDA margin, while the company is guiding for 30%. If delivered succes...

16h / 8m 16h / 8m 1 EN

Research Team

Research Team

WOOD Daily: CGEO LN; ELPE GA; GPW PW; BOCH CY; ALPHA GA; EUROB GA; BFT PW; MBR PW; AROBS RO; KRKG SV; LOGO TI; CZG CP; MTELEKOM HB; PKN PW; 4IG HB

HEADLINES: • Georgia Capital: announces two new buyback programmes POSITIVE • HELLENiQ Energy: 1Q24 results – mildly above expectations POSITIVE • Warsaw Stock Exchange: bottom-line miss and further margin compression in the 1Q24 results NEGATIVE • Bank of Cyprus: 1Q24 highlights POSITIVE • Alpha Services and Holdings: 1Q24 highlights – trading-related beat, but NIM and fees evolve better than expected • Eurobank Ergasias Services: 1Q24 highlights – helped by trading income, but good quarter overall • Benefit Systems: 1Q24 earnings call takeaways – short-term stagnation in card base, increased...

18h / 53m 18h / 53m 1 EN

Miguel Dias

Miguel Dias

WOOD Flash – Patria Bank: strong bottom-line print in 1Q24, but loan book development remains absent

Overall, we view these results as broadly positive. We are concerned about the lack of development of the balance sheet, but we hope the bank will return to growth mode in the coming quarters. On the other hand, we appreciate the margin resilience, and the bank’s ability to find results elsewhere (namely NFC) and to keep its costs contained. The bottom-line beat was also supported by the low level of provisioning and taxes booked; therefore, replicating it in the coming quarters might be a tall order. Nonetheless, we appreciate the strong print, which also includes the new banking tax.

19h / 41m 19h / 41m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

WOOD Flash – Atrium: coverage discontinued

Atrium Mortgage Investment Corporation (TSX: AI) – Yield Surpasses 10% for the First Time

Atrium Mortgage Investment Corporation (TSX: AI) – Continues to Shatter Records

Raiffeisen Research Institutional Equity Daily 21.02.2022

WOOD Flash – GEVORKYAN: 1Q24 – strong set of results, with EBITDA up 24% yoy, 17% above our estimate

WOOD Daily: CGEO LN; ELPE GA; GPW PW; BOCH CY; ALPHA GA; EUROB GA; BFT PW; MBR PW; AROBS RO; KRKG SV; LOGO TI; CZG CP; MTELEKOM HB; PKN PW; 4IG HB

WOOD Flash – Patria Bank: strong bottom-line print in 1Q24, but loan book development remains absent

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe