WOOD Flash – Duna House: 3Q22 – good results despite challenging macro, FY guidance reiterated
Duna House (DH) has generated solid results in 3Q22, despite the seasonality (3Q is usually slower in terms of volumes, especially in Italy) and the challenging macro, with the rate hikes weighing on loan volumes and the number of transactions, in Poland above all. The numbers were a beat vs. our estimates. The results from the investment property segment (rental and residential development) accelerated, as DH hands over apartments in the Forest Hill project (c.150 units) gradually. The project should generate significantly higher revenues, and around EUR 15m of net cash inflow in the coming quarters. Looking ahead, the performance of Italy –resilient so far, especially due to CQS – will be the key driver of earnings, given its size. Italy generated EUR 4m, or c.60% of the total EBITDA in 9M22 (excluding the resi project), which is already a beat vs. our full-year 2022E figures for the region. Duna House reiterated its full-year EBITDA guidance.
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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