WOOD Flash – Etalon: 2020 valuation report reflects positive price momentum, implies margin expansion ahead
Etalon published its 2020 year-end valuation update yesterday (2 March). The report, by Colliers, contains the updated estimates for the open market value and achievable sales prices for Etalon’s portfolio. The project-by-project data included in this report form the backbone of our Etalon model, and we believe that a number of other sell-side analysts covering Etalon use the granular data from this report as a basis for their forecasts as well. In this flash note, we look at how the YE20E estimates of sales prices and construction capex compare to those reported a year ago. The valuation report confirms the positive pricing dynamics that we saw in Russian residential throughout last year. This should be supportive for margins, in our view.Etalon Group is a real estate development and construction company. Co.'s principal activity is residential development in Saint-Petersburg metropolitan area and Moscow metropolitan area, the Russian Federation. Co. has three reportable segments: Residential Development, which includes construction of residential real estate including flats, built-in premises and parking places; Constructions Services, which includes construction services for third parties and for internal purpose; and Other Operations, which include selling of construction materials, construction of stand-alone premises for commercial use and various services related to sale and servicing of premises.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.