WOOD Flash – Etalon: 2Q21 – strong price growth, management reiterates full-year sales guidance
Etalon's 2Q21 was marked by steep price growth, driven chiefly by the product mix: the ongoing shift from St. Petersburg towards Moscow; as well as the shift within Moscow, from projects located farther out to more central ones, such as Zil Yug and Nagatino-i-Land, which were launched during the quarter. Following the strong performance on cash collections and the USD 150m SPO, the company has reduced its net debt to zero, and is in advanced stages in a number of land purchases, which should boost its offering and pipeline in both Moscow and St. Petersburg. The subsidised mortgage loans of up to RUB 12m seem to have been extended for families with at least one child, which means that the impact of the rate hikes on the affordability and demand for apartments may be lower than we expected initially. Etalon has reached 47% of its full-year guidance of the value of the new contract sales in 1H21. Management is confident that the guidance will be reached, as it expects sales to be boosted by further project launches planned for 2H21E.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.