WOOD Flash – Dom Development: 1Q22 – beats on better unit prices; upside for our full-year estimates
During the first quarter alone, Dom delivered 34% of our full-year estimated volume of apartments, and generated 47% of our full-year net income forecast (of PLN 304m). The DPS announced by management (PLN 10.5) was in line with our forecast, and offers an 11% dividend yield. We see upside for our 2022E full-year estimates, and reiterate our positive view on Dom at the current share price levels.Dom Development is engaged in the construction and sale of residential real estate in Poland.
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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