WOOD Flash – GTC: 1Q18 review – another strong quarter, FFO well on track to exceed our full-year forecast
GTC reported its 1Q18 results this morning (21 May), exceeding our estimates slightly on several recurring lines. The company reached EUR 15m in FFO I, up 27% yoy. If annualised, this puts GTC’s FFO at EUR 60m for the year, ahead of our full-year estimate of EUR 56m. EUR 60m of FFO I would translate into an annualised FFO I yield of 6.2% on Friday’s (18 May) closing price. The EPRA NAV increased by 3% from the end of the year, reaching EUR 1,101m. On the current exchange rate, this translates into PLN 10.0/share, valuing GTC at 88% P/NAV.Globe Trade Centre is the parent company of the capital group, Globe Trade Centre (the Group). The Group is engaged in the development and rental of office and retail space and the development and sale of residential units. The Group is a real estate company in Central and Eastern Europe and South-eastern Europe, operating in Poland, Romania, Hungary, Croatia, Serbia, Bulgaria, and Slovakia. Additionally, it co-owns land in Ukraine and Russia and operates in the Czech Republic. The Group's portfolio comprises: completed office buildings and office parks as well as retail and entertainment centres; residential projects; and undeveloped plots of land and suspended projects.
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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